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About Diana Hurta

Founder / CEO at DH Accounts & Legal Ltd.

UK Company Law: Changes in 2016

UK Company Law: Changes in 2016

This year Companies House introduces some important changes to UK company law. We have provided some of the key changes and the proposed implementation dates. New accounting regulations for companies – January 2016 The regulations apply to accounting periods beginning on or after 1 January 2016. The key change in these regulations is the removal of the ability for a small or medium-sized company to file abbreviated accounts at Companies House (although the very smallest companies can prepare micro entity accounts). New accounting standards – January 2016 The Financial Reporting Council (FRC) have revised the accounting standards under which UK companies prepare their accounts. More information about this change can […]

Brexit: What next?

Brexit: What next?

On Thursday 23 June 2016 the UK public has voted to leave the EU and nowadays it’s a hot topic across the world in newspaper, on tv, radio, social media. For many people this is not an easy situation which may rise lots of emotions. No doubt you are worried about it and very likely you are interested in getting answers. Some answers you will get in stages, however there are some answers you can find now, for example: What happens next? An agreement called Article 50 of the Lisbon Treaty has to be activated in order to leave the EU. The withdrawal from the EU is a formal legal […]

Working Tax Credit – Extra money for people in work on a low income in UK

Working Tax Credit – Extra money for people in work on a low income in UK

Working Tax Credit (WTC) is a state benefit in the United Kingdom paid by HMRC to support people who are working and on a low income. It does not matter whether you are an employee or self-employed. In addition, people may also be entitled to Child Tax Credit (CTC) if they are responsible for any children. The basic amount of WTC is up to £1,960 a year – could get more (or less) depending on circumstances and income. Do not miss opportunity to top up your income. Who can get You can get WTC if you or your partner are working enough hours a week and your income is low […]

Tax: How you can spot and protect yourself from scammers

Tax: How you can spot and protect yourself from scammers

Tax scam   In this time of the year thousands of taxpayers have been targeted by fraudsters trying to use fake emails or text messages, that they look like come from HMRC, to access people’s online tax records.   People receiving emails or text messages are told that they are due a tax refund / rebate but direct them to a fake website that ask to enter login details, bank details, reply to text messages, download attachments.   It can be difficult to tell the difference between a genuine offer and a tax refund scam email or text message, so here are some tips to help you.   How you […]

Virgin Media Business Voom 2016

Virgin Media Business Voom 2016

VOOM 2016   We are Pitching in #VOOM 2016 and we would like to ask you if you could support us.     What is #VOOM   This is a chance to pitch to Richard Branson and win a share of £1 million (€1.2 million) in prizes – as well as a trip to Necker Island and mentoring at 10 Downing Street. Plus, a whole raft of money-can’t-buy opportunities. Over 14 weeks, the competition will include a huge public vote, a 29-hour Pitchathon (a Guinness World Records attempt, in fact), and a series of competitive face-to-face workshops. Plus, of course, a big finale featuring Richard.   Why are we pitching […]

Self-Employed Expenses: How to reduce a tax bill

Self-Employed Expenses: How to reduce a tax bill

If you’re self-employed, your business will have various running costs and expenses. You can take these costs away from your business income to work out the taxable profit. Claim all business expenses and capital allowances and you can reduce your taxable profit. Self-employed: Allowable expenses   Office costs: stationery and postage; phone, mobile, internet, email and fax bills; printing, printer ink, cartridges and other small office equipment costs; computer software; rent, business and waters rates, utility bills and insurance costs. Travel costs: vehicle insurance, repairs and servicing, fuel, parking, hire charges, vehicle licence fees, membership, breakdown cover; train, bus, air and taxi fares; hotel room costs and meals on overnight […]

Tax Return: Who needs to complete

Tax Return: Who needs to complete

The tax year in UK is from 6 April to 5 April the following year. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. Who must send a tax return You’ll need to send a tax return if, in the last tax year:   you were self-employed even though the tax due may in fact be ‘nil’ you were a company director you got dividends from shares you had income from abroad that you needed to pay tax on you lived […]

10 Changes from April 2016 which may affect you

10 Changes from April 2016 which may affect you

1. The National Minimum Wage will be increased to £7.20 per hour for those 25 or over. 2. The Personal Tax Allowance, the amount you can earn before paying income tax, will be increased from £10,600 to £11,000. 3. The Higher Rate Threshold will increase from £42,385 to £43,000. 4. The Employment Allowance will increase from £2,000 to £3,000. 5. To make it cheaper to employ young people, from April 2016 employers will not have to pay National Insurance contributions (NICs) for all but the highest earning apprentices aged under 25. 6. The new State Pension will be increased £119.30 from to £155.65 per week. 7. The income rise disregard […]