This site uses cookies to improve your browsing experience and analyse use of our website. By clicking ‘I accept’ you agree and consent to our use of cookies. You can find out more about our cookies here. Find out more

tax

New claims required for working from home tax relief

Employees who work from home due to the COVID-19 pandemic will need to make a new claim for the 2021/22 tax year so that they can continue to claim tax relief where they have not been reimbursed by employers. 

Tax Diary April & May 2021

Important dates for your tax diary in April and May 2021.

Tax Day 2021

23 March 2021 marked the UK’s first Tax Day, as the government published consultation documents, calls for evidence, and other documents relating to the future shape of the UK tax regime.

How can you maximise your cash before the end of the tax year?

Tax planning might not sound like the most exciting way to spend your time, however it could have a significant effect on your finances. As the 2020/21 tax year draws to a close there are multiple considerations for what you can do to utilise your cash before the limitations reset as well as planning ahead for the future.

Stamp Duty Land Tax: temporary reduced rates

The Stamp Duty Land Tax (SDLT) temporary nil rate band of £500,000 for residential properties has been extended until 30 June 2021.

New R&D Tax Credit Cap imposed for PAYE

The PAYE cap, which was first mentioned in the 2018 Budget, is finally becoming law for accounting periods beginning on or after 1 April 2021.   

Changes To Capital Allowances From April 2021

The Capital Allowances Act has now been amended to extend the 100% first year allowances for zero-emission cars, zero-emission goods vehicles, and equipment for gas refuelling stations by four years, until 31 March 2025.

VAT Deferral Scheme Deadlines

If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can:

Deadline To Set Up A Payment Plan Or To Pay Outstanding Tax Liabilities Fast Approaching

You have just over a week (until 1 April 2021)  to pay any outstanding tax liabilities in full or to set up an online payment plan for the 2019/2020 financial year.

Budget 2021 Key highlights

A roundup of the key measures announced by the Chancellor in the 2021 Budget. 

Self-Assessment late payment penalties

HMRC has announced that Self-Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April 2021.

End of year tax planning tips 2020/21

As we approach the end of the 2020/21 tax year, now is the ideal time to make sure you are making use of all the available allowances to benefit your overall tax position.

Tax Diary February/March 2021

Important dates for your tax diary in February and March 2021.

Repay private petrol and save tax

Is the myth of having your private fuel costs for your company car covered by your employer being a good thing, true?

Sage updates tax codes post Brexit

Sage has introduced new tax codes to make the process of recording EU and non-EU imports easier, following the announcement of the Brexit agreement.

Time To Pay threshold increase

In October, HMRC increased the threshold of self assessment liabilities from £10,000 to £30,000 for individuals setting up Time to Pay arrangements.

HMRC to protect at risk employers when publishing CJRS claimants

In an effort from HMRC to be more transparent about the use of taxpayers’ funds and deter fraudulent activity, they will be publishing information about employers who claimed from the Coronavirus Job Retention Scheme (CJRS) for periods starting on or after the 1 December 2020.

TAX DIARY JANUARY 2021/FEBRUARY 2021

Important dates for your tax diary in January 2021 and February 2021.

Tax Diary December 2020/January 2021

Important dates for your tax diary in December 2020 and January 2021.

Students warned to avoid tax scams

Readers with children at university should pass on this message as students starting university this year are being warned by HMRC that they could be targeted by a fresh wave of tax scams.

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. 

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. 

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). 

Tax Diary January 2020

These are the important tax dates for your diary this month. 

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. 

In Business? Add these to your new year resolutions

The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2019 is a must-do.

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.

Time is running out for tax planning 2019-20

A reminder that in just a few months the present tax year closes, 5 April 2020. After this date, a whole raft of 2019-20 tax planning options for individuals will cease to be available. These cover a multitude of opportunities to reduce your liability to Income Tax, Capital Gains Tax and National Insurance.

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. 

Tax Diary November 2019

Here are the important tax dates for your diary this November.

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.

Gifts and Inheritance Tax (IHT)

However, in most cases you will not need to open your cheque book as there are a number of exemptions that may cover your intended gifts. 

