Blog
Welcome to the accountancy blog from ZincBooks
We love to share the latest news, views and advice with our clients and the weekly blog gives us the ideal opportunity to do this.
Feel free to get in touch with us if you wish to discuss any of the blog topics in more detail.
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Electric charging of company vehicles at home base
HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in relation to charging a company car or van
Reporting early payment of wages before Christmas
There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close
Increase in National Living Wage
The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2024. The actual wage rate
Accounting periods for Corporation Tax
Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC.
The accounting periods can be the same but can also
Recurring sales
Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring.
For example, you may sell a laptop (a one-off sale) and then bolt on a support contract
Repeat business
Once you have secured the attention of a customer that has purchased their initial goods or services from you, you have completed the hard part – converted a prospect into a buying customer – so don’t be afraid to follow
Tax Diary November/December 2023
1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023.
19 November 2023 – PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax electronically the due date is
Re-starting a dormant company
HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information.
When a
When you must register for VAT
The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is
Check if you need to pay someone through PAYE
Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed workers through PAYE.
HMRC’s guidance states that:
As
Have you downloaded your HMRC app?
HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality to check your Child Benefit and State
Cost of Living payments 2023-24 support
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this
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