How to Verify a QR Code on Letters or Leaflets from HMRC | Do HMRC use QR Codes?
HMRC may include a QR code on letters or leaflets to provide additional information or assistance. QR codes can be seen on many HMRC communications, including the following situations:
What are negligible value claims on Assets? | Negligible value claim conditions
Taxpayers can make
a negligible value claim when an asset they own has reduced in value such that it has become of negligible worth. The taxpayer effectively treats the asset as disposed of and immediately reacquired at a negligible value at the time the claim is made.
The asset must still be owned by the person making the claim and must have become of negligible value while it was owned. Making a claim allows the asset owner to realise a capital loss on an asset without having to dispose of it.
What are the new tax rules for digital platforms? | How much can you sell online before paying tax in the UK?
From 2024, digital platforms must report your
information to HMRC if sales exceed 2,000 Euros (Approximately £1,700) or 30 or more instances of sales of goods in a calendar year. Casual sellers are exempt, but regular traders must
register for Self-Assessment.
Can I claim VAT back on a business car lease? | How does VAT work on Company Cars?
Reclaiming VAT on company cars isn’t as simple as it sounds. Generally, businesses can’t recover VAT on purchase of a car unless the car is used
exclusively for
business purposes. But there are a small number of excepted cars where the Input
VAT can be reclaimed, specifically:
Capital Gains tax for investors relief | What is CGT Investors’ Relief?
The rate of
Capital Gains Tax (CGT) for
Investors’ Relief will rise from 10% to 14% for disposals made on or after 6 April 2025. It will then increase further to 18% for disposals made on or after 6 April 2026.
When do I need to register for VAT? | How to prepare for registering for VAT HMRC
When approaching the
VAT registration threshold there are important matters to consider. The
VAT registration threshold is the point at which businesses must register for VAT with HMRC.
How does the 7-year Rule inheritance tax work? | How is the 7-Year Rule Calculated?
Inheritance tax (IHT) is a tax on the estate (the property, money and precessions) of a person who dies. There is normally no inheritance tax to pay due to the current rules. Estates less than the value of £325,000 are not liable to pay any IHT on the transfer of assets on death. This allowance can be increased in certain circumstances.
Understanding the Changes to Stamp Duty Land Tax in the Autumn Budget | How will property sales be affected?
As part of the autumn budget measures, it was announced that the higher rates of
Stamp Duty Land Tax (SDLT) on purchases of additional residential properties will
increase to 5% (from 3%) for transactions effective on or after 31 October 2024.
What are the Capital Gains Tax rates in the autumn budget 2024? | Is Business Asset Disposal Relief changing?
The autumn budget announced that the rates of
Capital Gains Tax (CGT) are to be increased with immediate effect. The main rates of CGT that apply to assets other than residential property and carried interest
will increase from 10% to 18% (for Income Tax basic rate payers) and from 20% to 24% (for Income Tax higher rate payers). The capital gains tax changes are applicable for disposals made on or after 30 October 2024.
Verify an email from HMRC: How to tell if a message from HMRC is genuine
With scams becoming increasingly more sophisticated, it can be difficult sometimes to tell if a communication from HMRC is genuine.
Verify an email from HMRC | How do I know if a message from HMRC is genuine?
How to make sure communications with HMRC are not a scam
A few months ago, we posted a blog about the importance of remaining vigilant regarding HMRC Communications. Scammers often disguise themselves as HMRC.
How to claim Corporation Tax Trading loss carry back? | Relief for company tax trading losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or property income. The loss may reduce Corporation Tax by offsetting it against other profits or gains from the same accounting period.
When must you become VAT registered? | Will the VAT threshold go up in 2025?
The taxable turnover threshold for
VAT registration is currently £90,000 and has applied since April 2024. This will continue to be the case for 2025.
What date do I have to submit my 2023-24 self assessment tax return by? | Self-assessment deadlines 2023-24
The deadline for submitting paper
self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, an initial £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. The penalty increases if the return is submitted more than 3 months late.
What is the penalty for late filing of monthly VAT return? | New penalty regime for late submission and payment of VAT
The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late submissions. Penalties for late submission apply even if there is no VAT liability or there is a repayment due.
When will VAT get added to private school fees? | More details on VAT charge on private school fees
More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT and business rates for private schools will help secure additional funding for state education programs.
What is the Residence nil-rate band 2024/25?| Inheritance tax unused Residence Nil Rate Band (RNRB)
The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.
How many years of NIC'S do I need for a full state pension? | Check your State Pension forecast.
Regularly checking your state pension position can help optimise your entitlement. It would be best to consider what other savings or pensions might be required for a long and comfortable retirement. To receive the full benefits of an entire state pension your National Insurance record must usually contain a minimum number of years. Also be aware the requirements for men and women differ. Menusually need at least 30 qualifying years of NIC payments if born between 1945 and 1951 and 44 if born before 1945. Women usually need at least 30 qualifying years if born between 1950 and 1955 and 39 if born before 1950. If you were born
after 1951, you will get the new state pension, which only
needs ten qualifying years of NIC Payments to receive a state pension
What qualifies for IHT Business Relief | Business relief and inheritance tax
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT
Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met.
What qualifies for IHT Business Relief | Business relief and inheritance tax
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT
Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met.
How do you declare beneficial interests in joint property and income? | Making a Form 17 declaration
The usual tax position for couples living with their spouse or civil partners is that property income held in joint names is divided 50:50, regardless of the actual ownership structure. However, where there is unequal ownership and the couple wants the income taxed on that basis, a notification must be sent to HMRC together with proof that the beneficial interests in the property are unequal. This is done using a
Form 17 Declaration.
Capital Gains Tax Allowance 2024/25 | What is the Current CGT Rate
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and the gain keeps them within basic rate, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to
20% CGT.
Capital Gains Tax Allowance 2024/25 | What is the Current CGT Rate
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and the gain keeps them within basic rate, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to
20% CGT.
What is the current tax gap in the UK?| Tax gap at 4.8% for 2022-23
What is the tax gap for 2022-23
The tax gap for the 2022-23 tax year has been published and is estimated to be
4.8% of total theoretical tax liabilities.
What is the current tax gap in the UK?| Tax gap at 4.8% for 2022-23
What is the tax gap for 2022-23
The tax gap for the 2022-23 tax year has been published and is estimated to be
4.8% of total theoretical tax liabilities.
Is there an annual property tax in the UK? | annual tax on enveloped dwellings
What is ATED?
The Annual Tax on Enveloped Dwellings (ATED) is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs.
Is there an annual property tax in the UK? | annual tax on enveloped dwellings
What is ATED?
The Annual Tax on Enveloped Dwellings (ATED) is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs.
Can I look at my State Pension online | check your state pension forecast
How can I check my state pension?
The enhanced Check Your State Pension forecast service is now available online. The service can be found on
GOV.UK at the
following webpage
The new digital service is a joint service by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (
DWP). It has been enhanced to include a fully end-to-end digital solution.
What is the P11D & P11D(b) submission deadline 2023/24| reporting expenses and benefits to HMRC
What are P11D and P11D (b) Forms for and when are they required?
How do I claim Business Asset Disposal Relief on my tax return? | CGT Rollover Relief
Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the payment of any tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability is deferred until the new asset is sold or otherwise disposed of.
Do you pay Capital Gains Tax when you divorce? | Tax when transferring assets during divorce
When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that can have significant implications.
What is the deadline for self-assessment tax return 2023/24 | Paying your Tax Due for the 2023/24 Tax Year Early
The 2023-24 tax year ended on
5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with
their 2023-24 self-assessment tax returns until later this year or even until January 2025.
What is the P11D & P11D(b) submission deadline 2023/24 | Reporting expenses and benefits to HMRC
At the end of each tax year, as an employer you must provide HMRC with details about any employee or director to whom you have provided:
- expenses payments
- benefits
- facilities
Tax Diary May 2024
Important tax year dates and deadlines are coming in May.
How does the EMI scheme work? | Enterprise Management Incentives scheme
The use of enterprise management incentives scheme
(EMIs) can help small growing companies to attract and retain employees.
The enterprise management incentives scheme allows employees to buy shares free of income tax and NICs based on the difference between the amount paid for shares when an option is used and the actual value (provided the shares are purchased for at least the market value they had when the option was granted).
What are the off-payroll working rules? | What does off-payroll working rules IR35 apply mean?
The rules for individuals providing services via an intermediary such as a
personal service company (PSC) are complex. The rules apply if the worker who provides services to a client through their own intermediary would have been an employee if they were providing their services directly to that client.
Tax Diary April 2024
Important tax year dates and deadlines are coming in April.
How much does it cost to file a confirmation statement? | Companies House filing fees increase.
Companies House has announced that some of their fees will be changing from
1 May 2024. The last change in fees was April 2016.
Capital Gains Tax on UK Residential Property | Report and pay capital gains tax on uk property
A higher rate of
Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate band. In the Spring Budget, the Chancellor announced a reduction in the higher
rate of capital gains tax that exists for residential property from the current rate of 28% to 24% from 6 April 2024. These rates apply to higher rate taxpayers as well as to trustees and personal representatives. The lower rate that applies to basic rate taxpayers will remain unchanged at 18
What does the 2 National Insurance cuts mean for me? | National Insurance cuts for employees and Self-Employed
Our last
National insurance blog listed the expected national insurance contribution rates for 2024; however, from what has recently been changed in the Chancellor’s
Spring Budget for 2024 As had been widely expected, the Chancellor announced further changes to
National Insurance contributions (NIC) rates for employees and the self-employed.
Do you have to register with HMRC if you are self-employed? | How to register as self-employed
Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties.
What does full expensing include?| Full expensing of capital purchases
Full expensing gives a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on providing a “main rate” plant or machinery. Full expensing is only available to companies subject to Corporation Tax.
What is the marriage allowance for 2023/24? | Who qualifies for marriage allowance ?
marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2023-24).
What is the deadline for payroll year end submissions? | Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end on 5
th April 2024 with any final payroll submissions to HMRC due by
19th of April 2024, with a number of year-end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2023-24 tax year.
What is the deadline for payroll year end submissions? | Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end on 5
th April 2024 with any final payroll submissions to HMRC due by
19th of April 2024, with a number of year-end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2023-24 tax year.
Tax Diary March 2024
Important tax year dates and deadlines are coming in March.
TAX DIARY JANUARY
Important tax year dates and deadlines are coming in January.
