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Advisory Fuel Rate for Company Cars September 2018

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 September 2018.

Note that for hybrid cars use the equivalent petrol or diesel scale charge. However, it may be more beneficial to compute the actual cost.

Where there has been a change the previous rate is shown in brackets.

Don't Forget There May be Tax to Pay on Your Dividends in January

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019.

IT Consultant Wins IR35 Personal Service Company Case

The government have been consulting on extending the personal service company rules that currently apply to public sector workers to those in the private sector, but in the meantime tax tribunal decisions are still being decided against HMRC.

Tax Efficient Childcare Schemes

Earlier this year the government announced that no new childcare voucher schemes could be set up after 5 October 2018. This was a six month extension from the previous 5 April 2018 end date. If those employers offering such schemes at 5 October are prepared to keep administering their scheme then they will continue to be available but will eventually be phased out.

Class 2 NICs to Continue for Self-Employed

In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits. The flat rate contributions were due to cease on 5 April 2019 but will now continue “for the life of this parliament”.

Impact of First Year of Phased Reduction of Finance Cost

The first tax year that relief for finance costs will be restricted is 2017 to 2018. This example below shows the withdrawal of 25% of finance cost deduction and given as a basic rate tax reduction.

Jennifer has employment income of £25,000 and rental income from residential property of £11,000 per year. Her mortgage interest is £8,000 per year.

When Should I Set up a Property Company?

When you set up a limited company this starts the clock ticking on your statutory requirements i.e. the period for which you have to prepare accounts and the confirmation statement. We would tend to recommend that unless you need to make use of a company, that you do not set one up until you have reached that point i.e. when your offer has been accepted on your first property.

Should I Register my Property Business for VAT?

Residential rent income is exempt for VAT so therefore you should not register your property project for VAT.form

CIS - What is it and Will I Need to Register?

We have spoken to a number of clients and potential clients over the last couple of months who have been looking at developing or putting up a new build on the land of a property that has been purchased.

Digital Marketing Strategy

Over the last 10 years or so, marketing has moved more towards digital, thanks to the prevalence of fast wifi connections, smartphones, social media and data analysis. In today's hyper-connected world every business should have a digital marketing strategy.

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