Schoolgate Accounting Services attends CBBC China Outbound Conference in Shanghai

Schoolgate Accounting Services attended the 6th CBBC China Outbound Conference, part of the UK’s official programme during the first China International Import Expo (CIIE), held in Shanghai on November 8th, 2018, with over 300 guests attending the conference in total. The company was represented by Luda Beanland, Charles Swain and Annie Qian (pictured). Since Schoolgate opened their China Desk earlier …

Autumn Budget 2018

The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was an expectation that these declarations and indicators would herald a relaxation of fiscal policy, the Chancellor is mindful of the potential fallout next year when we leave the EU, with or without a …

New style £50 note to be introduced

In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 note is to continue to be part of the UK currency. The new £50 note will be designed and printed on polymer, a thin flexible plastic that includes a number of important new security features. Polymer notes are cleaner, safer …

An Introduction to Financial Statements

Financial statements are key indicators of the health of your business at specific points in the company’s accounting year and on an ongoing basis. Your company’s fundamental success is dependent on a complete understanding of these documents, so we felt that a handy explainer would be useful for anyone wanting to know more. There are three main types of financial …

Self Assessment Deadline Reminder

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax return, with 10.7 million of these taxpayers doing so on time. The deadline for submitting 2017-18 self assessment tax returns online is 31 January 2019. …

HMRC publishes stangest excuses for late company accounts

Each year HMRC receives various bizarre and unusual excuses from directors who fail to file their company accounts on time. Some of the most outrageous reasons given include: “Goats ate my accounts”“I found my wife in the bath with my accountant”“Pirates stole my accounts”“We delivered the accounts to the betting office next door to Companies House”“A volcano erupted and prevented …

Alert for VAT registered traders

The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) is fast approaching. From 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records digitally (initially for VAT purposes only). …

Tax Diary for October & November

1 October 2018 – Due date for Corporation Tax due for the year ended 31 December 2017. 19 October 2018 – PAYE and NIC deductions due for month ended 5 October 2018. (If you pay your tax electronically the due date is 22 October 2018.) 19 October 2018 – Filing deadline for the CIS300 monthly return for the month ended …

Could you qualify for Entrepreneur Tax Relief?

If you are thinking about closing down your company, you may be able to claim tax relief from Capital Gains Tax. This means that instead of paying 20% CGT (or 32.5% or possibly 38.1% dividend rate for an additional rate tax payer) you could be paying 10% (this is a flat rate, regardless of whether you are a basic, higher or …

What is Mileage Allowance relief?

Employees who use their own car at work can under certain circumstances be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. This is known either as Mileage Allowance Relief or a Mileage Allowance Payment. It is important to note that this tax-free allowance, does not include journeys to and …