Aug 2018 – Advisory Fuel Rates

These are mileage rates which employers can use to work out how much to reimburse employees who use company cars for business journeys, but who have paid for the fuel used on those journeys out of their own pocket. The advisory fuel rates are reviewed ...
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Aug 2018 – Understanding IR35

If you work on projects for larger businesses through your own Personal Service Company (PSC), both you and that larger business can save tax and National Insurance (NI) costs. Your savings arise if you extract funds from your PSC as dividends rather than as salary, ...
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Aug 2018 – The Institute of Chartered Accountants Awards Graham Clarke for 50 Years Membership.

The institute of Chartered Accountants England and Wales have presented Graham Clarke with a certificate of recognition upon reaching 50 years membership. Graham Clarke, whose father was one of the original founders over 50 years ago is very much still an employee at Clarke Nicklin ...
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Aug 2018 – Repercussions of Tax Schemes

Convoluted tax avoidance methods are known as ‘tax schemes’. Back in 2000, a popular tax scheme was to receive pay from your job as a ‘loan’, on which there was no tax, and no National Insurance. The individuals who took part in these schemes were ...
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Aug 2018 – Trading and Property Allowances

Since 6 April 2017 you haven’t had to report income from trading or rents (property income) if the total amount received in each category is less than £1,000 per tax year, but there are conditions. The property income allowance can’t apply to rent from letting ...
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Aug 2018 – Last Chance to Pay Class 2 National Insurance Contributions

As a self-employed individual, you will be required to pay only one class of National Insurance Contributions (NIC) from 6 April 2019. Good news! But there is a catch. Currently, if your profits are below the small earnings threshold of £6,205 (for 2018/19), you don’t ...
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Jul 2018 – New Senior Hire Boosts Team

We are pleased to announce we have further expanded our team with the appointment of Nathan Millar . Nathan, who joins the business as Accounts Senior, joins Clarke Nicklin having just moved back to the UK from Melbourne Australia. Nathan’s past experience included primarily looking ...
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Jul 2018 – Missing Trader Fraud

There are so many risks in business nowadays. You need to know your customer to check they aren’t trying to launder money through you, but you also need to know your suppliers to protect yourself from VAT fraud. If your supplier goes missing and deliberately ...
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Jul 2018 – VAT on Exported Goods

When you export goods to a customer in a country outside the EU, the sale is zero-rated for VAT if, and only if, seven different points of supporting evidence can show what went from A to B, what it was worth, how it moved, and ...
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Jul 2018 – Who is Entitled to SMP?

To receive Statutory Maternity Pay (SMP) the pregnant employee must have been continuously employed by the same employer for at least 26 weeks up to and including at least one day in the 15th week (aka ‘qualifying week’), before the week in which the baby ...
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Jul 2018 – What’s the Deal with VAT on Hot Food

The general rule is that food for human or animal consumption is subject to zero rate VAT. However, where food is supplied as part of a catering contract, standard rate VAT (20%) must be applied to the cost of all the food whether it is ...
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Jul 2018 – Preparing for Digital VAT

Tax is going digital, just as sure as Brexit is happening. The first business transactions to be affected by this Making Tax Digital (MTD) revolution will be those relating to VAT. If your business is VAT registered, and your turnover is £85,000 or more per ...
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