Taxing aspects of electric cars for your business

This article does not cover the risks of owning an electric car, depreciation rates etc. Instead it discusses the tax implications if you buy an electric car for business purposes.

Tax Diary October 2019

Here are the impotant dates for this October:

Enjoy a tax-free Christmas bash

Follow the outline below to ensure that the cost of your annual staff party will not create tax issues for you or your staff.

Are you making the most of “Trivial Benefits”?

Earlier this year we highlighted the tax concession afforded by the so-called Trivial Benefit rules.

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.

HMRC delays MTD for businesses below the VAT threshold

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

HMRC delays MTD for businesses below the VAT threshold

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

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

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: 

Protect your home

A government think-tank, the Office for Tax Simplification (OTS), was briefed to consider a non-tax issue, a restricted form of limited liability for sole traders.

Protect your home

A government think-tank, the Office for Tax Simplification (OTS), was briefed to consider a non-tax issue, a restricted form of limited liability for sole traders.

Making Tax Digital for VAT: how Moore can help you prepare

From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Making Tax Digital for VAT: how Moore can help you prepare

From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

UK signs new Double Tax Treaties with Jersey, Guernsey and the IOM

On 2 July 2018, the UK signed new double tax treaties with Jersey, Guernsey and the Isle of Man. This is a welcome update and unsurprising since the current double tax treaties were entered into in the 1950s, albeit intermittent updates have been made since then.

Determine your main residence

Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief.

Determine your main residence

Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief.

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.

Location is everything

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options.

Location is everything

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options.

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year.

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year.

Dividend allowance - use it or lose it!

If you have not already taken a dividend from your company during the 2017/2018 tax year please be aware that to benefit from the £5,000 dividend allowance (0% tax rate) a dividend needs to be taken on or before 5 April 2018. 

2018 car tax bands - will it affect me?

New rules for car tax (Vehicle Excise Duty) come into force this year and unfortunately, it can mean a substantial hike in tax for some drivers if your car was first registered on or after 1 April 2017, especially if your car is a diesel vehicle. 

2018 car tax bands - will it affect me?

New rules for car tax (Vehicle Excise Duty) come into force this year and unfortunately, it can mean a substantial hike in tax for some drivers if your car was first registered on or after 1 April 2017, especially if your car is a diesel vehicle. 

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’.

HMRC pledges support to businesses hit by Carillion collapse

Businesses contracted to Carillion who are worried about being able to pay their tax can get help and advice from HMRC’s Business Payment Support Service (BPSS).  

Tax credits and self-assessment

Tax credits claimants making a self-assessment tax return must update their final income details.  

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.

Tax Diary December 2017

December is a very busy time in the tax calendar, with critical filing dates. Please check below for dates that may be relevant to your business throughout the year.  

Tax Diary December 2017

December is a very busy time in the tax calendar, with critical filing dates. Please check below for dates that may be relevant to your business throughout the year.  

Looking ahead to your future?

Are you looking ahead to your future? Perhaps, you have parents or relatives who may require care assistance?

Looking ahead to your future?

Are you looking ahead to your future? Perhaps, you have parents or relatives who may require care assistance?

Paying self-assessment tax by instalments

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done by amending your tax code for 2018-19 such that any arrears are repaid by increasing your tax payments each pay period.

Paying self-assessment tax by instalments

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done by amending your tax code for 2018-19 such that any arrears are repaid by increasing your tax payments each pay period.

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?  

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?  

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.

MOT exemptions for cars over 40 years old comes into place in May 2018

It has been announced by the Department for Transport that classic cars over 40 years old will become exempt from MOT testing, however owners can voluntarily elect for an MOT if they feel that it is necessary.  

MOT exemptions for cars over 40 years old comes into place in May 2018

It has been announced by the Department for Transport that classic cars over 40 years old will become exempt from MOT testing, however owners can voluntarily elect for an MOT if they feel that it is necessary.  

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.

Possible changes to tax rules for companies

There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use.

Possible changes to tax rules for companies

There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use.

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.   .

Landlords bear the brunt of recent tax changes

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges.

Landlords bear the brunt of recent tax changes

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges.

