HMRC Taskforce – Tips for Dealing with a Notice of Inspection

It’s come to our attention that HMRC’s task force is particularly active at the moment. If you receive an enquiry letter, notice of a visit, or an unannounced visit, what can you expect and how should you deal with it?

We take some time to look at the implications and give some practical advice should you be in this situation.…


MTD VAT regulations to be available by April 2018

The government has confirmed plans to publish and consult on draft VAT regulations for Making Tax Digital (MTD), with the aim to have the regulations in place by April 2018 to give businesses and software developers at least twelve months to prepare.

In July 2017 the Government announced that MTD is being delayed. MTD will be not be mandatory until April 2019, and then only for VAT. From that date, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT purposes.…


The cost of driving a ‘greener’ car

The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job.

Broadly, the taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of any accessories. This figure is multiplied by the ‘appropriate percentage’, which can be found by reference to the car’s CO2 emissions level. This will give the taxable value of the car benefit. The employee pays income tax on the final figure at his appropriate tax rate (e.g. 20% for basic rate taxpayers; 40% for higher rate taxpayers). In general terms, less tax will be payable on ‘greener’ cars those with lower CO2 emissions.…


Can You have two types of employment all at once? Is it possible to be Employed and Self-Employed at the Same Time?

One of the common questions we are asked at Steven Glicher and Co Accountants, is related to the types of employment individuals can be registered for with HMRC.

It’s a legitimate concern, as with all types of employment come different complexities and tax regulations that govern how much you declare and ultimately have to pay to HMRC.…


4 Step Guide to Setting up a Limited Company

Most of the Stockport Business Owners we work with choose to begin trading as either a sole trader, through an umbrella company, or by starting up their own Limited Company. For many Stockport sole traders, the time comes when setting up a Limited Company is the  more effective way of getting more from your business.

For many business owners, trading as a limited company gives you have the opportunity to to define your own brand, run your business in the most tax-efficient way and still own everything that you. Additionally, there are numerous occasions where as a Limited Company, you can pitch for work that you wouldn’t be able to get as a sole trader.…


Small business owners – should you lease or buy a company car? Could there be any tax advantages?

Should you buy a car or lease a car for your company? It’s a question we are regularly asked by Stockport Small Business owners. The benefits and advantages of leasing vs buying can and have been discussed almost ad-infinitum, and there is plenty of advice knocking around the internet that will try and sway you one way or the other. The real answer for most small business owners is, of course, that it depends very much on your circumstances and those of your business – did you expect any other answer from an accountant?…


Business rates ‘staircase tax’ heaps yet more pressure on the UK’s small businesses claim critics

Just when you thought the new business rate system couldn’t get any worse for UK SMEs, it now appears that many small businesses may be penalised by the Valuation Office Agency and face large backdated bills if their business premises straddles two or more floors and uses a shared staircase to access upper levels of the commercial building.…


Double glazing salesmen was self-employed

Employment status tax cases often make the headlines in the professional press and the June 2017 case of Tomlinson was no exception. In this case, the First-tier Tribunal found that a double glazing salesman (Mr Malcolm Tomlinson) was self-employed and not an employee as he had claimed.…


Paying Class 2 NICs

Whether or not Class 2 National Insurance Contributions (NICs) can be paid depends on whether an individual falls within the definition of a ‘self-employed earner’ for NIC purposes, and if so, whether profits are in excess of the existing small profits threshold (£6,025 for 2017/18).…


News / Blog

12th
October

Is it better to buy or lease a car as a sole trader?

Company car for a sole trader – is there such a thing? Is it better to buy or lease car…

3rd
October

HMRC Taskforce – Tips for Dealing with a Notice of Inspection

It’s come to our attention that HMRC’s task force is particularly active at the moment. If you receive an enquiry…

2nd
October

MTD VAT regulations to be available by April 2018

The government has confirmed plans to publish and consult on draft VAT regulations for Making Tax Digital (MTD), with the…

2nd
October

The cost of driving a ‘greener’ car

The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one…