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Research and Development Tax Relief

Many Businesses are missing out on Research & Development Tax Relief. Are you?Recent studies suggest that, roughly, only 5% of Research and Development (R&D) tax reliefs are being claimed by eligible small businesses.What is Research & Development tax relief?In 2000 the government introduced Research & Development tax relief to allow small businesses to be innovative. It was established to help with the costs of starting a business and/or creating a new product.Who Can Claim It? Small companies ...

We're going paperless! Are you?

As SAS Accounting Services Limited works toward a paperless office, many of you could do the same! No matter the size of your business, or how new it is, going paperless will always have its advantages. Whilst complete removal of paper might not work for every business, even eliminating a small amount could create cost saving opportunities and efficiency and here’s some ideas; Organisation Saving documents onto a computer rather then keeping different types of paper is more efficient: instead ...

Corporation Tax rate to decrease from 1st April 2020 to…

Companies and unincorporated associations which pay Corporation Tax are most likely to benefit from the reduced rates.In the 2015 summer budget the government announced the main rate of Corporation Tax will be 19% for the years starting 1 April 2017, 2018 and 2019; with the rate decreasing to 17% for the year commencing 1 April 2020. The 17% Corporation Tax rate is an added 1% decrease as it was previously announced the Corporation Tax rate for the year beginning 1st April 2020 would be 18%...

Self Assessment Second Payment due 31 July 2019!

Just a quick reminder……self-assessment tax payers please remember that the second payment on accounts of your 2018-19 liability is due on or before midnight on 31 July 2019.The link to make the payment is as follows: https://www.gov.uk/pay-self-as...For our clients who require a reminder of the amount due, or relevant reference numbers please get in touch.Our contact details:admin@sas-accounting.co.uk01206 266702...

VAT Changes for the construction industry

From the 1st October 2019 a new set of VAT rules specifically for the construction industry will be introduced.  The aim of the new “Construction Reverse Charge” is to cut down on fraud in the sector and will have quite wide ranging effects for businesses....

Self Assessment Tax Return 2018/19 – Deadlines & Penalties

FILING DEADLINES31 October 2019 – Paper Returns: If you send a paper Tax Return it must reach HMRC by midnight on 31 October. The deadline may be later if it is after 31 July when HMRC sends you the letter telling you to complete a Tax Return. In this case the letter will tell you the deadline – it is usually three months from the date of the letter. Or if you are sending a Self Assessment Return for a registered pension scheme or non-resident company, you can only send paper Returns so...

Dogs in Work

Despite it not being a prominent feature for a workplace, it is slowly becoming more common for staff to bring their dogs to work with them. Though it is not obligatory for the business to allow this, there are some points to be taken into consideration before a decision is made.AdvantagesA big factor that businesses consider when making the decision to allow dogs in the workplace is the positive impact dogs have on the staff. Through several studies, it has been shown there are benefits for a p...

Optimum Salary and Dividends for 2019/20

When running your own limited company a key point of your tax planning should be ensuring that you pay yourself the optimum level of salary and dividends. This advice is most relevant to limited company freelancers, contractors and micro businesses with 1-2 directors or shareholders. ReminderDirectors and ShareholdersDirectors are appointed by the shareholders of a company and are paid a salary for acting as an officer to the company, doing day to day duties on behalf of the shareholders.Shareho...

Automatic Enrolment Pension Scheme – minimum contributions to increase on 6th April 2019

What you need to know From 6th April 2019, the total minimum contributions including employer and employee payments will be increasing from 5% to 8% of qualifying earnings.  As an employer you will need to pay a minimum of 3% with your staff making up the rest to 8%.  This increase is required by law. Date effectiveTotal Minimum ContributionEmployer Minimum ContributionStaff contribute to the remainder Current Rates5%2%Up to 3%6th April 20198%3%Up to 5% What you need to do next If...

1.17 Million businesses still to sign up to Making Tax Digital (MTD)

From a total 1.2 Million businesses, there are 1.17 Million which are still to sign up to Making Tax Digital for VAT; with only a month to go.  According to HMRC, however, 2,000 businesses are signing up daily.What is Making Tax Digital?Making Tax Digital plays a big part in the government’s plans to make it easier to ensure individuals and businesses get their tax correct and keep on top of their affairs. This means tax administration will be: more effectivemore efficienteasier for ...