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Springfords LLP Tax Alerts

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Tax Alerts

Making Tax Digital for VAT

08 Nov 2017
For those of you who are still keeping manual records and refusing to buy an accounting software package to record your bookkeeping transactions, be warned, your days are numbered. Like it or not, digital record keeping is coming and it's worth planning for this now. With effect from 1 April 2019, all VAT registered business with turnover above the VAT registration threshold (currently £85k) will be required to: maintain their VAT records ...(more)

Tax Savings at Christmas

03 Nov 2017
At this time of year many employers give their staff ‘a little something’ to say Merry Christmas.  The trick is to make sure you do this in the most tax efficient manner! A common option is the Staff Christmas Bonus, which unfortunately is the least tax efficient method (albeit possibly the easiest!), with the employee suffering income tax and national insurance on the bonus and the employer also incurring national insurance ...(more)

Top Tax Saving Tips

09 Aug 2017
We all have to pay tax but there are ways to legitimately reduce your tax bill by making the most of available tax reliefs and allowances.  Download our 50 Tax Planning Tips for 2017/18 guide, which we hope you will find useful. The main top tax savings tips include: Tax Exemptions Remember to use your tax free exemptions wherever possible.  This includes a tax free personal tax allowance of £11,500 (reduced by £1 ...(more)

Help with Childcare Costs

09 Aug 2017
As any parent will tell you, childcare costs for those parents who are working can be extortionate and any help that is available to reduce these costs is more than welcome. There are a range of tax free schemes available to help working parents with qualifying childcare costs (such as payments to registered child carers including childminders, nurseries, nannies, after school clubs and schools) including a new ‘Tax Free Childcare’ scheme. ...(more)

Let Residential Property Tax Update

21 Apr 2017
There have been many changes to the taxation of property in recent years. One of the more significant, whose impact will increasingly bite in years to come, is the restriction to tax relief available to individuals (including both UK and non-UK resident individuals and individuals in partnership) on interest and related finance costs incurred in connection with let residential properties. The new rules do not apply to companies (whether UK resident or ...(more)

Lean, green, battery powered machines ............

13 Apr 2017
Here at Springfords, we try to be as ecologically sound, or perhaps environmentally friendly, as we can, whether it’s using our recycling bins correctly or saving used batteries – we even have a Green Team to keep tabs on what we do. We’re proud to announce that, as of 15 March 2017, we’ve taken things to another level, by installing our very own electric car charging station in our car park. ...(more)

Budget 2017

09 Mar 2017
Yesterday, we heard Philip Hammond present his first (and last!) Spring Budget speech, following his announcement last year that, after today, the annual Budget would again become an Autumn fixture going forward. The last time someone made a similar change to the timing of the Budget was 24 years ago, when Norman Lamont was Chancellor. As Mr Hammond pointed out, only weeks later Norman was out of a job, and perhaps ...(more)

VAT FRS - Punctured Or Just Flat?

17 Jan 2017
Among the various VAT schemes available to smaller businesses, it's fair to say that the most popular in recent years has been the Flat Rate Scheme (FRS). This allows a trader, with annual VATable turnover of no more than £150,000, to join the Scheme and to account for VAT using a simple calculation based on a specified percentage of turnover – that percentage determined by the industry sector. When FRS was ...(more)

Making Tax Digital (MTD)

21 Oct 2016
We live in an increasingly digital world, with online shopping, banking, games and social media.  Under MTD, HMRC propose to transform the UK tax system into one of the best digital tax services in the world resulting in the 'death of the annual tax return'.  What is proposed? With certain limited exceptions (see below) all businesses and landlords will be compelled to: keep digital records using HMRC compatible software and apps  submit digital updates ...(more)

Company Share Buy Back

27 Jul 2016
Companies and groups can restructure in many different ways and for many different reasons.  Where private companies are concerned a restructuring can often occur where an existing shareholder wishes to exit the business and realise the value of his or her shareholding.  This can happen for any number of reasons but frequently, retirement might be the reason or there is a divergence of views for the direction the business is ...(more)

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