Who does MTD for ITSA apply to?| How to Prepare for Making Tax Digital for Income Tax
Making Tax Digital (MTD) for Income Tax, also known as MTD for ITSA, was set up by HMRC as a new way for self employed business owners and landlords to report earnings and pay Income Tax.
Who does MTD for ITSA apply to?| How to Prepare for Making Tax Digital for Income Tax
Making Tax Digital (MTD) for Income Tax, also known as MTD for ITSA, was set up by HMRC as a new way for self employed business owners and landlords to report earnings and pay Income Tax.
Do I need to register for VAT in 2024? | What is the VAT threshold in 2024?
What is the taxable turnover for 2023/24
The taxable turnover threshold determining whether businesses should be
registered for VAT is currently £85,000. The taxable turnover threshold determining whether businesses can apply for deregistration is £83,000.
Do I need to register for VAT in 2024? | What is the VAT threshold in 2024?
What is the taxable turnover for 2023/24
The taxable turnover threshold determining whether businesses should be
registered for VAT is currently £85,000. The taxable turnover threshold determining whether businesses can apply for deregistration is £83,000.
What is the IHT rate for 2023/24? | How much can I gift to avoid inheritance tax?
We wanted to remind you of the inheritance tax (IHT) implications of making cash
gifts during the 2023-24 tax year ending on April 5, 2024.
What is the IHT rate for 2023/24? | How much can I gift to avoid inheritance tax?
We wanted to remind you of the inheritance tax (IHT) implications of making cash
gifts during the 2023-24 tax year ending on April 5, 2024.
Corporation Tax marginal rate | How do you calculate corporation tax marginal relief
The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000, ensuring these companies continue to pay Corporation Tax at the same rate as was previously the case.
What happens if you miss the late filing deadline for company accounts | Late Filling Penalties
The directors are responsible for filing their company’s accounts and ensuring they’re filed before the filing deadline. Understanding your role and how late
filing could affect your company is important.
What happens if you miss the late filing deadline for company accounts | Late Filling Penalties
The directors are responsible for filing their company’s accounts and ensuring they’re filed before the filing deadline. Understanding your role and how late
filing could affect your company is important.
Cash Basis for Sole Traders | Should I use cash basis for my tax return?
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The cash basis scheme allows qualifying businesses to use the cash basis when recording income and expenditure. However, this cash basis scheme is not appropriate for all small businesses.
What is the National Insurance Contributions Rate for 2024?| How Employed and Self Employed can Calculate their Annual Gain?
In the
recent Autumn Statement, the Chancellor announced a significant change to
National Insurance contributions for both employees and self-employed people.
What is the National Insurance Contributions Rate for 2024?| How Employed and Self Employed can Calculate their Annual Gain?
In the
recent Autumn Statement, the Chancellor announced a significant change to
National Insurance contributions for both employees and self-employed people.
Tax Diary January 2024
Tax Diary January 2024
The Autumn Statement Key Updates | What was announced?
The Chancellor of the Exchequer (Jeremy Hunt) delivered his autumn statement today with it having been widely predicted that tax cuts of some kind would be announced, with National Insurance and Inheritance Tax specifically being mentioned.
The Autumn Statement Key Updates | What was announced?
The Chancellor of the Exchequer (Jeremy Hunt) delivered his autumn statement today with it having been widely predicted that tax cuts of some kind would be announced, with National Insurance and Inheritance Tax specifically being mentioned.
Paying Tax by Direct Debit to HMRC | Can I pay my self-assessment tax return by Direct Debit?
One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.
Paying Tax by Direct Debit to HMRC | Can I pay my self-assessment tax return by Direct Debit?
One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.
Taxable Gains on Gifts | What is the Gift Relief on the Transfer of Property?
Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.
Taxable Gains on Gifts | What is the Gift Relief on the Transfer of Property?
Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.
Tax Diary December
Key dates for your tax diary in December 2023.
What is the trust income tax rate for 2023/24? | Trusts and Income Tax
A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.
What is the trust income tax rate for 2023/24? | Trusts and Income Tax
A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.
What is the Economic Crime and Corporate Transparency Bill? | Companies House proposed measures and implementation.
The measures set out in the Economic Crime and Corporate Transparency Bill give Companies House new and enhanced powers to improve the quality and reliability of their data.
What is the Economic Crime and Corporate Transparency Bill? | Companies House proposed measures and implementation.
The measures set out in the Economic Crime and Corporate Transparency Bill give Companies House new and enhanced powers to improve the quality and reliability of their data.
Replacement of domestic items relief | Tax Relief For Replacement Of Domestic Items
The difference between the replacement of domestic items relief and wear and tear relief.
The replacement of domestic items relief was introduced as a replacement to the previous legislation known as
wear and tear relief. The critical difference between the old Wear and tear relief and the new replacement of domestic items relief is that the older system was only available for furnished lettings. The new legislation is not as restrictive as the prior relief, with the further relief available for all properties.
Replacement of domestic items relief | Tax Relief For Replacement Of Domestic Items
The difference between the replacement of domestic items relief and wear and tear relief.
The replacement of domestic items relief was introduced as a replacement to the previous legislation known as
wear and tear relief. The critical difference between the old Wear and tear relief and the new replacement of domestic items relief is that the older system was only available for furnished lettings. The new legislation is not as restrictive as the prior relief, with the further relief available for all properties.
Community Investment Tax Relief Scheme | What is the HMRC community investment tax relief?
What is the Community Investment Tax Relief Scheme?
The Community Investment Tax Relief (
CITR) scheme encourages investment in accredited intermediary organisations, called
Community Development Finance Institutions (CDFIs). The tax relief under the system is available to both individuals and companies.
CDFIs may take a range of forms, including:
• Community loan funds, which make capital available to community regeneration initiatives and businesses;
• Micro-finance funds, which make small loans, usually at near-market rates of interest, to the smallest businesses, e.g., sole traders and
• Social banks - profit-seeking financial service providers or subsidiaries dedicated to social or environmental objectives.
Community Investment Tax Relief Scheme | What is the HMRC community investment tax relief?
What is the Community Investment Tax Relief Scheme?
The Community Investment Tax Relief (
CITR) scheme encourages investment in accredited intermediary organisations, called
Community Development Finance Institutions (CDFIs). The tax relief under the system is available to both individuals and companies.
CDFIs may take a range of forms, including:
• Community loan funds, which make capital available to community regeneration initiatives and businesses;
• Micro-finance funds, which make small loans, usually at near-market rates of interest, to the smallest businesses, e.g., sole traders and
• Social banks - profit-seeking financial service providers or subsidiaries dedicated to social or environmental objectives.
Utilising Capital Gains Tax Losses | Can I deduct capital losses from capital gains?
What are Capital Losses
Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.
Utilising Capital Gains Tax Losses | Can I deduct capital losses from capital gains?
What are Capital Losses
Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.
Paying tax by Certificate of Tax Deposit | What is the HMRC CTD scheme?
What is the Tax deposit Scheme?
The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective payment date. The scheme closed for new purchases on 23 November 2017.
However, at the time, HMRC had committed to honour existing the remaining certificate of tax deposits until 23 November 2023. As this date approaches, it is important that certificate tax of deposit holders take appropriate action.
Paying tax by Certificate of Tax Deposit | What is the HMRC CTD scheme?
What is the Tax deposit Scheme?
The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective payment date. The scheme closed for new purchases on 23 November 2017.
However, at the time, HMRC had committed to honour existing the remaining certificate of tax deposits until 23 November 2023. As this date approaches, it is important that certificate tax of deposit holders take appropriate action.
Kickstart the weekend: We’ve made a change to our core hours
Moore (South) is pleased to announce that we are changing our core working hours. Earlier in the year, we surveyed our team to ask them their views on changing our business closing hours on a Friday from 3pm to 1pm. The results showed that over 85% supported the change of finishing at 1pm on a Friday.
Tax Diary October 2023 | Important Tax Year Dates and Deadlines
Key dates for your tax diary in October 2023.
Tax Diary October 2023 | Important Tax Year Dates and Deadlines
Key dates for your tax diary in October 2023.
What are Class 2 and Class 4 National Insurance Contributions (NIC’s) ? | How to pay National Insurance when self-employed
There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.
How to Claim Tax Relief on Private Pension Contributions | Tax relief on pension contributions
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.
There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.
How to Claim Tax Relief on Private Pension Contributions | Tax relief on pension contributions
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.
There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.
How to Claim Tax Relief on Employment Expenses | Claiming Tax Relief for employee expenses
If you are an employee who needs to use their own money to pay for things used as part of your employment, you may be able to claim tax relief. In most cases, you can claim tax relief on the full cost as long as you only use these things for your work. Tax relief is reduced if your employer provides a financial contribution towards employment expenses, and no relief is available if you receive all the money back or you are incurring the cost to purchase alternative equipment to that provided by your employer (e.g. you are provided with a basic laptop but you want a better model).
How to Claim Tax Relief on Employment Expenses | Claiming Tax Relief for employee expenses
If you are an employee who needs to use their own money to pay for things used as part of your employment, you may be able to claim tax relief. In most cases, you can claim tax relief on the full cost as long as you only use these things for your work. Tax relief is reduced if your employer provides a financial contribution towards employment expenses, and no relief is available if you receive all the money back or you are incurring the cost to purchase alternative equipment to that provided by your employer (e.g. you are provided with a basic laptop but you want a better model).
Do You Need to Tell HMRC About Additional Income When You Have a Second Job? | How to declare your second income on your Self-Assessment tax return.
If you have recently taken on a second job which is classed as a second income, you may need to tell HMRC about the additional income, as it can impact your income tax obligations.
Do You Need to Tell HMRC About Additional Income When You Have a Second Job? | How to declare your second income on your Self-Assessment tax return.
If you have recently taken on a second job which is classed as a second income, you may need to tell HMRC about the additional income, as it can impact your income tax obligations.
Tax Diary September 2023
Key dates for your tax diary in September 2023.
What Happens to my State Pension If I Retire Abroad? | Can I Keep my State Pension if I Move Abroad?
If you are
retiring abroad, you are still entitled to claim your
UK State Pension as long as you have built up a suitable amount of qualifying years of
NIC contributions. However, your entitlement to yearly increases in the State Pension only applies in certain countries.
What Are The Companies House Late Filing Penalties? | How To Avoid Late Filing Penalties From Companies House
Companies House late filing penalties are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading, must send their accounts to Companies House.
