Tax Archives - Elver Consultancy Chartered Accountants Wigan

How do marketplace facilitator tax laws in the USA impact your E-Commerce business?

Elver Consultancy — Mon, 17 Feb 2020 10:31:45 +0000

Marketplace facilitator laws require businesses like Amazon and Etsy to collect and remit sales tax on behalf of their vendors. Ever since the Supreme Court’s Wayfair decision, state governments have been passing new sales tax legislation that applies to remote sales and online marketplaces. Before Wayfair out-of-state sellers couldn’t be held accountable for local sales […]

The post How do marketplace facilitator tax laws in the USA impact your E-Commerce business? appeared first on Elver Consultancy Chartered Accountants Wigan.

The Dangers of Using the Company Bank Account for Personal Use

Elver Consultancy — Thu, 02 Jan 2020 11:52:12 +0000

The Use of company banking facilities for personal transactions recently caused one taxpayer some unwelcome attention from HMRC. In The First Tier Tribunal Case of Matharu Delivery Service Ltd TC7347 and Bhapinder Matharu TC7324 a company and its director, failed to show why it was unreasonable of HMRC to demand a detailed directors’ loan account schedule and copies of his […]

The post The Dangers of Using the Company Bank Account for Personal Use appeared first on Elver Consultancy Chartered Accountants Wigan.

Tax Treatment of Bitcoin Activities

Elver Consultancy — Wed, 24 Sep 2014 10:52:41 +0000

Bitcoins are a form of digital currency that can be used in a peer-to-peer payment system. They are expected to become even more popular in the future with PayPal subsidiary Braintree currently working on a way to process Bitcoin payments. Bitcoins are created by a process called mining which essentially involves verifying and recording payments […]

The post Tax Treatment of Bitcoin Activities appeared first on Elver Consultancy Chartered Accountants Wigan.

Taking money out of your company in 2014/15 tax year

Elver Consultancy — Mon, 14 Jul 2014 10:54:21 +0000

How you extract your hard earned profits from your company will depend upon your level of income from other sources and the level of the company’s payroll due to other employees. The traditional method of profit extraction, assuming you have no other sources of income, has been to pay yourself up to the employee’s national […]

The post Taking money out of your company in 2014/15 tax year appeared first on Elver Consultancy Chartered Accountants Wigan.

Tax Catch Up Plan

Elver Consultancy — Mon, 29 Jul 2013 11:50:15 +0000

If you have fallen behind with your tax returns now is the perfect opportunity to catch up. It can be tempting to “let sleeping dogs lie” but this approach will, sooner or later, land you in hot water. HMRC’s latest campaign is targeted at those that have been serviced notice to file a return for […]

The post Tax Catch Up Plan appeared first on Elver Consultancy Chartered Accountants Wigan.