The ESFA have released the Accounts Direction for the Accounting Period ended 31 August 2019. Find out what the main changes are and how these affect your statutory accounts.
Maintaining a healthy cash flow is a challenge for most business owners. Despite being a cliché phrase, “cash flow is king” continues to drive a harsh truth – a lack of funds is one of the main reasons businesses go under.
Important tax dates for your May diary
With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.
If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.
You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.
On the face of it, this sounds implausible. How can you change your will if you have died? In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death.
The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.
In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies.
During the October 2018 Budget, the Chancellor announced that he would be restoring some tax debts to preferential status in corporate insolvencies which begin after 6 April 2020. There had been no consultation on this proposal, and no prior warning.