What Are The Companies House Late Filing Penalties? | How To Avoid Late Filing Penalties From Companies House
Companies House late filing penalties are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading, must send their accounts to Companies House.
When are you Not Required to Pay Capital Gains Tax on Assets? | Capital Gains Tax Allowances
In most cases, no
Capital Gains Tax (CGT) is to be paid on the transfer of assets to a spouse or civil partner. There is, however, a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated from when the original spouse or civil partner first owned the asset.
When are you Not Required to Pay Capital Gains Tax on Assets? | Capital Gains Tax Allowances
In most cases, no
Capital Gains Tax (CGT) is to be paid on the transfer of assets to a spouse or civil partner. There is, however, a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated from when the original spouse or civil partner first owned the asset.
When is the Deadline for Submitting My Self-Assessment Tax Return? | Key Dates for the 2023/24 Tax Year
You need to submit a tax return to HMRC if any of the following situations apply in the
2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
When is the Deadline for Submitting My Self-Assessment Tax Return? | Key Dates for the 2023/24 Tax Year
You need to submit a tax return to HMRC if any of the following situations apply in the
2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
Updating Your Tax Return | How To Amend A Self Assessment Tax Return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.
Updating Your Tax Return | How To Amend A Self Assessment Tax Return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.
Advising HMRC about changes in your income | What changes do You need to report?
There are a number of reasons why you might need to contact HMRC
about changes in your income.
HMRC’s guidance states that this could happen because you:
• did not realise you needed to tell HMRC about it;
• were not sure how to declare it; or
• did not declare it because you could not pay the tax.
Advising HMRC about changes in your income | What changes do You need to report?
There are a number of reasons why you might need to contact HMRC
about changes in your income.
HMRC’s guidance states that this could happen because you:
• did not realise you needed to tell HMRC about it;
• were not sure how to declare it; or
• did not declare it because you could not pay the tax.
Capital Gains Tax Annual Exemption 2023/24 | How To Work Out Your Capital Gains Tax
The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes.
Capital Gains Tax Annual Exemption 2023/24 | How To Work Out Your Capital Gains Tax
The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes.
The Residence Nil Rate Band Explained | What Is The Transferable Residence Nil Rate Band
The Inheritance Tax residence nil rate band (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.
The Residence Nil Rate Band Explained | What Is The Transferable Residence Nil Rate Band
The Inheritance Tax residence nil rate band (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.
Filling Gaps in National Insurance Contributions extended to 2025
We previously notified you that the deadline was approaching for individuals aged 45 to 72 to fill in gaps in their National Insurance Contribution (NIC) history. For those under 45, it will generally not make sense to pay for additional years as you should have sufficient remaining working life to achieve the maximum number of NIC years (although other factors could affect this such as if you have moved overseas). The initial deadline was April 5th 2023, which due to the current overload of government helplines, was subsequently extended to 31st July 2023 and has now been further extended to 5th April 2025 as advisers have been unable to provide the necessary advice.
How to gain Clearance to secure exempt distribution status
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.
What Is IHT Agricultural Property Relief?
HMRC’s notice that refers to this relief has recently been updated to remove the word 'intensively' from the end of the following sentence: 'Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.'
What is the filing deadline for share scheme operators?
There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are
Share Incentive Plans (SIPs),
Save As You Earn (SAYE) schemes,
Company Share Option Plans (CSOPs) and
Enterprise Management Incentive (EMI) schemes.
What Are The CGT Implications When Selling Your Home?
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief.
What Professional bodies are entitled to tax relief?
HMRC's Latest Update: Noteworthy Additions and Modifications to Approved Professional Bodies List
Many professionals such as accountants, lawyers and health professionals are required to make a
subscription to a professional body or learned society. HMRC has recently published an updated list of the organisations that they will accept as valid professional bodies.
What Are The Inheritance Tax Thresholds For 2023/24?
Inheritance tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts. IHT is payable at a reduced rate on certain assets if a taxpayer leaves 10% or more of the 'net value' to charity of their estate.
QuickBooks Desktop Access Stops on 30 June 2023
If you are currently using QuickBooks Desktop, then you have less than one month to make the switch to QuickBooks online or a different financial management software (FMS) solution
What is the deadline for submitting my P11D & P11D (b) Forms for 2022/23?
The deadline for submitting the 2022-23 forms P11D, P11D(b) is 6 July 2023. In this article we discuss the submission process, providing information on why and how it needs to be done before the deadline.
What do the new Pension Tax reforms mean for UK retirement savers?
The new pension tax reforms that were announced in the recent
Spring Budget took effect from 6 April 2023. In this article, we examine what these reforms are and what they could mean for UK retirement savers.
Pension Changes from 6 April 2023
The new pension tax reforms that were announced in the recent
Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to be able to carry forward unused annual allowances the last three tax years if they have made pension savings in those years.
Understanding Private Residence Relief and Letting Relief
In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the owner’s main residence throught the period of ownership. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out the entitlement to relief may be affected. Homeowners that let all or part of their house may not benefit from the full private residence relief, but may benefit from letting relief.
What is the deadline for submitting my p11D & P11D (b) Forms for 2022/23
The deadline for submitting the 2022-23 forms P11D, P11D(b) and P9D is 6 July 2023. The forms can be submitted using commercial software or via HMRC’s
PAYE online service. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on all
Benefits in Kind (BiKs), including those under the
Optional Remuneration Arrangements (OpRAs) unless the employer is including such benefits through their payroll.
What are the rules for Corporation tax with Large and Very Large companies.
A large company with taxable profits between £1.5m and £20m is required to pay
Corporation Tax in 4 equal instalments. These instalments are payable in months 7, 10, 13 and 16 following the start of the relevant accounting period. The actual payments are due 6 months and 13 days after the start of the accounting period, then 9 months and 13 days, then 12 months and 13 days and finally 15 months and 13 days after the start of the accounting period.
What are the Tax-free allowance's on trading and property income?
A reminder that there are two separate annual £1,000 tax allowances for
property and
trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each.
What miscellaneous benefits can I offer Tax-Free?
The list of miscellaneous company benefits that can be
provided tax-free to employees is quite short. However, some of the
benefits that can be provided include the following:
What are the deadlines for filing my company confirmation statement?
As well as
filing accounts with Companies House, there is a requirement to check that the information Companies House has about your company is correct every year. The filing of an annual company confirmation statement facilitates this. Companies House can prosecute a company and its officers for failing to file a confirmation statement, and the company can be struck off.
How to claim back Tax off your charitable donations – The Gift Aid Scheme.
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, provided all the qualifying conditions are met, reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity.
How can I reduce tax for investors in trading companies? – The Enterprise Investment scheme.
The
Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares.
What is Business Asset Rollover Relief?
Business Asset Rollover Relief is a valuable relief that allows for the deferral of
Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset, and any CGT liability is deferred until the new asset is sold.
What are the National Living Wage and National Minimum Wage Rates for 2023?
Have you utilised 2022-23 IHT allowances and reliefs?
We wanted to remind you of the
Inheritance Tax (IHT) implications of making
cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.
Spring Budget 2023 Recap - Pension changes
One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension
contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to access carry-forward, unused annual allowances for the last three tax years if they have made pension savings in those years.
What are the changes to the IHT400 Inheritance tax form?
HMRC has released an updated version of the Inheritance Tax account form (
IHT400). This is the main form used as part of the probate or confirmation process where there is Inheritance Tax due or if the deceased's
estate does not qualify as an 'excepted estate'. Box 2 on the IHT400 calculation form has been updated.
Welcome to the future of the UK Economy - How it will change your personal life and your business
A new consultation has been published jointly by HM Treasury and the Bank of England to consider the launch of a potential
digital pound, or central bank digital currency (CBDC). The possible new digital pound has also been referred to as ‘
digital sterling’ and ‘Britcoin’
What are the annual exemption changes for Capital Gains Tax?
The annual exempt amount applicable to
Capital Gains Tax (CGT) is to be more than
halved from April 2023. This means that the exempt amount will be reduced from £12,300 to £6,000 from April 2023 before being further reduced to £3,000 from April 2024.
How do I make a claim on an unclaimed estate?
There are special intestacy rules that govern how assets are divided if you
die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would
not be in keeping with your final wishes and can be especially problematic for cohabitees (a couple who live together but are not married and have not entered into a civil partnership).
What are the TOGC rules on selling a business?
The
transfer of a business as a going concern (
TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.
Spring Budget 2023: Key highlights
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget on 15 March 2023. We take a look at some of the key announcements.
A Recap On The Spring Budget 2023 Announcements.
Jeremy Hunt delivered his first Spring Budget today, referring to it as a ‘Budget for Growth.’
The first part of the speech as usual dealt with the economic background and forecasts on which the budget has been based. According to the Chancellor the most recent forecast is that although the economy will not grow this year, it is likely that a technical recession will be avoided. It is expected that the rate of inflation will fall to 2.9% by the end of the year, and the Bank of England will continue to focus their interest rate policy on targeting a long-time inflation rate of 2%.
WHAT IS THE NON-RESIDENT LANDLORD SCHEME?
The Non-resident Landlord (NRL) Scheme is a special scheme for the UK
rental income of non-resident landlords. This includes companies or trustees whose '
usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. This is the case even if the person is a UK resident for tax purposes.
How do I pay a voluntary National Insurance contribution?
National Insurance (NI) contributions are made in a
variety of ways:
- Class 1 contributions are paid by employers and their employees
- Class 2 contributions are fixed weekly amounts paid by self-employed people.
- Class 3 contributions are voluntary NICs paid by people wanting to fill gaps in their contribution record.
- Class 4 contributions are paid by self-employed people on their profits.
What is HMRC's Guidance on serious fraud?
HMRC’s Code of Practice 9 (COP9) leaflet outlines the procedures for any investigations into serious fraud by
HMRC. COP9 covers both direct and
indirect taxes and includes confirmation from HMRC that taxpayers will be treated fairly and courteously. Investigations of this type by
HMRC are designed to ascertain the full facts of a case and to collect any tax liabilities, penalties and interest deemed owing in cases of
fraudulent conduct.
What are the exempt transfers between siblings?
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.
What is the late tax payment interest rate rise?
The
Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by
50 basis points to 4% in a move to try and continue to tackle
upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.
What Are The Different Types of Business Structures You Can Choose From in the UK?
