News

It’s important to be up-to-date, HMRC is constantly evolving.

We continuously research and update our knowledge. As part of that, we share our insights and findings. Read our news articles; we hope you will find useful information.

If you have any questions or enquires, please don’t hesitate to get in touch.

Latest News

Minimum Wage Increases

Minimum Wage Increases

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on...

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Year End Tax Planning

Year End Tax Planning

With the end of the tax year looming there is still time to save tax for 2017/18. We have set out some points you may want to consider. Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a...

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Gross Misconduct

Gross Misconduct

Gross misconduct in the workplace is categorised as behaviour which breaks the rules laid down in the employment contract, entitling you to dismiss employees without notice or pay in lieu of notice. However, when an incident of gross misconduct is suspected, you must...

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Paying HMRC

Paying HMRC

With many individuals having tax payments to make at the end of this month it is important to be aware that HMRC have announced that they will no longer accept payments made at the Post Office or by credit card. HMRC have announced that with effect from 15 December...

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Employee Gifts – Tax Free?

Employee Gifts – Tax Free?

At this time of year some employers may wish to make small gifts to their employees. A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the...

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Xitax Accounting Solutions

Preparation of sole traders, limited companies, partnership accounts, personal tax, corporation tax, management accounts and VAT returns.
Xitax Accounting Solutions
Xitax Accounting Solutions2 weeks ago
HMRC may have sent you a tax return filing notice for tax year 2017/18, there is no need to worry. The deadline to file 2017/18 tax return is 31 January 2019.
Xitax Accounting Solutions
Xitax Accounting Solutions3 weeks ago
Income tax changes from 6 April 2018 & Update on MTD etc. -
Xitax Accounting Solutions
Xitax Accounting Solutions1 month ago
Dividend allowance reduction
From 6 April 2018, the dividend allowance will be reduced from £5,000 to £2,000.

In terms of extra tax, if you are basic rate tax payer, your tax bill will go up by circa £225 and if you are higher rate tax payer, it will go up by circa £975 (£3,000 X 32.5%).
Xitax Accounting Solutions
Xitax Accounting Solutions1 month ago
Farming and agricultural businesses

Based in the heart of the agricultural hub, Melton Mowbray, supporting farms and rural businesses is naturally very important to us. We understand that running a farm is more than just a business to our clients, it’s a way of life; that is why we work closely with our clients so that they can receive one-to-one support. We understand that cashflow can be seasonal and offer flexible payment options. Our first consultation is free and without obligation.

We provide the following services to our farming and agricultural clients:

Annual accounts and tax returns
VAT returns and bookkeeping
Capital Gains Tax review
Advice on Stamp Duty Land Tax
Inheritance tax planning
Succession planning
Cloud accounting
Fixed fees so there are no surprises
Flexible payment options

Sheena Kaur
Accountant & Tax Adviser
Xitax Accounting Solutions
Xitax Accounting Solutions1 month ago
A business can claim 100% capital allowances on purchase of a company car if it is brand new, is electric or has CO2 emissions of not more than 50 g/km (from 1 April 2018 to March 2021)
Xitax Accounting Solutions
Xitax Accounting Solutions2 months ago
If you are UK resident and domiciled, no matter where your money and assets are, you must pay UK tax on all your worldwide income and capital gains. Typically overseas income includes interest from overseas bank or building society accounts, dividends and interest from overseas companies, rental income from overseas properties, wages and benefits etc.

On your death, your overseas assets will form part of your estate for inheritance tax.

From 1 October 2018, the minimum penalty on unpaid tax relating to overseas assets will be 100% of the tax owed and could be much higher depending on circumstances.

HMRC are now receiving new information about offshore accounts, trusts and investments from jurisdictions around the world under the new Common Reporting Standards. More than 100 jurisdictions have signed up to exchange such information (#d.en.345489" target="_blank">https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/#d.en.345489)

Contact me to make a voluntary disclosure (under Worldwide Disclosure Facility) and put your tax affairs right.

XiTAX Accounting Solutions LimitedFeel free to get in touch

Email: info@xitax.co.uk
Phone: +44 (0)75 2583 1590

Address: Xitax Accounting Solutions, Pera Business Park, Nottingham Road, Melton Mowbray, Leicestershire LE13 0PB

Our certificates and accreditations:

Association of Chartered Certified AccountantsAssociation of Accounting TechniciansXero Bronze Partner

PolicyBee professional insurance broker
 

Disclaimer

VAT No: 249202123
Registered in England & Wales: 09450282

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