NEWSLETTER ARTICLES

 

Keyword(s):

16-01-2019
Don’t overclaim for equipment purchases

Don’t overclaim for equipment purchases

You can use the Annual Investment Allowance (AIA) to claim a very generous 100% first year tax relief for qualifying expenditure on plant and machinery. The allowance is available for most assets ... read more

16-01-2019
Reducing payments on account

Reducing payments on account

Taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g. for 2018-19 the first ... read more

16-01-2019
Could you claim the Marriage Allowance?

Could you claim the Marriage Allowance?

If you or your partner are a low earner or not working, then you may be eligible for the marriage allowance. The marriage allowance allows lower earning couples to share part of their personal ... read more

16-01-2019
Carry back charitable contributions

Carry back charitable contributions

Donations to charity over the course of a tax year can add up and taxpayers must ensure they keep a proper record of all donations to backup tax return entries. Donations that are made through the ... read more

16-01-2019
Remaining age related tax allowances

Remaining age related tax allowances

Most age related tax allowances have been phased out. However, the Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership where at least one member of ... read more

16-01-2019
Tax if clients leave the UK to live abroad

Tax if clients leave the UK to live abroad

The P85 form should be completed by individuals or their agents to advise HMRC that have left the UK to live or are going to work abroad for at least one full tax year. The completion of the P85 ... read more

09-01-2019
Automatic enrolment for the self-employed?

Automatic enrolment for the self-employed?

The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension ... read more

09-01-2019
New 'global' pound coin

New

HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of ... read more

09-01-2019
Check if your Holiday let property is qualifying

Check if your Holiday let property is qualifying

The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. In order to qualify as a furnished ... read more

09-01-2019
Register a company and register for tax

Register a company and register for tax

A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company ... read more

09-01-2019
Changes to a building after the VAT option to tax

Changes to a building after the VAT option to tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent ... read more

09-01-2019
Cash basis option for landlords

Cash basis option for landlords

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The ... read more

09-01-2019
Genuine messages from HMRC

Genuine messages from HMRC

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This ... read more

02-01-2019
Did you file your tax return Christmas Day?

Did you file your tax return Christmas Day?

A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax returns on Boxing ... read more

02-01-2019
Don’t forget to pay your tax at the end of the month

Don’t forget to pay your tax at the end of the month

The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining ... read more

02-01-2019
Paying young people and children

Paying young people and children

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any ... read more

02-01-2019
Finance Bill delay

Finance Bill delay

The government published Finance (No.3) Bill 2017-19 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

02-01-2019
Merchandise in Baggage

Merchandise in Baggage

There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried). This is known as Merchandise In Baggage ... read more

02-01-2019
Checking a National Insurance Record

Checking a National Insurance Record

HMRC offers an online service to check a National Insurance record. In order to use the service you will need to have a Government Gateway account. If you don't have an account, you can apply to set ... read more

02-01-2019
CGT Rollover Relief – ownership of assets

CGT Rollover Relief – ownership of assets

Capital Gains Tax (CGT) rollover relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to ... read more

02-01-2019
New legislation implementing aspects of the Good Work Plan

New legislation implementing aspects of the Good Work Plan

Following the recent publication of its “Good Work Plan”, the government has now laid before Parliament three statutory instruments to implement certain aspects of that Plan. The Employment Rights ... read more

02-01-2019
Naming scheme for unpaid employment tribunal awards launched

Naming scheme for unpaid employment tribunal awards launched

The government’s recently published “Good Work Plan” included a commitment to establish a naming and shaming scheme for those employers who fail to pay employment tribunal awards. Immediately ... read more

02-01-2019
Guidance for employers on new payslip legislation

Guidance for employers on new payslip legislation

New legislation comes into force from 6 April 2019 which requires all employers to provide an itemised payslip to all workers, i.e. not just to employees, and to show hours on payslips where the pay ... read more

19-12-2018
Advise HMRC if you stop being self-employed

Advise HMRC if you stop being self-employed

Any taxpayers that have ceased to be self-employed must advise HMRC of their change in status. There are a number of steps that must be followed if a taxpayer stops trading as a sole trader or if they ... read more

19-12-2018
Check your State Pension age

Check your State Pension age

A 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y. The tool allows taxpayers to check the earliest age they can start receiving the State Pension. The State Pension ... read more

19-12-2018
What is a company confirmation statement?

What is a company confirmation statement?

As well as filing accounts with Companies House, there is a requirement to check that the information Companies House stores about your company is correct every year. This is facilitated by the filing ... read more

19-12-2018
A further £2bn allocated to Brexit planning

A further £2bn allocated to Brexit planning

The government has announced more than £2 billion in additional funding across 25 government departments to help with Brexit planning. This brings the total amount provided by the government for EU ... read more

19-12-2018
What expenditure qualifies for the Annual Investment Allowance?

What expenditure qualifies for the Annual Investment Allowance?

The Annual Investment Allowance (AIA) was permanently set at £200,000 for all qualifying expenditure on or after 1 January 2016. However, in the Budget earlier this year, the Chancellor announced a ... read more

19-12-2018
Maternity pay and leave

Maternity pay and leave

Employees that are pregnant are eligible to take up to 26 weeks of statutory maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This ... read more

19-12-2018
Benefits that don’t have to be reported to HMRC

Benefits that don’t have to be reported to HMRC

There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which no longer apply. ... read more

19-12-2018
VAT notes – new edition published

VAT notes – new edition published

HMRC has published what appears to be the final online quarterly edition of VAT notes which includes a summary of recent changes to the VAT rules. HRMC has confirmed that from January 2019 'VAT Notes' ... read more

18-12-2018
Tax Diary January/February 2019

Tax Diary January/February 2019

1 January 2019 - Due date for Corporation Tax due for the year ended 31 March 2018. 19 January 2019 - PAYE and NIC deductions due for month ended 5 January 2019. (If you pay your tax electronically ... read more

18-12-2018
Amendments to UK data protection law in the event of a no deal Brexit

Amendments to UK data protection law in the event of a no deal Brexit

Following the publication of its technical notice in September 2018 on “Data protection if there’s no Brexit deal”, the government has now published an online summary covering what amendments would be ... read more

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