There are several different types of business structures that you can choose from in the UK:
What is a General Partnership?
The Partnership Act 1890 defines a General Partnership, otherwise commonly known as an Ordinary Partnership or Business Partnership, as two or more individuals ‘carrying on a business in common with a view of profit’.
What is a General Partnership?
The Partnership Act 1890 defines a General Partnership, otherwise commonly known as an Ordinary Partnership or Business Partnership, as two or more individuals ‘carrying on a business in common with a view of profit’.
Autumn Statement 2022: Key Highlights
Key Highlights from the Chancellor’s Autumn Statement 2022:
Personal taxes
Income tax
It was confirmed that the current personal allowance (£12,570) and the thresholds for the upper limit of the basic rate tax band (£50,270) and the amount at which the personal allowance starts to taper away (£100,000) will all remain unchanged until 5 April 2028.
How to register for the new VAT registration service
As part of
Making Tax Digital for VAT, VAT registrations have changed. The way businesses register for VAT changed on 1 August 2022. A new
VAT Registration Service (VRS) has been created to manage the process.
How to register for the new VAT registration service
As part of
Making Tax Digital for VAT, VAT registrations have changed. The way businesses register for VAT changed on 1 August 2022. A new
VAT Registration Service (VRS) has been created to manage the process.
What to do if you have received suspicious contact from HMRC
Criminals claiming to be from HMRC have targeted individuals by email, text and phone with their communications ranging from offering bogus tax rebates to threatening arrest for tax evasion. Contacts like these should sound alarm bells – HMRC would never call threatening arrest.
What to do if you have received suspicious contact from HMRC
Criminals claiming to be from HMRC have targeted individuals by email, text and phone with their communications ranging from offering bogus tax rebates to threatening arrest for tax evasion. Contacts like these should sound alarm bells – HMRC would never call threatening arrest.
How will Making Tax Digital for Income Tax affect Landlords?
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to impact Landlords with a gross income of more than £10,000 a year from property from 6 April 2024. Landlords will need to be prepared for the coming tax changes well before the required switch date to avoid any issues and/or penalties.
How will Making Tax Digital for Income Tax affect Landlords?
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to impact Landlords with a gross income of more than £10,000 a year from property from 6 April 2024. Landlords will need to be prepared for the coming tax changes well before the required switch date to avoid any issues and/or penalties.
Can I claim loan/mortgage interest as a tax reduction?
Although finance costs, predominantly loan interest, are
now disallowed as an expense that can be utilised to reduce taxable rental income, these charges do qualify for a tax credit limited to 20% basic rate Income Tax.
Can I claim loan/mortgage interest as a tax reduction?
Although finance costs, predominantly loan interest, are
now disallowed as an expense that can be utilised to reduce taxable rental income, these charges do qualify for a tax credit limited to 20% basic rate Income Tax. For example, if your loan/mortgage interest amounts to £10,000 this cannot be used to reduce your rental income. It will simply reduce your Income Tax bill by £2,000 (£10,000 x 20%).
Online VAT returns are set to close on 1 November 2022.
Online VAT returns will close on 1 November 2022 as part of HMRC’s Making Tax Digital (MTD) movement. This will leave VAT registered businesses to choose either using MTD compatible software or face penalties, unless they are exempt.
How to save £2,000 in tax-free income.
There is no tax to pay on trading income or earnings from land and property as long as the income from each of these two sources does not exceed £1,000.
How to save £2,000 in tax-free income
There is no tax to pay on trading income or earnings from land and property as long as the income from each of these two sources does not exceed £1,000.
Are You Facing A Loss In Your Personal Allowance?
If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance.
What type of VAT relief will apply to your office to residential conversion?
Empty office spaces are being turned into other buildings, which will often in turn change the property’s class and the VAT that should be applied.
What type of VAT relief will apply to your office to residential conversion?
Empty office spaces are being turned into other buildings, which will often in turn change the property’s class and the VAT that should be applied.
Are you aware of the tax implications of extracting your property portfolio from company to private ownership?E OWNERSHIP?
Many investment properties are acquired through a limited company for a variety of reasons.
Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.
ARE YOU AWARE OF THE TAX IMPLICATIONS OF EXTRACTING YOUR PROPERTY PORTFOLIO FROM COMPANY TO PRIVATE OWNERSHIP?
Many investment properties are acquired through a limited company for a variety of reasons.
Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.
Understanding the Difference Between Your Domicile and Tax Residence Status
Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.
What is the difference between your domicile and residence tax status?
Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.
How will the basis period reform affect your business cash flow from the 2024-25 tax year?
The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that business profits will be calculated for the tax year rather than for the period of account ending in the tax year.
How will the basis period reform affect your business cash flow from the 2024-25 tax year?
The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that business profits will be calculated for the tax year rather than for the period of account ending in the tax year.
The Spring Statement: As it Happened
The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy markets and the food supply-chain.
The Spring Statement: As it Happened
The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy markets and the food supply-chain.
How to close a limited company
In most cases, you will need the agreement of the company’s directors and shareholders to close a limited company, however the way you close the company depends on whether or not it can pay its remaining bills.
How to close a limited company
In most cases, you will need the agreement of the company’s directors and shareholders to close a limited company, however the way you close the company depends on whether or not it can pay its remaining bills.
There is still time to consider tax planning options for the 2021-22 tax year
With rare exceptions, once the end of the tax year has passed, tax planning options to reduce tax liabilities are no longer possible.
There is still time to consider tax planning options for the 2021-22 tax year
With rare exceptions, once the end of the tax year has passed, tax planning options to reduce tax liabilities are no longer possible.
Tax Advice on Cryptocurrency and Cryptoassets
There are a number of myths centred around the taxation of cryptoassets in the UK, one of these myths is that cryptoassets are viewed as a ‘winning’ similar to gambling or playing the lottery and so therefore they fall outside the scope of UK taxation, but this is not the case.
Tax benefits on electric cars - company cars
As most drivers of a company car will be aware, if you have any private use of the vehicle this will result in a significant Income Tax charge. This charge is the way that HMRC levy tax on the deemed value of the benefit of having the use of a company car, and the more expensive the car is and the higher the CO2 footprint of the car, the higher the Income Tax charge will be.
Tactics to survive a 2022 lockdown
Using experience gained from the previous lockdowns, we have produced ideas of what businesses can do that might ease progress through any continuing COVID-19 related disruption during 2022.
Tax diary December 2021 and January 2022
Key dates for your diary in December 2021 and January 2022
Reforming of penalties for self-assessment late payments and submissions to align with MTDSA
This new measure will affect taxpayers and those who act on behalf of taxpayers who are required to submit either a VAT return or an Income Tax Self-Assessment (ITSA) return, more specifically those who fail to submit returns or pay on time. It will be a points-based penalty regime for regular tax return submission obligations.
R&D Tax Credits for Cloud Computing and Data Analytics
In the
March Budget 2021,
the Chancellor announced a wide scale review into the R&D tax relief scheme. The review aimed to ensure that existing R&D tax relief schemes remain fit for purpose and to build on a previous consultation to determine whether data and cloud computing services should be brought into the scope of R&D tax credits relief scheme.
BUDGET 2021: AS IT HAPPENED
This was a budget speech that for tax purposes at least is probably more notable for what was not included in it rather than what it did contain. It was widely expected that the Chancellor would say something about at least one of three topics on which there has a lot of recent speculation. Instead there was no mention of reform to capital gains tax, inheritance tax or the taxation of pension funds, not even an intention to launch consultations on possible future changes.
Self-assessment tax deadline
The deadline to file your 2020/21 self-assessment tax return is approaching. Taxpayers that choose to file via a paper return have a deadline of 31 October 2021. If you file electronically, the filing deadline is 31 January 2022.
National Insurance and Dividend tax increases
Boris Johnson has announced a rise in National Insurance contributions and dividend tax to raise £36bn over the next three years for health and social care reform. In April 2022, the hybrid rates of Income Tax on dividend income are increasing by 1.25 percentage points.
HOW WILL THE HEALTH AND SOCIAL CARE CHANGES AFFECT YOUR TAX LIABILITIES AND CONTRIBUTIONS TO CARE?
On 7 September 2021 the government, as part of its intention to reform the care sector and NHS funding, announced a new tax: The Health and Social Care Levy. Initially this will operate as an additional National Insurance (NI) contribution but from 2023 will be a separate tax.
Information on the tax system when becoming self-employed
If you decide to become self employed, it is vital that you register with HMRC by 5th October following the end of the tax year in which you became self employed. If you do not follow this process, you may be liable to a penalty based on the tax that is due to HMRC.
July Furlough Claim Deadline
Furlough claims made for July 2021 must be submitted to HMRC by Monday 16 August 2021.
Beware of tax credit renewal scams
In the 12 months to 30 April 2021, HMRC responded to more than 1,154,300 referrals of suspicious contact from the public. More than 576,960 of these offered bogus tax rebates.
June deadlines for the Covid related VAT deferral payment scheme
If you do not set up a payment plan or pay your liability in full, you may be charged a 5% penalty or interest by HMRC. To avoid this, you can either join the new payment scheme before the deadline of 21 June 2021 or pay off your deferred VAT in full by 30 June 2021.
Prepare benefit in kind returns to HMRC
Employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file your returns is the 6 July 2021.
Super Deductions on new plant and machinery assets from 1 April 2021
Starting 1 April 2021 and ending 31 March 2023, most companies that invest in qualifying new plant and machinery assets will be able to claim new super-deductions and allowances.
Are you aware of the tax implications when taking on a second job?
Have you thought about taking on an extra job during the COVID – 19 pandemic? Perhaps you have been put on furlough and have spent time thinking of innovative ways to start a side business, to pass some time and inevitably save up some money, for when life returns to normal.
Will you be affected by the National Living wage and National Minimum wage rises in April 2021?
Following recommendations made by the Low pay commission (LPC) at the end of October 2020 the government has confirmed that the National minimum wage (NMW) and National Living Wage (NLW) will both be increasing from the 1 April 2021.
HMRC ARE CONTINUING TO STRESS NO EXTENSION TO SELF ASSESSMENT DEADLINE (BUT ARE THEY SECRETLY YIELDING TO PRESSURE?)
HMRC have issued a letter addressed to the main accountancy bodies on the extension of the filing deadline and waiving of late filing penalties after 31 January 2021.
