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This Month's Tax Tips and News

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Welcome...
To August's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We're here to help!
August 2017
· Mileage rates for electric and hybrid cars
· Switching to the cash basis
· SDLT on second homes
· Paying voluntary NICs
· August questions and answers
· August key tax dates
Mileage rates for electric and hybrid cars top
Switching to the cash basis top
Some confusion has been reported over how businesses should calculate mileage expenses rates for electric and hybrid company cars. This confusion has arisen largely because HMRC's advisory fuel rates, or approved mileage allowance payments, only cover petrol and diesel cars. There are no separate 'approved' rates for electric or hybrid vehicles.

Currently, whilst HMRC do recognise that employees should be reimbursed for costs incurred for business travel, they do not currently recognise electric charging costs as a 'fuel' expense and do not therefore, currently publish separate rates.'. Read More
Many small, unincorporated businesses choose to use the 'cash basis' for working out taxable income. Under this method, participants will be taxed on the basis of the cash that passes through their books, rather than having to undertake complex and time-consuming calculations designed for larger businesses, who generally have to use 'traditional' methods for tax purposes. Whilst easing the administrative burdens of preparing 'traditional' accounts, using the cash basis can also help with cash flow. Read More
 
SDLT on second homes top
Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125,000.

Current rates of SDLT on individual and additional properties are as follows:

- Purchase price up to £125,000 - SDLT rate Zero; additional property rate 3%
- The next £125,000 (portion from £125,001 to £250,000) - SDLT rate 2%; additional property rate 5%
- The next £675,000 (portion from £250,000 to £925,000) - SDLT rate 5%; additional property rate 8%
- The next £575,000 (portion from £925,000 to £1.5m) - SDLT rate 10%; additional property rate 13%
- The remaining amount (portion above £1.5m) - SDLT rate 12%; additional property rate 15%
Read More
 
Paying voluntary NICs top
August questions and answers top
There are various reasons as to why gaps may arise in an individual's national insurance contributions (NIC) record, for example, because that person has been on low earnings for several years, they have been living abroad, or because they have been unemployed and have not been claiming benefits. In certain circumstances therefore, it may be possible, and beneficial, to pay voluntary Class 3 National Insurance Contributions (NICs) as this can safeguard entitlement to a future state retirement pension and certain other state benefits. Read More Q. My wife has a part time job but doesn't earn enough to pay tax. Can she get tax relief on contributions made to a pension scheme? Answer

Q. I am a qualified doctor and pathologist. I have recently registered for VAT as my turnover has exceeded the current VAT registration limits. In addition to my regular doctor's practice, which I understand is still exempt for VAT, I also write medical reports for insurance companies. I understand that this service is standard rated. However, I have also recently been requested to carry out post mortems. I am statutorily obliged to carry out this work, but I am paid for it. Should I charge VAT on my invoices for this service? Answer

Q. I started my own business as a sole trader on 1 December 2016. Although it has been quite a slow start, my profits are slowly going up and I am hopeful that they will continue to rise steadily over the next few years. Should I use 30 November or the tax year-end as my accounting year-end? Answer
 
August key tax dates top
2 - Deadline for PAYE settlement agreement for 2016/17

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/8/2017
 
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

All new client consultations are provided free of charge and without obligation.
 
About Us top
Beresfords Accountants are based in Folkestone, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website http://www.beresfordsaccountants.com for more information.
 

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