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.

Making Tax Digital postponed until 2019/20

A recent Treasury announcement confirmed that Making Tax Digital (MTD) will now only apply from April 2019 for businesses with turnover above the VAT threshold.  Full-blown quarterly reporting for all other businesses will now not apply until April 2020 at the earliest.  

How long does it take to sell a small business?

The agreed sale price of a small business for sale, is influenced by a number of factors including revenues, business category, the business location, cash flow multiples and of course, the asking price. Although these factors are important in monitoring small business sales another overlooked factor speaks to fundamental market conditions, in particular the amount of time the business spends on the market. It is possible to study the health of the market by looking at the factor of time as it can determine the demand among buyers and expectations of sellers.    

How long does it take to sell a business?

The agreed sale price of a small business for sale, is influenced by a number of factors including revenues, business category, the business location, cash flow multiples and of course, the asking price. Although these factors are important in monitoring small business sales another overlooked factor speaks to fundamental market conditions, in particular the amount of time the business spends on the market. It is possible to study the health of the market by looking at the factor of time as it can determine the demand among buyers and expectations of sellers.    

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.

What happens if I can't pay my tax on time?

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time.  

What happens if I can't pay my tax on time?

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time.  

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.  

Valuable information on P11D's

Employee expenses and benefits – employer reporting requirements If you’re an employer you  need to submit an end-of-year report to HM Revenue and Customs (HMRC), for each employee and director you’ve provided with non-business expenses or benefits in kind.  The report is made on a form P11d.  

Valuable information on P11D's

Employee expenses and benefits – employer reporting requirements If you’re an employer you  need to submit an end-of-year report to HM Revenue and Customs (HMRC), for each employee and director you’ve provided with non-business expenses or benefits in kind.  The report is made on a form P11d.  

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.

Sage and Cashplus join forces, to ease the pressure of Making Tax Digital for small businesses

Sage and Cashplus have announced that they have joined forces in order to support small businesses in getting ahead of the making tax digital legislation.

Sage and Cashplus join forces, to ease the pressure of Making Tax Digital for small businesses

Sage and Cashplus have announced that they have joined forces in order to support small businesses in getting ahead of the making tax digital legislation.

Should we give shares to children and pay £5,000 dividends tax free?

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018).

Should we give shares to children and pay £5,000 dividends tax free?

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018).

Tax diary June

June is a very busy times in the tax calendar, with critical filing dates.  

Tax diary June

June is a very busy times in the tax calendar, with critical filing dates.  

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.

Making Tax Digital plans suspended

Following the calling of a snap general election, numerous elements of the Budget proposals have been dropped from the Finance Bill.  One of the most notable removals concerns Making Tax Digital (MTD).   The current position is that, (subject to any future Budget announcements), MTD will now not be coming into effect in April 2018.  

Corporate tax rates & VAT limits

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

Corporate tax rates & VAT limits

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

Making tax digital

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

Making tax digital

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

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.

Will Britain be the best place to start and grow a business?

Making Tax Digital (MTD) for business? Q. Who will benefit from the deferral on MTD?A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

Will Britain be the best place to start and grow a business?

Making Tax Digital (MTD) for business? Q. Who will benefit from the deferral on MTD?A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

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.

Remember to make pension payments before 6th April 2017

The current annual pension limit remains at £40,000. In addition, unused relief from the previous three tax years may be utilised once the current £40,000 limit has been used. However, the relief from 2013/14 will lapse on 6 April 2017.

Remember to make pension payments before 6th April 2017

The current annual pension limit remains at £40,000. In addition, unused relief from the previous three tax years may be utilised once the current £40,000 limit has been used. However, the relief from 2013/14 will lapse on 6 April 2017.

Making tax digital to be delayed?

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.

Making tax digital to be delayed?

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.

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.

Have you fully considered your option to tax position?

Making the decision whether or not to exercise the option to tax in relation to property is not always straightforward, and it is essential that the ongoing VAT and commercial implications of any options to tax are continually monitored and reviewed.

“2017 Will Be The Year I Get on Top of MY Finances....”