How to stop the Taxman from attending your Virtual Christmas Party
This tax exemption is going to be applied in the same way that it would normally apply for traditionally held parties, thus meaning that food, entertainment, equipment and any other expenses that may come with holding a virtual Christmas Party will be exempt from being taxed. This is subject to the normal conditions that would normally apply being met.
Airbnb Landlords Income and HMRC
You may have seen recent headlines about the tax affairs of Airbnb in the UK and that HMRC have charged them with an additional £1.8 million of tax following an investigation. If you are a UK citizen, or a general fan of tax payments you may think that sounds good as the company didn’t seem to be paying enough tax. But how will this change affect Airbnb hosts?
How much of your estate will be taxed?
The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%.
TEMPORARY VAT EXTENSION ON PPE TO END
The decision has been made to charge full VAT on PPE despite the current VAT exemptions for other essential zero rated items including motorcycle helmets, cycle helmets and protective boots.
Tax Diary October/November 2020
1 October 2020 - Due date for Corporation Tax due for the year ended 31 December 2019.
The deadline for paper tax returns is looming...Avoid these common mistakes
The countdown has begun for this years’ paper tax return, a crucial time for around 400,000 taxpayers who are self employed or those that receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax at more than the basic rate.
The Winter Economy Plan
The Chancellor has made a series of announcements about ongoing support for businesses suffering because of the coronavirus, intended to help them through the winter.
Tax Diary September/October 2020
1 September 2020 - Due date for corporation tax due for the year ended 30 November 2019.
Tax Diary - important dates for August/September 2020
Important dates for your diary
VAT Changes for the Hospitality sector
In an attempt to address the financial difficulties of businesses in the hospitality and tourism industries, Rishi Sunak also announced a range of VAT reductions on selected supplies for these sectors.
Summary of the changes are set out below:
Keep an eye on the numbers!
Recent economic forecasts for 2020 published by H M Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month, the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%.
Are changes to capital gains tax underway?
The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses.
MAKING TAX DIGITAL EXTENDED
HMRC’s flagship Making Tax Digital online quarterly reporting is being significantly extended with legislation proposed in the Finance Bill 2020-21 bringing all VAT registered businesses into the system from April 2022 and extending it to include income tax self assessment from April 2023.
SUMMER STATEMENT: A PLAN FOR JOBS
Yesterday, the Chancellor of the Exchequer Rishi Sunak delivered a speech to Parliament that he called a plan for jobs. Describing the Covid-19 pandemic as the biggest threat to this country in decades he announced a number of measures intended to support jobs and boost the economy.
SUMMER STATEMENT: A PLAN FOR JOBS
Yesterday, the Chancellor of the Exchequer Rishi Sunak delivered a speech to Parliament that he called a plan for jobs. Describing the Covid-19 pandemic as the biggest threat to this country in decades he announced a number of measures intended to support jobs and boost the economy.
Payment of Self Assessment tax in July 2020
Most taxpayers who are within self-assessment and who have an annual tax liability in excess of £1,000 will expect to have to pay tax at the end of January and July each year, and HMRC are currently in the process of sending out statements for the payment due at the end of July.
Payment of Self Assessment tax in July 2020
Most taxpayers who are within self-assessment and who have an annual tax liability in excess of £1,000 will expect to have to pay tax at the end of January and July each year, and HMRC are currently in the process of sending out statements for the payment due at the end of July.
Self Employed Income Support Sheme Extended for 3 Further Months
No doubt due to recent lobbying by the press and other interested support groups, the Chancellor has extended the SEISS for a final three-month period to 31 August 2020.
Self Employed Income Support Sheme Extended for 3 Further Months
No doubt due to recent lobbying by the press and other interested support groups, the Chancellor has extended the SEISS for a final three-month period to 31 August 2020.
Claiming child benefit for newborns
General Register Offices are currently operating with reduced capacity and with government guidance to social distance and stay at home, new parents are advised not to visit them. They can however still claim Child Benefit without having to register their child’s birth first to ensure that they do not miss out.
Claiming child benefit for newborns
General Register Offices are currently operating with reduced capacity and with government guidance to social distance and stay at home, new parents are advised not to visit them. They can however still claim Child Benefit without having to register their child’s birth first to ensure that they do not miss out.
Deferring VAT and Income Tax payments
Government has announced that HMRC will allow you to defer Value Added Tax (VAT) payments for 3 months. The deferral period will apply from 20 March 2020 until 30 June 2020.
Deferring VAT and Income Tax payments
Government has announced that HMRC will allow you to defer Value Added Tax (VAT) payments for 3 months. The deferral period will apply from 20 March 2020 until 30 June 2020.
The Budget 2020 Overview
This was a budget delivered by a new Chancellor against the backdrop of a worsening COVID-19 crisis and recent economic shocks, and as a result the speech was probably very different to the one that was being prepared only a few weeks ago.
Tax Diary February/March 2020
February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019.
Pay-back to save tax
At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax. Enter, the Car Fuel Benefit charge.
Tax warning: Late submission of self-assessment could lead to £100 fine
Taxpayers should take note of an important upcoming deadline – the 31 January 2020. This date marks the self-assessment tax return deadline for last year’s tax year (6 April 2018 – 5 April 2019).
Keeping business records if self-employed
Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 - for 5 years after the 31 January 2021 submission deadline.
What now?
Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts.
What tax allowances can employees claim when working from home?
It is a common trend to see companies offer their employees flexible working hours, including the option to work from home.
What tax allowances can self-employed claim when working from home?
Being self-employed and working from home offers numerous benefits such as unlimited income potential, savings on transportation, clothing and tax deductions.
Christmas gifts
You don’t have to pay tax on a benefit (gift) to your employee if all of the following apply.
Four methods to reduce your IHT liabilities
Dubbed ‘the most hated tax in the UK’, inheritance tax (IHT) is a tax paid by a person who inherits money, property or any form of possessions from a person who is deceased. The government earned more than £5bn in 2018 from IHT.
SDLT - Have you paid the right amount?
Stamp Duty Land Tax or “SDLT” is due when someone buys a property, or land, over a certain price in England and Northern Ireland.
Don't be tricked this Halloween
When most people think of October 31st, ghosts, goblins and ghouls spring to mind.
Don't be tricked this Halloween
When most people think of October 31st, ghosts, goblins and ghouls spring to mind.
Selling shares?
As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT).
Working after State Pension age
It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age.
The “loan charge” controversy continues
The following press release was published by HMRC last month. Extracts are reproduced below:
Tax Diary September 2019
Here are some important dates for your diary.
Why you may need an EORI number
The end of next month, 31 October 2019, is the latest deadline for our exit from the EU and the recent hiatus seems to be pushing the UK ever closer to a no-deal outcome.
Employment allowance set to change for April 2020
In the UK, certain businesses are eligible to claim an Employment Allowance. This allowance permits businesses to reduce their annual employer’s National Insurance Contributions by up to £3,000.
Tax Diary August 2019
Here are some important dates for your August calendar.
Internet giants face tax-hike
It has been confirmed that from April 2020, the government will introduce a new 2% Digital Services Tax (DST) on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users.
Electric cars to be exempt from company car tax in 2020
When an employee or director has use of a company car, they are subject to benefit in kind tax. The amount of tax payable depends on the car’s value when new, and the CO2 emissions it produces. Therefore, an employee with a 1.2l petrol Toyota will pay much less tax than one with a 2.0l diesel Audi.
HMRC prevents phone fraudsters
New defensive controls recently deployed by HMRC have put an end to fraudsters spoofing the tax authority’s most recognisable helpline numbers.
Brexit risk assessment
It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year.
Reconsider cycle to work scheme
The government have recently announced that they are to extend the criteria for an approved, and therefore tax-effective, cycle-to-work scheme as part of their drive to reduce pollution and CO2 emissions in urban environments.
Your Personal Tax Account
Have you checked your personal tax account recently? If at all?
Latest research from the Post Office shows that 46% of UK workers have never checked their personal tax account.
Employing students in the summer break
If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules.
Tax-free perk before annual leave
It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays.
Holiday entitlements
As we are approaching the annual holiday season it would seem to be a suitable time to set out employees’ rights to receive holiday pay.
Five tax changes buy-to-let landlords should be aware of in 2019
The 2019/20 tax year started on the 6th April and contains a number of changes which buy-to-let landlords should be aware of for the year ahead.
Maximum age and term increases will benefit ‘older’ buy-to-let investors
Typically, those who are older and have applied for a buy-to-let mortgage have faced barriers due to the limited options available to them.
Tax Diary May 2019
Important tax dates for your May diary
The new tax year is here: did you use up all your allowances?
With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.
The new tax year is here: did you use up all your allowances?
With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.
The new tax year is here: did you use up all your allowances?
With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.
Income Tax – regional differences
You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.
Expenses you can set-off against rental income
The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.
Personal service company changes from April 2020
In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies.
Tax Diary April 2019
Important tax dates for your calendar this April.
Tax Diary April 2019
Important tax dates for your calendar this April.
Retaining business records
Retaining business records is an important process, and care should be taken to ensure you are retaining the correct records and for the right length of time.
Retaining business records
Retaining business records is an important process, and care should be taken to ensure you are retaining the correct records and for the right length of time.
Spring Statement 2019: What you need to know
Against a backdrop of continuing uncertainty over Brexit, the Chancellor’s speech today was mainly concerned with economic matters and the government finances, which are very much dependent on what finally happens regarding Brexit.
Spring Statement 2019: What you need to know
Against a backdrop of continuing uncertainty over Brexit, the Chancellor’s speech today was mainly concerned with economic matters and the government finances, which are very much dependent on what finally happens regarding Brexit.
Spring Statement 2019: What you need to know
Against a backdrop of continuing uncertainty over Brexit, the Chancellor’s speech today was mainly concerned with economic matters and the government finances, which are very much dependent on what finally happens regarding Brexit.
Advisory Fuel Rates from 1 March 2019
The advisory fuel rates are changing from the 1st March 2019.
Advisory Fuel Rates from 1 March 2019
The advisory fuel rates are changing from the 1st March 2019.
Tax Diary March 2019
Important tax dates for March.
Tax Diary March 2019
Important tax dates for March.
Advisory Fuel Rates from 1 March 2019
The advisory fuel rates are changing from the 1st March 2019.
These rates apply to employees who claim back fuel expenses when using a company car.
The previous rates can be used for up to 1 month from the date the new rates apply.
Would a digital services tax do more bad than good?
