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July 2016

Should I use the VAT flat rate scheme for my small business?

The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting.

Tax Diary July/August 2016

1 July 2016 - Due date for Corporation Tax due for the year ended 30 September 2015.

Bogus emails and now, bogus phone calls

The “phishing” emails sent by nefarious individuals, purporting to be from HMRC, have now been joined by bogus phone calls.  

Business expenses you can claim

Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. 

Transferring ISAs

ISA investors may be interested to read the following guidance issued by HMRC regarding the transfer of ISAs from one provider to another.

Should I file my tax return early?

Is it better to file your Self Assessment tax return as soon as possible after the end of the tax year? You are not obliged to file your tax return for 2015-16, online, before the 31 January 2017. However, if you leave the process of completing your return until close to this date, it will not give you much time to calculate and fund the amount of tax you may owe on the same date, 31 January 2017.

Buy-to-let mortgage deposit requirements could rise to 60% in 2017

 The bolts are set to be tightened for landlords that are looking for a buy to let mortgage with a small deposit, as mortgage deposit requirements could rise to 60% in some areas, as we approach 2017. This deposit rise has been provoked by a perfect storm of tax changes, risk-averse lenders, and strict stress tests, that may push some areas to off limits and out of budget, for potential investors.