Invoice discounting with larger customers
Suppliers who sell goods and services to larger concerns often find that the terms of their supply, limits or bans the process of factoring the debts to release funds into cash flow.
About turn, 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/October 2018
1 September 2018 - Due date for Corporation Tax due for the year ended 30 November 2017.
Grants Available for Food Producers and Suppliers
Up to £20 million is being made available to increase productivity and sustainability in crop and ruminant agriculture systems through the Industrial Strategy Challenge Fund.
The gradual restriction of tax relief for buy-to-let mortgage interest has received much publicity since the process commenced 5 April 2017. From that date, tax relief is converted from a straight forward deduction against business profits into a basic rate tax deduction.
What is Side-Ways Loss Relief?
If a business owner makes a loss as a self-employed person, they can set off the losses against any other earnings of the same year. In effect, the business losses are moved side-ways against other earnings.
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.
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
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
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?
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
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)