In the autumn budget, Chancellor of the Exchequer, Philip Hammond proposed the UK implement a ‘digital services tax’ on sales by technology giants.
Are you ready for the VAT filing changes?
A reminder that from 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems.
Are you ready for the VAT filing changes?
A reminder that from 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems.
Are you ready for the VAT filing changes?
A reminder that from 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems.
Tax Diary February 2019
Important tax dates for February.
Tax Diary February 2019
Important tax dates for February.
What is the government doing to prepare us for Brexit?
According to a recent announcement on the GOV.UK website, preparations include:
• Recruitment of 700 new staff to work on EU Exit policy using additional funding allocated by HM Treasury for Brexit preparedness.
What is the government doing to prepare us for Brexit?
According to a recent announcement on the GOV.UK website, preparations include:
• Recruitment of 700 new staff to work on EU Exit policy using additional funding allocated by HM Treasury for Brexit preparedness.
Plan your money 2019
2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.
Plan your money 2019
2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.
Would a digital services tax do more bad than good?
In the autumn budget, Chancellor of the Exchequer, Philip Hammond proposed the UK implement a ‘digital services tax’ on sales by technology giants.
Would a digital services tax do more bad than good?
In the autumn budget, Chancellor of the Exchequer, Philip Hammond proposed the UK implement a ‘digital services tax’ on sales by technology giants.
Ministers considering over 40’s tax
Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care.
One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.
Ministers considering over 40’s tax
Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care.
One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.
CGT planning for married couples
This article is also relevant to couples who have entered into a civil partnership.
For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700.
This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.
CGT planning for married couples
This article is also relevant to couples who have entered into a civil partnership.
For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700.
This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.
Tax Diary January 2019
See important tax dates for January here.
Tax Diary January 2019
See important tax dates for January here.
January is here - completing your self assessment tax return
As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.
January is here - completing your self assessment tax return
As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.
Changes to Capital Gains Tax
Currently a capital gain that is made by an individual UK resident is reported through the self-assessment tax return regime. This means that if an individual disposes of a property during the year ended 5 April 2019, it will be notified on the individuals 2018-19 tax return, which does not need to be submitted until January 31, 2020 with the tax due on that same day.
Changes to Capital Gains Tax
Currently a capital gain that is made by an individual UK resident is reported through the self-assessment tax return regime. This means that if an individual disposes of a property during the year ended 5 April 2019, it will be notified on the individuals 2018-19 tax return, which does not need to be submitted until January 31, 2020 with the tax due on that same day.
How to spot a HMRC scam
Fraudsters will disguise themselves as HMRC and other government departments/professional bodies to:
• Obtain personal details which they will sell or use for identity theft,
• Coax victims into handing over money,
• Use victims’ details to steal money from their accounts.
How to spot a HMRC scam
Fraudsters will disguise themselves as HMRC and other government departments/professional bodies to:
• Obtain personal details which they will sell or use for identity theft,
• Coax victims into handing over money,
• Use victims’ details to steal money from their accounts.
EU council gives e-books VAT-free status
In early October, the EU’s Economic and Financial Affairs Council (Ecofin) decided to green-light a proposal for e-books to have the same VAT-free status as their printed counterparts.
EU council gives e-books VAT-free status
In early October, the EU’s Economic and Financial Affairs Council (Ecofin) decided to green-light a proposal for e-books to have the same VAT-free status as their printed counterparts.
Tax-free perks at Christmas time
This article is our usual reminder of the tax breaks available if you are organising a Christmas party for your staff.
Tax-free perks at Christmas time
This article is our usual reminder of the tax breaks available if you are organising a Christmas party for your staff.
Tax Diary December 2018
See important tax dates for December here.
Tax Diary December 2018
See important tax dates for December here.
Tax diary for November 2018
November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month.
Tax diary for November 2018
November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month.
Making Tax Digital timeline
You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.
Making Tax Digital timeline
You will be aware that HMRC is moving forward with their digitisation of taxpayer VAT and Income Tax reporting requirements, under their much publicised Making Tax Digital (MTD) initiative. Below you will find the most recent announcements made by HMRC on this issue.
Budget 2018 overview
Philip Hammond’s third budget, and the last one scheduled to take place before Brexit next year, did not contain many big headline grabbing tax changes as it concentrated more on increased government spending in what the Chancellor claimed was recognition that the days of austerity are now over, as the state of the economy continues to improve.
Budget 2018 overview
Philip Hammond’s third budget, and the last one scheduled to take place before Brexit next year, did not contain many big headline grabbing tax changes as it concentrated more on increased government spending in what the Chancellor claimed was recognition that the days of austerity are now over, as the state of the economy continues to improve.
Do you accept contactless?
This week, payment technology giant Worldpay announced that contactless payments are now more popular than traditional chip and pin payments in UK stores.
Do you accept contactless?
This week, payment technology giant Worldpay announced that contactless payments are now more popular than traditional chip and pin payments in UK stores.
The hidden 60% tax rate
Most people think the highest rate of income tax in the UK is 45%. But in fact there are two situations where you could be paying much more.
The hidden 60% tax rate
Most people think the highest rate of income tax in the UK is 45%. But in fact there are two situations where you could be paying much more.
Tax diary
Tax Diary September/October 2019
Tax diary
Tax Diary September/October 2019
Making tax digital - you can use spreadsheets
HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced.
Making tax digital - you can use spreadsheets
HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced.
Tax diary
September is a very busy time in the tax calendar with critical filing dates:
Tax diary
September is a very busy time in the tax calendar with critical filing dates:
Tax diary August
1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.
Tax diary August
1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.
Tax diary
1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017.
Tax diary
1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017.
Construction drawn into VAT reverse charge process
It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.
Construction drawn into VAT reverse charge process
It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.
Tax Diary May
May is a very busy time in the tax calendar, with critical filing dates.
Tax Diary May
May is a very busy time in the tax calendar, with critical filing dates.
Payments in lieu of notice
Up to 5 April 2018, certain payments in lieu of notice were not taxable, primarily, those not contractually required to be made.
Payments in lieu of notice
Up to 5 April 2018, certain payments in lieu of notice were not taxable, primarily, those not contractually required to be made.
Tax and making loans to employees
A reminder that making loans to your employees or their relatives can create tax problems for employees and employers. For example, the employer will have an obligation to report a beneficial loan to HMRC and the deemed benefit would be a taxable benefit in kind for the relevant employee.
Tax and making loans to employees
A reminder that making loans to your employees or their relatives can create tax problems for employees and employers. For example, the employer will have an obligation to report a beneficial loan to HMRC and the deemed benefit would be a taxable benefit in kind for the relevant employee.
Spring Statement - Financing growth in innovative firms: allowing Entrepreneurs' Relief on gains before dilution
As announced in Budget 2017, the Government has today issued a document consulting on how access might be given to entrepreneurs whose holding in their company is reduced below the normal 5% qualifying level as a result of raising capital for commercial purposes by means of issues of new shares.
Spring Statement - Financing growth in innovative firms: allowing Entrepreneurs' Relief on gains before dilution
As announced in Budget 2017, the Government has today issued a document consulting on how access might be given to entrepreneurs whose holding in their company is reduced below the normal 5% qualifying level as a result of raising capital for commercial purposes by means of issues of new shares.
Unexpected VAT charge for UK importers
With no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. Consequently, UK importers would be required to make an up-front VAT payment in addition to any customs duties. This VAT payment will rank as input VAT that can be reclaimed from HMRC.
Unexpected VAT charge for UK importers
With no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. Consequently, UK importers would be required to make an up-front VAT payment in addition to any customs duties. This VAT payment will rank as input VAT that can be reclaimed from HMRC.
HMRC guidance defines grants and contracts for VAT purposes
HM Revenue & Customs has published updated guidance on the VAT treatment of grants and contracts to clarify which grants are outside the scope of VAT and which are subject to VAT.
HMRC guidance defines grants and contracts for VAT purposes
HM Revenue & Customs has published updated guidance on the VAT treatment of grants and contracts to clarify which grants are outside the scope of VAT and which are subject to VAT.
Chancellor calls for a simplification on Inheritance Tax
The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.
Chancellor calls for a simplification on Inheritance Tax
The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.
Tax Diary
1 February 2018 - Due date for corporation tax payable for the year ended 30 April 2016.
Tax Diary
1 February 2018 - Due date for corporation tax payable for the year ended 30 April 2016.
CGT Opportunities?
This is also an appropriate time of the year to consider your capital gains tax position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018.
CGT Opportunities?
This is also an appropriate time of the year to consider your capital gains tax position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018.
Credit and debit card surcharges to be banned next week
A new law will come into force from 13th January 2018, banning businesses from charging any fees for credit or debit card payments.
Credit and debit card surcharges to be banned next week
A new law will come into force from 13th January 2018, banning businesses from charging any fees for credit or debit card payments.
Tax Diary January
1 January 2018 - Due date for corporation tax due for the year ended 31 March 2017.
Tax Diary January
1 January 2018 - Due date for corporation tax due for the year ended 31 March 2017.
Staff Christmas parties & gifts
There has, for many years, been an exemption for small and seasonal gifts made by an employer to its employees such as a turkey, an ordinary bottle of wine or a box of chocolates at Christmas.
Staff Christmas parties & gifts
There has, for many years, been an exemption for small and seasonal gifts made by an employer to its employees such as a turkey, an ordinary bottle of wine or a box of chocolates at Christmas.
What will be in the Budget on 22 November?
Philip Hammond will present his second Budget on 22 November. What principles will guide his decisions, and what tax measures will be the result?
A true Halloween horror!
For many, when they think of what occurs on 31st October they think of Frankenstein, trick or treating, ghosts and pumpkins….. but for some the answer is PAPER TAX RETURN DEADLINE!
A true Halloween horror!
For many, when they think of what occurs on 31st October they think of Frankenstein, trick or treating, ghosts and pumpkins….. but for some the answer is PAPER TAX RETURN DEADLINE!
4 common mistakes to avoid when submitting your paper tax return
The countdown has begun for this years’ paper tax return, a crucial time for around 10 miilion taxpayers who are either self employed or receive other income that requires the submission of a tax return, which is normally rental income, interest or dividend income. It is also necessary to submit a tax return if you have realized capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.
