NEWSLETTER ARTICLES

 

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12-12-2018
VAT on property service charges

VAT on property service charges

A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra Statutory Concession (ESC) ... read more

12-12-2018
Are you ready for VAT filing changes April 2019?

Are you ready for VAT filing changes April 2019?

The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep ... read more

12-12-2018
Is your income approaching £100,000?

Is your income approaching £100,000?

For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is total taxable income ... read more

12-12-2018
Qualifying for VAT special schemes

Qualifying for VAT special schemes

There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover levels for joining ... read more

12-12-2018
When is lettings relief available?

When is lettings relief available?

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as 'private residence relief'. However, where all ... read more

12-12-2018
How the £1,000 trading allowance works

How the £1,000 trading allowance works

There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as the trading allowance. The income raised from these kinds of ... read more

11-12-2018
Citizens’ rights in the event of a no deal Brexit

Citizens’ rights in the event of a no deal Brexit

The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU, in the event of a “no deal” Brexit. The government has confirmed that those EU ... read more

05-12-2018
Could you claim expenses and an early tax refund?

Could you claim expenses and an early tax refund?

HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter specifically identifies ... read more

05-12-2018
X-factor VAT bonus

X-factor VAT bonus

The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of the single ... read more

05-12-2018
Employing someone to work in your home

Employing someone to work in your home

When you employ someone to work in your home, it is your responsibility to ensure you meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such ... read more

05-12-2018
UK VAT claims by non-EU businesses

UK VAT claims by non-EU businesses

The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other ... read more

05-12-2018
HMRC writes to taxpayers in Wales

HMRC writes to taxpayers in Wales

HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the non-savings and non-dividend ... read more

05-12-2018
Taxation of termination payments

Taxation of termination payments

In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the 2017 Budget, the ... read more

05-12-2018
Who can or cannot claim the Employment Allowance

Who can or cannot claim the Employment Allowance

The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal ... read more

05-12-2018
When you can utilise overlap relief

When you can utilise overlap relief

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 March and 5 April. ... read more

03-12-2018
Statutory employee benefit pay to rise from April 2019

Statutory employee benefit pay to rise from April 2019

In a written ministerial statement, the government has announced the proposed new rates for Statutory Maternity Pay (SMP), Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP), Statutory Shared ... read more

29-11-2018
Tax Diary December 2018/January 2019

Tax Diary December 2018/January 2019

1 December 2018 - Due date for Corporation Tax due for the year ended 29 February 2018. 19 December 2018 - PAYE and NIC deductions due for month ended 5 December 2018. (If you pay your tax ... read more

28-11-2018
When to report and pay Capital Gains Tax

When to report and pay Capital Gains Tax

The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as civil ... read more

28-11-2018
Inheritance Tax if you live abroad

Inheritance Tax if you live abroad

The Inheritance Tax rules can be difficult to fathom when an expat or another person with connections to the UK living outside the country dies. The liability to Inheritance Tax in the UK depends ... read more

28-11-2018
Claim tax relief for job related expenses

Claim tax relief for job related expenses

Employees who use their own money to buy things they need for their job can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items ... read more

28-11-2018
Coding out debts deadline

Coding out debts deadline

The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding process applies to ... read more

28-11-2018
Pension automatic enrolment changes

Pension automatic enrolment changes

Automatic enrolment for workplace pensions encourages many employees to start making provision for their retirement with employers, and as a bonus, government also contributes to their pension pot. ... read more

28-11-2018
New advisory fuel rates published

New advisory fuel rates published

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or ... read more

28-11-2018
VAT - FRS limited cost trader

VAT - FRS limited cost trader

The VAT Flat Rate Scheme (FRS) has been designed to simplify a way a business accounts for VAT, and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is ... read more

28-11-2018
CGT and investment clubs

CGT and investment clubs

Investment clubs are loosely defined as a group of people who get together to buy and sell shares on the stock market with a view to making a profit. An investment club does not have any special legal ... read more

28-11-2018
Tax on savings interest

Tax on savings interest

In the current tax year, anyone with taxable income of less than £16,850 will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings ... read more

22-11-2018
Claim £2,500 broadband voucher

Claim £2,500 broadband voucher

The Gigabit Broadband Voucher Scheme was launched in March this year to help small businesses and local communities connect and gain access to full fibre superfast broadband speeds. The vouchers can ... read more

22-11-2018
Options if you are owed money

Options if you are owed money

It can be very difficult for small businesses to know what options are available when their customers owe them money. This can arise when business owners are uncomfortable chasing a debt for fear of ... read more

22-11-2018
What is a Personal Tax Account?

