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What will you do with your extra time this year?

Stephen Grant

Stephen Grant

This year is a leap year, which means a whole 24 hours extra in your calendar year. Instead of spending it as a normal working day, why not try something else? Here are a few ideas of what you can …

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Business | Business advice

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Orpington prize winner donates cheque to RNLI

Kathy Cordery from Orpington, who was the winner of a competition held by top-20 accountancy firm, Wilkins Kennedy, has donated her prize money to the Royal National Lifeboat Institution (RNLI). Wilkins Kennedy ran a competition from 1st – 24th December, inviting entrants to guess the number of tax returns they think will be filed on Christmas Day 2015. The previous two years had seen record numbers sent in by Self-Assessors and 2015 proved to be the third record breaking year in a row, with 2,044 returns filed on 25th December. The winner was Kathy Cordery, who lives in Orpington and works at Bright Start Montessori pre-school in Locksbottom. She was the closest to the correct answer, with her guess of 2,050.

Tax Dates

16 March 2016

Government will publish its next Budget on Wednesday 16 March 2016.

6 April 2016

Single-tier state pension replaces the basic and additional state pensions.

6 April 2016

Annual allowance of £40,000 for tax relief on pension savings in a registered pension scheme is tapered down to a minimum of £10,000 for individuals whose annual income is more than £150,000 (including their own and their employer’s pension contributions).

WK Tax Factor

Prompt Payment Discounts

From 1st April 2015 VAT law in connection with prompt payment discounts is changing. The changes will not only affect those businesses that offer prompt payment discounts to customers but also those who receive invoices offering a prompt payment discount.

The current VAT legislation is relatively simple with the amount of VAT declared on the invoice as well as the amount of VAT the recipient of the supply can treat as input tax being calculated on the discounted price.

The amount of VAT does not change even if the prompt payment discount is not taken up by the customer.  - See more 

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