The start of a new year is a fresh thought. It is exciting to think of the new possibilities you may come across, the new faces that you meet at networking events, may eventually become close business connections and the idea of it being a completely new year sparks the opportunity to set new goals. Most of us have one resolution that we put together on 31st December and it is usually centred on something that we have been putting off for a long period of time: “This year will be the year that I finally get around to....”

“2017 Will Be The Year I Get on Top of MY Finances....”

The start of a new year is a fresh thought. It is exciting to think of the new possibilities you may come across, the new faces that you meet at networking events, may eventually become close business connections and the idea of it being a completely new year sparks the opportunity to set new goals. Most of us have one resolution that we put together on 31st December and it is usually centred on something that we have been putting off for a long period of time: “This year will be the year that I finally get around to....”

Can I reclaim the VAT on a new car used for business?

VAT specialist Andy Hancock looks at the rules around claiming VAT on pool cars.

100% tax relief for low emission cars

Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legislation has now been passed to reduce the threshold to just 50 grams from April 2018 but also to continue the tax relief for 3 years until 2021.

100% tax relief for low emission cars

Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legislation has now been passed to reduce the threshold to just 50 grams from April 2018 but also to continue the tax relief for 3 years until 2021.

Salary sacrifice under the microscope

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.

Salary sacrifice under the microscope

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.

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.

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.  

How long do you need to keep tax records?

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

How long do you need to keep tax records?

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

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.

Is 'Making Tax Digital' good news for tax payers?

Tax Adviser Tim Woodgates from the Moore Corby office considers whether the Goverrnment's Making Tax Digital initiative is good news for tax payers.

Digital Tax Returns - what will the changes mean for you?

You’ve probably seen the headlines such as ‘the end of the Tax Return’ and heard the Government talk about ‘reducing the burden’ for tax payers by building a ‘transparent and accessible tax system for the digital age’, but you may not be aware of what the changes will mean for you. Senior Tax Adviser Matthew Grief from the Moore Peterborough office explains what impact the proposed changes will have on the tax payer.

Making Tax Digital - Proposed changes to the tax system

On 15 August 2016 HMRC published six consultation documents, together with a summary document, under the Making Tax Digital (MTD) initiative. In HMRC’s own words, the overall objectives of MTD are for the tax system to become ‘more effective, more efficient and easier for taxpayers’.

Making Tax Digital - Proposed changes to the tax system

On 15 August 2016 HMRC published six consultation documents, together with a summary document, under the Making Tax Digital (MTD) initiative. In HMRC’s own words, the overall objectives of MTD are for the tax system to become ‘more effective, more efficient and easier for taxpayers’.

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.  

Reporting to HMRC every quarter to go ahead in 2018​

The Government and HMRC remain committed to the "Making Tax Digital" project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions.

Reporting to HMRC every quarter to go ahead in 2018​

The Government and HMRC remain committed to the "Making Tax Digital" project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions.

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.

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. 

Farmers log heightened interest in woodland and forestry and its all down to timber!

A recent resurgence in firewood and timber prices combined with strong returns for investors is leading to heightened interest in UK woodland and forestry, leaving many investors wondering if money really does grow on trees....

Farmers log heightened interest in woodland and forestry and its all down to timber!

A recent resurgence in firewood and timber prices combined with strong returns for investors is leading to heightened interest in UK woodland and forestry, leaving many investors wondering if money really does grow on trees....

Spending the kids inheritance......

When considering any type of tax planning and in particular Inheritance planning it is important to ensure that you do not give too much away too quickly. You have worked hard to accumulate your savings and assets. When looking at gifts, ensuring that you have enough funds to maintain your lifestyle is the number one priority.

Spending the kids inheritance......

When considering any type of tax planning and in particular Inheritance planning it is important to ensure that you do not give too much away too quickly. You have worked hard to accumulate your savings and assets. When looking at gifts, ensuring that you have enough funds to maintain your lifestyle is the number one priority.

Where there's a will there's a way.....

If you have not made a will your estate may not go to the beneficiaries that you intend it to. In October 2014 the Intestacy laws changed, reformed to suit the Modern Family. The changes improve the position for surviving spouses but may lead to more claims by Adult children under the Inheritance (Provision for Family and Dependants) Act 1975.

