Tax Diary May/June 2019
1 May 2019 - Due date for Corporation Tax due for the year ended 30 July 2018.
Don’t forget the payslips
If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.
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.
Can you change a will after death?
On the face of it, this sounds implausible. How can you change your will if you have died?
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.
The last few weeks have seen some of the most extraordinary political manoeuvrings in the UK parliament, and as we complete the edit of this article, the EU parliament seems to have given us a few extra weeks to complete the withdrawal agreement and get a final draft agreed by parliament. The formal statement issued late last night (22 March 2019) says:
Retaining business 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. For example, if you submit your 2018-19 tax return online on or before 31 January 2020, you must keep your records until at least the end of January 2025. Records for this purpose include those relating to personal income etc.
Spring Statement March 2019
The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR).
Can’t pay your tax?
A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.
Tax Diary April/May 2019
1 April 2019 - Due date for Corporation Tax due for the year ended 30 June 2019.
Tax diary March/April 2019
1 March 2019 - Due date for Corporation Tax due for the year ended 31 May 2018.
Loans to employees
A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught.