OUR BLOG

Points Based Penalties
25 Jul 2018

Points Based Penalties

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.

Ask the Government to Sell Property
18 Jul 2018

Ask the Government to Sell Property

UK residents can ask for publicly owned land and buildings to be sold if they think that the property is vacant or underused.

Changes to Rent-a-Room Relief
10 Jul 2018

Changes to Rent-a-Room Relief

A new test is to be added to the qualifying criteria for rent-a-room relief from April 2019.

The test will require that the individual or individuals in receipt of income – the home owner(s) – will need to share occupancy of the residence in question with the individual whose occupation of the furnished accommodation is generating the receipts – the lodger.

When is Capital Gains Tax Payable?
06 Jul 2018

When is Capital Gains Tax Payable?

Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19.

There are also a number of circumstances when a disposal does not create a taxable gain. These include:

Tax Diary August/September 2018
03 Jul 2018

Tax Diary August/September 2018

1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.

19 August 2018 - PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018)

Tax Diary July/August 2018
26 Jun 2018

Tax Diary July/August 2018

1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017.

Director Minimum Salary Levels 2018-19
28 Jun 2018

Director Minimum Salary Levels 2018-19

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases income tax.

Self-Employed Tax Bills
14 Jun 2018

Self-Employed Tax Bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover both “taxes” – NIC and income tax.

Making Tax Digital
21 Jun 2018

Making Tax Digital

A reminder that from April 2019, HMRC’s much vaunted Making Tax Digital (MTD) scheme will apply to certain businesses.

Construction Drawn into VAT Reverse Charge Process
25 Jun 2018

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”.

Succession: Planning for the Lifelong Journey of your Business
12 Jun 2018

Succession: Planning for the Lifelong Journey of your Business

Succession planning focuses on having a long-lived plan for your business, yet quite often, this isn't an important discussion until it's too late.

Get What You Want out of Your Business
07 Jun 2018

Get What You Want out of Your Business

As business owners, there is an endless stream of things, people, events and information that can overwhelm even the steadiest of leaders.

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