What is a Personal Tax Account?

Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the ... read more

22-11-2018
HMRC promotes tax saving opportunities

HMRC promotes tax saving opportunities

To mark the occasion of Talk Money Week, HMRC has published a news release trumpeting five tax saving opportunities. Whilst these tax saving opportunities are routinely available to many taxpayers, it ... read more

22-11-2018
Who must submit a Self Assessment tax return?

Who must submit a Self Assessment tax return?

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes, if they are self-employed, a company director, have an annual income over £100,000 and / or have ... read more

22-11-2018
Capital Gains Tax uplift on death

Capital Gains Tax uplift on death

It is important to understand how Capital Gains Tax (CGT) works when someone dies, and more importantly how this affects the computation of gains and losses by those who have inherited an asset as ... read more

22-11-2018
HMRC writing to businesses about MTD for VAT

HMRC writing to businesses about MTD for VAT

HMRC has begun a letter writing campaign to remind businesses that the way they keep VAT records and submit their VAT returns is changing. The letters are being sent to businesses who will be within ... read more

22-11-2018
VAT relief on building a new home

VAT relief on building a new home

The VAT DIY Housebuilders scheme is a special scheme, enabling homeowners building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain ... read more

15-11-2018
Finance (No.3) Bill published

Finance (No.3) Bill published

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The ... read more

15-11-2018
Directors’ loans – tax consequences for your company

Directors’ loans – tax consequences for your company

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A ... read more

15-11-2018
Directors’ loans - tax consequences for the director

Directors’ loans - tax consequences for the director

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for ... read more

15-11-2018
ISAs and Inheritance Tax

ISAs and Inheritance Tax

New rules were introduced by the Government in 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a ... read more

15-11-2018
Employment status of football referees

Employment status of football referees

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified as employees or self-employed. HMRC argued that the Professional Game Match ... read more

15-11-2018
Holiday Let Property and Business Property Relief

Holiday Let Property and Business Property Relief

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief from Inheritance Tax (IHT) on the value of their business assets if ... read more

15-11-2018
Foreign currency considerations

Foreign currency considerations

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency ... read more

15-11-2018
UK Living Wage rates rise

UK Living Wage rates rise

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at £10.55 an hour and £9 an hour respectively. These Living Wage rates are not ... read more

15-11-2018
SDLT payment deadline to be reduced

SDLT payment deadline to be reduced

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums. ... read more

13-11-2018
Security guidance on encryption and password

Security guidance on encryption and password

The Information Commissioner's Office (ICO) has published updated security guidance on encryption and on passwords in online services under the GDPR. The GDPR requires data controllers to implement ... read more

07-11-2018
Child Benefit penalties under review

Child Benefit penalties under review

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge ... read more

07-11-2018
VAT reverse charge construction industry

VAT reverse charge construction industry

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building ... read more

07-11-2018
Business rates support for the High Street

Business rates support for the High Street

The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a real threat to their existence as footfall continues to be impacted. The growing ... read more

07-11-2018
Entrepreneurs’ relief changes

Entrepreneurs’ relief changes

In the Budget, the Chancellor, Philip Hammond announced two changes to the way Entrepreneurs’ Relief (ER) will operate. ER applies to the sale of a business, shares in a trading company or an ... read more

07-11-2018
Digital Services Tax

Digital Services Tax

One of the more surprising announcements in the recent Budget was the introduction of a new 2% Digital Services Tax (DST) from April 2020. This tax is intended to ensure that the major social media, ... read more

07-11-2018
Using software to make Income Tax updates

Using software to make Income Tax updates

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to ... read more