12-12-2018
VAT on property service charges
A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra … read more
12-12-2018
Are you ready for VAT filing changes April 2019?
The introduction of Making Tax Digital (MTD) for VAT is fast approaching.
From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) … read more
12-12-2018
Is your income approaching £100,000?
For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is … read more
12-12-2018
Qualifying for VAT special schemes
There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover … read more
12-12-2018
When is lettings relief available?
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as ‘private residence … read more
12-12-2018
How the £1,000 trading allowance works
There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as the trading allowance. The income raised … read more
11-12-2018
Citizens’ rights in the event of a no deal Brexit
The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU, in the event of a “no deal” Brexit.
The government has … read more
05-12-2018
Could you claim expenses and an early tax refund?
HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter … read more
05-12-2018
X-factor VAT bonus
The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the … read more
05-12-2018
Employing someone to work in your home
When you employ someone to work in your home, it is your responsibility to ensure you meet the employee’s rights and deduct the correct amount of tax from their salary. This can … read more
05-12-2018
UK VAT claims by non-EU businesses
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable … read more
05-12-2018
HMRC writes to taxpayers in Wales
HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the … read more
05-12-2018
Taxation of termination payments
In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the … read more
05-12-2018
Who can or cannot claim the Employment Allowance
The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as … read more
05-12-2018
When you can utilise overlap relief
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 … read more
03-12-2018
Statutory employee benefit pay to rise from April 2019
In a written ministerial statement, the government has announced the proposed new rates for Statutory Maternity Pay (SMP), Statutory Adoption Pay (SAP), Statutory Paternity Pay … read more
29-11-2018
Tax Diary December 2018/January 2019
1 December 2018 – Due date for Corporation Tax due for the year ended 29 February 2018.
19 December 2018 – PAYE and NIC deductions due for month ended 5 December 2018. (If you pay … read more
28-11-2018
When to report and pay Capital Gains Tax
The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal … read more