Where there's a will there's a way.....

If you have not made a will your estate may not go to the beneficiaries that you intend it to. In October 2014 the Intestacy laws changed, reformed to suit the Modern Family. The changes improve the position for surviving spouses but may lead to more claims by Adult children under the Inheritance (Provision for Family and Dependants) Act 1975.

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. 

Should I file my tax return early?

Is it better to file your Self Assessment tax return as soon as possible after the end of the tax year? You are not obliged to file your tax return for 2015-16, online, before the 31 January 2017. However, if you leave the process of completing your return until close to this date, it will not give you much time to calculate and fund the amount of tax you may owe on the same date, 31 January 2017.

Should I file my tax return early?

Is it better to file your Self Assessment tax return as soon as possible after the end of the tax year? You are not obliged to file your tax return for 2015-16, online, before the 31 January 2017. However, if you leave the process of completing your return until close to this date, it will not give you much time to calculate and fund the amount of tax you may owe on the same date, 31 January 2017.

A Gift Aid Audit

Partner Dickon Sandbach explains some of the pitfalls charities and other not-for-profit organisations need to look out for in relation to the way they collect gift aid. 

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.

More on the taxation of dividends?

In the context of this article tax credit does not refer to the child or working tax credits – these are part of the benefits system. Tax credits in this article refer to a deduction made from your overall tax liabilities, usually at a fixed percentage rate of the relevant income.  

More on the taxation of dividends?

In the context of this article tax credit does not refer to the child or working tax credits – these are part of the benefits system. Tax credits in this article refer to a deduction made from your overall tax liabilities, usually at a fixed percentage rate of the relevant income.  

Stamp duty increase penalises home buyers

There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) – part of the Land and Building Transaction Tax in Scotland – that applies to the purchase of a second residential property by individuals in the UK from 1 April 2016.

Stamp duty increase penalises home buyers

There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) – part of the Land and Building Transaction Tax in Scotland – that applies to the purchase of a second residential property by individuals in the UK from 1 April 2016.

The buy-to-let property market

The buy-to-let market has been dominated by investors seeking a property pension, according to new research.

The buy-to-let property market

The buy-to-let market has been dominated by investors seeking a property pension, according to new research.

Workplace pensions: the risks of unregulated master trusts

With over 6million people now saving for their pension, the Work and Pensions Select Committee have hailed auto enrolment as a ‘tremendous success’. However their report also says gaps in pension regulation have allowed potentially unstable master trusts onto the market. Therefore the question is:

Workplace pensions: the risks of unregulated master trusts

With over 6million people now saving for their pension, the Work and Pensions Select Committee have hailed auto enrolment as a ‘tremendous success’. However their report also says gaps in pension regulation have allowed potentially unstable master trusts onto the market. Therefore the question is:

Gift Aid: Changes to declarations and maintaining the levels of giving

In November 2015 HMRC published new model gift aids for single and multiple donations. Whilst the "simplification" is welcome, there are also new information requirements that have received less positive reactions.  Charities were required to update the declarations used, by 5 April 2016. With the increase in personal allowances to £11,000 (2016-17), and the new dividend allowance of £5,000, individuals may now be taken out of tax altogether.   

Gift Aid: Changes to declarations and maintaining the levels of giving

In November 2015 HMRC published new model gift aids for single and multiple donations. Whilst the "simplification" is welcome, there are also new information requirements that have received less positive reactions.  Charities were required to update the declarations used, by 5 April 2016. With the increase in personal allowances to £11,000 (2016-17), and the new dividend allowance of £5,000, individuals may now be taken out of tax altogether.   

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.

Tax diary May/June 2016

19 May 2016 - PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)

Tax diary May/June 2016

19 May 2016 - PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)

Retirement age NI bonus

When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you achieve the SRA. The next year you will be exempt.

Retirement age NI bonus

When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you achieve the SRA. The next year you will be exempt.

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 planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Tax planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Company car drivers and private fuel

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.

Company car drivers and private fuel

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.