4 common mistakes to avoid when submitting your paper tax return
The countdown has begun for this years’ paper tax return, a crucial time for around 10 miilion taxpayers who are either self employed or receive other income that requires the submission of a tax return, which is normally rental income, interest or dividend income. It is also necessary to submit a tax return if you have realized capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.
Tax Diary
October is a very busy times in the tax calendar, with critical filing dates.
Tax Diary
October is a very busy times in the tax calendar, with critical filing dates.
Tax diary October
October is a very busy time in the tax calendar, with critical filing dates.
Tax diary October
October is a very busy time in the tax calendar, with critical filing dates.
Common misconceptions abut tax and letting property
HMRC has published a list of popular misconceptions that taxpayers have about letting property. We have listed below a summary of situations where you will need to declare rental earnings to HMRC:
Common misconceptions abut tax and letting property
HMRC has published a list of popular misconceptions that taxpayers have about letting property. We have listed below a summary of situations where you will need to declare rental earnings to HMRC:
Is your tax code correct?
Taxpayers are being urged to check their tax codes after HM Revenue & Customs introduced a new “dynamic coding” system in July.
Is your tax code correct?
Taxpayers are being urged to check their tax codes after HM Revenue & Customs introduced a new “dynamic coding” system in July.
Tax Diary September
September is a very busy time in the tax calendar, with critical filing dates.
Please check out the link below for dates that may be relevant to your business throughout the year.
Tax Diary September
September is a very busy time in the tax calendar, with critical filing dates.
Please check out the link below for dates that may be relevant to your business throughout the year.
Second finance bill this Autumn
It has been announced that the second Finance Bill will legislate for all policies that were included in the pre-election Finance Bill but had to be dropped in order to rush through the Finance Act 2017 before the snap general election in June.
Second finance bill this Autumn
It has been announced that the second Finance Bill will legislate for all policies that were included in the pre-election Finance Bill but had to be dropped in order to rush through the Finance Act 2017 before the snap general election in June.
New Government childcare schemes
Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September.
New Government childcare schemes
Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September.
Director minimum salary levels 2017-18
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.
Director minimum salary levels 2017-18
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.
Trading and property allowances
From 6 April 2017 (subject to the passage of the Autumn Finance Bill, when Parliament returns after the summer break), individuals will be able to claim up to £1,000 a year in tax-free allowances for property or trading income. If you have both types of income, you may claim a £1,000 allowance for each.
Trading and property allowances
From 6 April 2017 (subject to the passage of the Autumn Finance Bill, when Parliament returns after the summer break), individuals will be able to claim up to £1,000 a year in tax-free allowances for property or trading income. If you have both types of income, you may claim a £1,000 allowance for each.
Tax diary July/August
July & August are very busy times in the tax calendar, with critical filing dates.
Please check out the link below for dates that may be relevant to your business throughout the year.
July & August are very busy times in the tax calendar, with critical filing dates.
Tax diary July/August
July & August are very busy times in the tax calendar, with critical filing dates.
Please check out the link below for dates that may be relevant to your business throughout the year.
July & August are very busy times in the tax calendar, with critical filing dates.
What is dementia tax?
The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch their allegiance in the June Election. Although this so-called “Dementia tax” is not strictly a tax, paying for social care has become more important than Inheritance Tax for many families.
What is dementia tax?
The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch their allegiance in the June Election. Although this so-called “Dementia tax” is not strictly a tax, paying for social care has become more important than Inheritance Tax for many families.
Government extends the deadline for digital tax returns and exempts small businesses from the plans
Small firms will be experiencing a sense of relief this morning, as changes are announced to the controversial and revolutionary new digital tax system.
Government extends the deadline for digital tax returns and exempts small businesses from the plans
Small firms will be experiencing a sense of relief this morning, as changes are announced to the controversial and revolutionary new digital tax system.
Tax Diary July
July is a very busy time in the tax calendar, with critical filing dates.
Tax Diary July
July is a very busy time in the tax calendar, with critical filing dates.
How to reduce your tax payments
Are you self-employed? If you are, or if you are someone who doesn't pay all their tax at source, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017.
How to reduce your tax payments
Are you self-employed? If you are, or if you are someone who doesn't pay all their tax at source, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017.
Higher rate tax payers may be better off paying interest on the loan account rather than dividends
Ever since the introduction of the 7.5% increase in the rate of tax on dividends recently, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.
Better to pay interest on your loan account than dividends if higher rate taxpayer
Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.
Better to pay interest on your loan account than dividends if higher rate taxpayer
Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.
Expenses and benefits for employees
Until 2015-16, it was possible to apply for a dispensation to exclude certain expenses and benefits provided to employees from the year end returns to HMRC: primarily the submission of forms P11D. These dispensations ceased to be effective from 6 April 2016. From this date many of the expenses covered by dispensations were exempted from the benefits legislation. The sorts of expenses covered include:
Expenses and benefits for employees
Until 2015-16, it was possible to apply for a dispensation to exclude certain expenses and benefits provided to employees from the year end returns to HMRC: primarily the submission of forms P11D. These dispensations ceased to be effective from 6 April 2016. From this date many of the expenses covered by dispensations were exempted from the benefits legislation. The sorts of expenses covered include:
Beneficial loans to employees
In many cases, making loans to your employees or their relatives can create an obligation to report a beneficial loan to HMRC. The deemed benefit would be a taxable benefit in kind for the relevant employee, and would increase the employer’s Class 1A NIC bill at the end of the tax year.
Beneficial loans to employees
In many cases, making loans to your employees or their relatives can create an obligation to report a beneficial loan to HMRC. The deemed benefit would be a taxable benefit in kind for the relevant employee, and would increase the employer’s Class 1A NIC bill at the end of the tax year.
Simplified cash basis
For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on the value of invoices sent and received, is not applied.
Simplified cash basis
For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on the value of invoices sent and received, is not applied.
Looking to minimise inheritance tax?
Planning to minimise Inheritance Tax (IHT) is something that many of us put off until it is too late. IHT is charged on a person’s estate when they die and on certain gifts made during their lifetime. The rate of tax on death is 40%.
Looking to minimise inheritance tax?
Planning to minimise Inheritance Tax (IHT) is something that many of us put off until it is too late. IHT is charged on a person’s estate when they die and on certain gifts made during their lifetime. The rate of tax on death is 40%.
Tax diary
April is a very busy time in the tax calendar, with critical filing dates.
Please check out the link below for dates that may be relevant to your business throughout the year.
Tax diary
April is a very busy time in the tax calendar, with critical filing dates.
Please check out the link below for dates that may be relevant to your business throughout the year.
Buy-to-let property owners - time to start saving for tax changes
Property business owners, particularly buy-to-let landlords, have been hit with a number of quite dramatic changes in their tax status. One of the most draconian is the gradual disallowance of tax relief for finance payments that starts April 2017.
Buy-to-let property owners - time to start saving for tax changes
Property business owners, particularly buy-to-let landlords, have been hit with a number of quite dramatic changes in their tax status. One of the most draconian is the gradual disallowance of tax relief for finance payments that starts April 2017.
New rules for IR35 workers in the public sector start 6th April 2017
There are significant changes that commence on 6 April 2017 for workers in the public sector supplying their services via their own personal service companies or other intermediaries.
New rules for IR35 workers in the public sector start 6th April 2017
There are significant changes that commence on 6 April 2017 for workers in the public sector supplying their services via their own personal service companies or other intermediaries.
Tax diary March 2017
February and March are very busy times in the tax calendar, with critical filing dates.
Tax diary March 2017
February and March are very busy times in the tax calendar, with critical filing dates.
New Government Savings Scheme Starts in April 2017
From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus to these contributions. This means that individuals who save the maximum will receive a £1,000 bonus each year from the Government.
New Government Savings Scheme Starts in April 2017
From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus to these contributions. This means that individuals who save the maximum will receive a £1,000 bonus each year from the Government.
Tax Diary January/February
1 January 2017 - Due date for Corporation Tax due for the year ended 31 March 2016.
Tax Diary January/February
1 January 2017 - Due date for Corporation Tax due for the year ended 31 March 2016.
Two Months To Go!
All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the run-down to yet another tax year end.
Two Months To Go!
All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the run-down to yet another tax year end.
Another 100% tax relief ends next year - act soon
Currently the business premises renovation allowance provides 100% tax relief for the cost of renovating a commercial property located in one of the 2,000 or so designated disadvantaged areas, provided it has been out of commercial use for at least 12 months.
Another 100% tax relief ends next year - act soon
Currently the business premises renovation allowance provides 100% tax relief for the cost of renovating a commercial property located in one of the 2,000 or so designated disadvantaged areas, provided it has been out of commercial use for at least 12 months.
Tax diary December 2016 - January 2017
December and January are very busy times in the tax calendar, with critical filing dates. Please check out the link below for dates that may be relevant to your business throughout the year.
Tax diary December 2016 - January 2017
December and January are very busy times in the tax calendar, with critical filing dates. Please check out the link below for dates that may be relevant to your business throughout the year.
Income tax not CGT on property sale
Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted may catch some buy-to-let landlords.
Income tax not CGT on property sale
Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted may catch some buy-to-let landlords.
Staff Christmas parties and gifts
There has, for many years, been an exemption for small and seasonal gifts made by an employer to its employees such as a turkey, an ordinary bottle of wine or a box of chocolates at Christmas. In addition, employers have always been able to rely on the annual staff function to exempt Christmas parties (provided the combined VAT inclusive cost of any such functions remains below £150 per head). But now, following the introduction by HM Revenue & Customs of new trivial benefit rules, from 6 April 2016, other staff gifts might now qualify as a trivial benefit if the cost per head is below the specified VAT inclusive £50 limit. In order to qualify for the exemption, the gift cannot be part of any reward for services, nor can it be in the form of cash or vouchers capable of being converted into cash.
Staff Christmas parties and gifts
There has, for many years, been an exemption for small and seasonal gifts made by an employer to its employees such as a turkey, an ordinary bottle of wine or a box of chocolates at Christmas. In addition, employers have always been able to rely on the annual staff function to exempt Christmas parties (provided the combined VAT inclusive cost of any such functions remains below £150 per head). But now, following the introduction by HM Revenue & Customs of new trivial benefit rules, from 6 April 2016, other staff gifts might now qualify as a trivial benefit if the cost per head is below the specified VAT inclusive £50 limit. In order to qualify for the exemption, the gift cannot be part of any reward for services, nor can it be in the form of cash or vouchers capable of being converted into cash.
