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Chartered Certified Accountants
and Business Advisors

01530 267320

Latest news

10 Aug 2018

What you need to know when your Company is Dormant...

A dormant company is not accountable for corporation tax purposes. There is no need to let Companies House know that you are not trading until it is time to file your annual accounts. However, you must tell HMRC as soon as you cease to trade and the company is ... (click to read more)

10 Aug 2018

Sence Alphabet

Do you know your Sence Alphabet? Annual Accounts Bookkeeping Compliant Digital Experienced Team Financial Support Growth for your business HM Revenue & Customs Income and Expenditure Jargon-free service Kashflow Software Landlords Management Accounts Networking Outsourcing your service Payroll & Auto-enrolment Quickbooks Software Record Keeping Support Taxations Unique Taxpayer Reference (UTR) Value Added Tax (VAT) Wages Xero Software Year End Zero-Rated vat If you need help with any of these please get in touch with Sence today ... (click to read more)

09 Aug 2018

VAT on hotel deposits

When you book a stay at a hotel for business use you usually have to put a deposit down at the time of booking, however, plans may change in the meantime or even be cancelled. Some hotels will happily provide a VAT invoice for the amount they have retained ... (click to read more)

30 Jul 2018

Is it a Car or is it a Van?

The argument about whether a vehicle is a company car or van is back. It’s the differential in tax payable on company vans versus company cars that has made it attractive to try to ensure that a vehicle is classified as a van rather than a car. The private ... (click to read more)

30 Jul 2018

Teachers to have loans reimbursed

The government have now published details of how teachers in shortage subjects in certain parts of the country will be able to have their student loan payments reimbursed. The scheme will not affect employers so all newly appointed teachers should still complete a starter checklist, unless they are making ... (click to read more)

24 Jul 2018

Tax and Paid Carers

When you foster children your local council will give you payments. HMRC treats paid foster and other carers as running a business for tax purposes, which means they might have to pay tax on money they receive. In this case there is a special tax relief called ‘Qualifying Care ... (click to read more)

24 Jul 2018

Can a director be paid before trade begins?

New Companies often incur start-up costs before they begin trading. But… is it sensible from a tax and NI point of view for directors to start taking income before the business generates money? The amount and type of start-up costs which businesses incur vary widely, as can the time ... (click to read more)

24 Jul 2018

Vat when incorporating your business

The motive for incorporating a business, that is working through a company instead of being self-employed or in partnership, is often to reduce tax on profits and allow for more flexible tax planning. VAT doesn’t usually figure in the decision as the rules work similarly whatever the business structure. ... (click to read more)

16 Jul 2018

Making Tax Digital

The Making Tax Digital pilot for Self Employed businesses launched in March which will progress in a few years’ time as a new form of tax administration that will me mandatory for any individual, business or non-profit organisation that has to file a tax return. Making Tax Digital (or ... (click to read more)

16 Jul 2018

Running a Family Business

According to the Institute for Family Business there are currently 4.8 million family-owned businesses, that’s 88% of all enterprises in the UK. Family run businesses are often negligent when it comes to the little details of running a business. Family members are much more relaxed than standard employees therefore rules ... (click to read more)

16 Jul 2018

Selling your Business

When selling a business, the process is much more complicated than a simple transaction and a signature. It’s all about finding the correct time, partners, professional expertise and potential buyer. A business has so much involved – time, money and personal care and even creates a significant emotional attachment ... (click to read more)

09 Jul 2018

Flexible working staff over the summer holidays, how will this affect your payroll?

The school holidays are soon upon us and it can be a difficult time for working parents who are usually juggling managing their work life along with paying more on childcare for a reasonably long time. Whilst many choose to take all of their annual leave during the school ... (click to read more)

02 Jul 2018

What's a reasonable excuse to not file your tax return on time?

It is very known that when a tax return has been issued, but not filed by the statutory deadline on time then an automatic penalty of £100 will be issued. There is however, some scope for you to appeal against the penalty if they had a reasonable excuse for ... (click to read more)

02 Jul 2018

What must go through your payroll and be subject to PAYE?

You may think it’s obvious what must be going through your payroll and be subject to PAYE however, it’s not just salary that goes onto those timesheets, and many people can fall foul! Have any of these crossed through your mind when doing your payroll? Claiming mileage – for home-to-work ... (click to read more)

02 Jul 2018

Do you know who controls your business?

