HFM TAX BLOG

14.07.2018

Directors Loans

Directors Loans can cause tax complications which many small business owners are unaware of. In fact they often only come to light when accounts are prepared and it is realised that the owner/director has withdrawn more cash than legitimately be taken in dividends. The actual making of the loan in itself does not trigger any[…..]

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07.07.2018

Who qualifies for the national minimum wage?

The National Minimum Wage is important to get correct and the first step is to know who qualifies and who does not. So, who does qualify for the national minimum wage?  1 Workers must be at least school leaving age to get the National Minimum Wage. They must be 25 or over to get the[…..]

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23.06.2018

Making Tax Digital for VAT

Making Tax Digital for VAT (MTD) finally comes into effect  from April 2019, but only for certain businesses. The April 2019 launch will only apply to VAT registered traders. More specifically, MTD will apply to businesses who have a turnover above the VAT threshold – the smallest businesses will not be required to use the[…..]

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09.06.2018

Employees’ holiday entitlement

Employees’ holiday entitlement is a seasonal subject to consider and the following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of statutory[…..]

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02.06.2018

Undeclared Overseas Income and The Requirement to Correct

Undeclared overseas income is a guilty secret for some taxpayers. We have had over ten years of offshore disclosure facilities from HMRC which have forced a significant number to declare at least some of their overseas earnings. But now everything is about to change. The message for those with unreported offshore income and gains is[…..]

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19.05.2018

Starting a Successful Business

Starting a successful business isn’t easy or everyone would be doing it. And as the majority of new businesses fail in the first five years, that clearly isn’t the case! You need a product or skill to offer and you need to be able to sell what you have. Some people have the skill but[…..]

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