Don't miss out on Tax Relief on R&D
The government is concerned that many small companies are missing out on generous R&D tax credits. For the last year HMRC have been offering companies an advance assurance scheme to check whether or not their activities qualify before they make a claim. So far over 200 applications for advance assurance have been made.
Don't miss out on Tax Relief on R&D
The government is concerned that many small companies are missing out on generous R&D tax credits. For the last year HMRC have been offering companies an advance assurance scheme to check whether or not their activities qualify before they make a claim. So far over 200 applications for advance assurance have been made.
Chancellor declares ban on ‘extortionate’ letting fees
The autumn statement addressed the current economic forecasts and projections, provided by the Office for Budget Responsibility (OBR).
Chancellor declares ban on ‘extortionate’ letting fees
The autumn statement addressed the current economic forecasts and projections, provided by the Office for Budget Responsibility (OBR).
Tax measures contained in 2016 Autumn Statement
This was the first and last Autumn Statement to be delivered by the new Chancellor, as he announced major changes to the timetable under which the annual Budget cycle will operate in future, the main thrust of which is that after the Spring budget in March 2017 we will be moving to Autumn Budgets and Spring Statements! In a change of policy from recent years, there were not as many new tax announcements in the speech or the supporting documents as has been the case in recent years, but the tax changes that were announced included the following:
Tax measures contained in 2016 Autumn Statement
This was the first and last Autumn Statement to be delivered by the new Chancellor, as he announced major changes to the timetable under which the annual Budget cycle will operate in future, the main thrust of which is that after the Spring budget in March 2017 we will be moving to Autumn Budgets and Spring Statements! In a change of policy from recent years, there were not as many new tax announcements in the speech or the supporting documents as has been the case in recent years, but the tax changes that were announced included the following:
Limits on certain claims for tax relief
From 6 April 2013, the total amount of certain Income Tax reliefs that can be used to reduce your total taxable income is limited to £50,000, or 25% of your adjusted total income, if higher.
Limits on certain claims for tax relief
From 6 April 2013, the total amount of certain Income Tax reliefs that can be used to reduce your total taxable income is limited to £50,000, or 25% of your adjusted total income, if higher.
When is a hobby a trade?
We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car boot sales.
When is a hobby a trade?
We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car boot sales.
Multi-property buy-to-let landlords face mortgage headache
The buy-to-let property market continues to be affected by clampdowns backed by both the Government and Bank of England. This time, landlords are being warned of a major mortgage headache, when new rules come into play in 2017.
Multi-property buy-to-let landlords face mortgage headache
The buy-to-let property market continues to be affected by clampdowns backed by both the Government and Bank of England. This time, landlords are being warned of a major mortgage headache, when new rules come into play in 2017.
The UK has funeral debt close to £150m
The total amount borrowed by people living in the UK to pay for funerals, has hit close to £147 million, as it is revealed almost 95,000 have been slapped with a huge and unexpected funeral bill, with no other choice but to simply borrow, in order to be able to afford it. It is a startling number that demonstrates how unbelievably out of hand the cost of funerals has become.
The UK has funeral debt close to £150m
The total amount borrowed by people living in the UK to pay for funerals, has hit close to £147 million, as it is revealed almost 95,000 have been slapped with a huge and unexpected funeral bill, with no other choice but to simply borrow, in order to be able to afford it. It is a startling number that demonstrates how unbelievably out of hand the cost of funerals has become.
Making the most of your tax free allowances
On 6 April 2016 the Government introduced a number of changes that have consequences for your personal finances.
Firstly, the tax-free personal allowance, the amount you are allowed to earn before income tax becomes payable increased to £11,000.
Making the most of your tax free allowances
On 6 April 2016 the Government introduced a number of changes that have consequences for your personal finances.
Firstly, the tax-free personal allowance, the amount you are allowed to earn before income tax becomes payable increased to £11,000.
Tax and your home
If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to consider:
Tax and your home
If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to consider:
Tax diary October/November 2016
1 October 2016 - Due date for Corporation Tax due for the year ended 31 December 2015.
Tax diary October/November 2016
1 October 2016 - Due date for Corporation Tax due for the year ended 31 December 2015.
The deadline for paper tax returns is looming.... avoid these common mistakes
The countdown has begun for this years’ paper tax return, a crucial time for around 400,000 taxpayers who are self employed or those that receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax at more than the basic rate. It is also necessary to submit a tax return if you have realised capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.
The deadline for paper tax returns is looming.... avoid these common mistakes
The countdown has begun for this years’ paper tax return, a crucial time for around 400,000 taxpayers who are self employed or those that receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax at more than the basic rate. It is also necessary to submit a tax return if you have realised capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.
The deadline to register for Self Assessment Tax Returns is looming....
With the clampdown being tighter than ever and the deadline for registration on the 5th October is looming....here at Moore (South) LLP we have compiled an article packed with information, for those that are registering for their first Self Assessment Tax return, or for those that are just not too familiar with the process.
The deadline to register for Self Assessment Tax Returns is looming....
With the clampdown being tighter than ever and the deadline for registration on the 5th October is looming....here at Moore (South) LLP we have compiled an article packed with information, for those that are registering for their first Self Assessment Tax return, or for those that are just not too familiar with the process.
Government to replace EU funding
Thousands of British organisations will receive guarantees over EU funding in a new move by Chancellor Philip Hammond last month.
Government to replace EU funding
Thousands of British organisations will receive guarantees over EU funding in a new move by Chancellor Philip Hammond last month.
Tax Diary September/October
Keep up to date with the tax diary.
Tax Diary September/October
Keep up to date with the tax diary.
New successes for HMRC in the courts
HMRC seem to be making progress in their attempts to discourage, and recover unpaid tax, from participators in tax evasion schemes.
New successes for HMRC in the courts
HMRC seem to be making progress in their attempts to discourage, and recover unpaid tax, from participators in tax evasion schemes.
What does the interest rate cut mean for you?
At the beginning of August the Bank of England cut interest rates from 0.50% to 0.25%, reaching a new record low and introducing the first cut since way back in 2009, in order to counter the threat of a post Brexit recession.
What does the interest rate cut mean for you?
At the beginning of August the Bank of England cut interest rates from 0.50% to 0.25%, reaching a new record low and introducing the first cut since way back in 2009, in order to counter the threat of a post Brexit recession.
Tax Diary August/September 2016
1 August 2016 - Due date for Corporation Tax due for the year ended 31 October 2015.
Tax Diary August/September 2016
1 August 2016 - Due date for Corporation Tax due for the year ended 31 October 2015.
Buy-to-let landlords action required
Buy-to-let landlords need to start considering their options, in particular, those who have borrowed heavily in order to build their property portfolio.
Buy-to-let landlords action required
Buy-to-let landlords need to start considering their options, in particular, those who have borrowed heavily in order to build their property portfolio.
Landlords to be hit with 'Green Tax'
From April 2018 buy to let landlords will be hit with costs of up to £5,000 in order to comply with new government energy efficiency legislation, which will be introduced on rental properties.
Landlords to be hit with 'Green Tax'
From April 2018 buy to let landlords will be hit with costs of up to £5,000 in order to comply with new government energy efficiency legislation, which will be introduced on rental properties.
Tax Diary July/August 2016
1 July 2016 - Due date for Corporation Tax due for the year ended 30 September 2015.
Tax Diary July/August 2016
1 July 2016 - Due date for Corporation Tax due for the year ended 30 September 2015.
Business expenses you can claim
Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent.
Business expenses you can claim
Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent.
Transferring ISAs
ISA investors may be interested to read the following guidance issued by HMRC regarding the transfer of ISAs from one provider to another.
Transferring ISAs
ISA investors may be interested to read the following guidance issued by HMRC regarding the transfer of ISAs from one provider to another.
Tax Diary June/July
1 June 2016 - Due date for Corporation Tax due for the year ended 31 August 2015.
Tax Diary June/July
1 June 2016 - Due date for Corporation Tax due for the year ended 31 August 2015.
What is a CT61?
Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest.
What is a CT61?
Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest.
Expanding your income tax bands
For the tax year 2016-17, most taxpayers are entitled to claim a tax-free personal allowance of £11,000 from their taxable income. The maximum income that can be taxed at the basic rate of 20%, after the personal allowance has been deducted, is £32,000.
Expanding your income tax bands
For the tax year 2016-17, most taxpayers are entitled to claim a tax-free personal allowance of £11,000 from their taxable income. The maximum income that can be taxed at the basic rate of 20%, after the personal allowance has been deducted, is £32,000.
Supplying digital services to customers in other EU countries?
The VAT place of supply rules changed on 1 January 2015 where digital services are supplied to non-business customers. The place of supply changed from where the supplier was based to where the customer is located as some companies were avoiding UK VAT.
Supplying digital services to customers in other EU countries?
The VAT place of supply rules changed on 1 January 2015 where digital services are supplied to non-business customers. The place of supply changed from where the supplier was based to where the customer is located as some companies were avoiding UK VAT.
Paying interest on directors loans is better than dividends now?
The new 32.5% rate on dividends received by higher rate taxpayers means paying interest on directors’ loan account credit balances is now more tax efficient than paying dividends, once the new £5,000 dividend allowance has been used.
Paying interest on directors loans is better than dividends now?
The new 32.5% rate on dividends received by higher rate taxpayers means paying interest on directors’ loan account credit balances is now more tax efficient than paying dividends, once the new £5,000 dividend allowance has been used.
Making tax digital - too soon?
George Osborne announced the introduction of digital tax accounts in his 2015 Budget, with more information being sent online to HM Revenue and Customs (HRMC) by employers, pension funds, banks and other institutions. This information will then be used to calculate individuals' tax liabilities which may be viewed by them online. All this sounds great in theory, but many accountants expressed concerns about the reliability of this data.
Making tax digital - too soon?
George Osborne announced the introduction of digital tax accounts in his 2015 Budget, with more information being sent online to HM Revenue and Customs (HRMC) by employers, pension funds, banks and other institutions. This information will then be used to calculate individuals' tax liabilities which may be viewed by them online. All this sounds great in theory, but many accountants expressed concerns about the reliability of this data.
Tax Diary April/May 2016
Tax Diary April/May 2016
Lifetime Individual Savings Account (Lifetime ISA)
Lifetime Individual Savings Account (Lifetime ISA)
Stamp Duty (SDLT) increases buy-to-let
Stamp Duty (SDLT) increases buy-to-let