The law requires all Limited Companies and LLPs to tell Companies House about the people with significant influence or control over the company. The register of people with significant control (PSC) was introduced in April 2016 and replaced the Annual Return. The new PSC form improves corporate behaviour, deter money ... (click to read more)

25 Jun 2018

Employing casual staff

As an employer you must pay a worker a fair wage for a fair days work and also provide a workplace pension, welfare and much more. You also need to act as unpaid tax and NI collectors by operating the increasingly complex PAYE system. An error in this system ... (click to read more)

25 Jun 2018

RTI Penalties

When entering your information into your payroll, even it is all correct you still need to make sure that it is reported on time and that the resulting payment are paid in full and on time. The reporting deadline for RTI is on or before the date of payment ... (click to read more)

25 Jun 2018

Expenses & Benefits Review

Have you ever thought of initiating an expenses and benefits review? What better time of year than now to work through this helpful step by step process: Are you sure there are not any items on your expenses claim that are taxable? It is important to be certain that everything ... (click to read more)

18 Jun 2018

P11d and P11d(b) Filing and Payment Deadlines

Remember, you need to tell HMRC about any Class 1A National Insurance Contributions (NICs) for the tax year ending 5 April 2018 and submit any P11d forms by 6 July 2018, failure to do this may result in penalty. Any NICs that you owe must be paid to HMRC ... (click to read more)

18 Jun 2018

First Soft Drinks Industry Levy return due in July

If you are a packager of drinks that are liable for the Soft Drinks Industry Levy (SDIL) you are required to send a return to HMRC every quarter, and pay any levy due. There will be fixed reporting periods ending June, September, December and March. You must submit returns ... (click to read more)

18 Jun 2018

Cycle to work scheme

The cycle to work scheme allows your business to provide employees, including directors, with the loan of a bicycle and cycling equipment, but without it counting as a taxable benefit-in-kind. The conditions are that: All your employees must be offered availability to a bicycle. They must not own it. They must ... (click to read more)

11 Jun 2018

Changes in advisory fuel rates from 1 June 2018

These advisory fuel rates apply for all journeys undertaken on or after 1 June 2018. You can use the previous rates for up to one month from the date the new rates apply. Find the previous rates on our website here: http://www.senceaccounting.co.uk/news/hmrc-changes-tax-free-fuel-rates Engine Size Petrol per mile LPG per mile Diesel per ... (click to read more)

11 Jun 2018

Do you always have to issue a VAT invoice?

It’s no coincidence businesses that poor records and paperwork are more likely to fail. Tax rules, especially those for VAT, impose paperwork obligations and failing to meet them could land you with a fine! There is actually only one situation where you are required by law to issue an ... (click to read more)

11 Jun 2018

Salary Sacrifice

A salary sacrifice scheme involves an employee giving up some of their gross pay in exchange for something in return, usually where the taxable value of the perk is less than the salary sacrificed. This produces both tax and NI savings for both the employee and employer. Anti-avoidance rules ... (click to read more)

06 Jun 2018

Help-to-save scheme postponed

The government help-to-save scheme, which was due to be ready on 6 April 2018 has now be postponed and will not be in operation until October 2018. The scheme will be available to individuals who receive tax credits or Universal Credits, and whose household brings in earnings at ... (click to read more)

06 Jun 2018

New scale for VAT on fuel

HMRC has released details on the flat rate charges for car fuel. If you’re VAT registered you can use the scale charges to work out the VAT payable where your business pays for fuel for private journeys, e.g. for your employees. You should use the new rates from the ... (click to read more)

06 Jun 2018

Carillion share loss claims

HMRC has recently agreed that securities, e.g. shares, in Carillion plc have been worthless (HMRC calls this “negligible value”) since 15th January 2018. This means that if you own shares etc. in the company you can claim a capital gains tax loss for 2017/18 equal to the price you ... (click to read more)

29 May 2018

Tax-free aid

Working from home is becoming increasingly common! There are few special tax provisions to help employees and employers in this situation for example an employer can pay a tax and NI-free allowance to cover additional domestic costs. Employers can provide equipment for work which do not count as a benefit-in-kind ... (click to read more)

Click here to view the news archive

Latest news

What you need to know when your Company is Dormant...

A dormant company is not accountable for corporation tax purposes. There is no need to let Companies House know that you...

Click to read more >

Sence Alphabet

Do you know your Sence Alphabet? Annual Accounts Bookkeeping Compliant Digital ...

Click to read more >

VAT on hotel deposits

When you book a stay at a hotel for business use you usually have to put a deposit down at the time of booking, however,...

Click to read more >

Is it a Car or is it a Van?

The argument about whether a vehicle is a company car or van is back. It’s the differential in tax payable on company ...

Click to read more >

Teachers to have loans reimbursed

The government have now published details of how teachers in shortage subjects in certain parts of the country will be a...

Click to read more >

Tax and Paid Carers

When you foster children your local council will give you payments. HMRC treats paid foster and other carers as running ...

Click to read more >

Can a director be paid before trade begins?

New Companies often incur start-up costs before they begin trading. But… is it sensible from a tax and NI point of vie...

Click to read more >

Vat when incorporating your business

The motive for incorporating a business, that is working through a company instead of being self-employed or in partners...

Click to read more >

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