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October 16, 2018
The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019.…Read More
October 3, 2018
In order to maximise entitlement to full State Benefits a full contribution record is required. For example full State Pension entitlement requires 35 years contributions. It is possible to check your National Insurance record online to see: what you’ve paid, up to the start of the current tax year (6 April 2018) any National Insurance…Read More
September 19, 2018
Q. My client is an IT consultant, operating through a VAT registered UK company. He is supplying consultancy services to another UK IT business. He has incurred hotel, travel and meal expenses, and is charging these on to the company he is supplying. Can he treat these as disbursements, and therefore not charge any VAT…Read More
Class 2 national insurance contributions are payable by the self-employed. Contributions are payable at a flat weekly rate and entitle the contributor to short-term contributions based employment and support allowance, maternity allowance, widowed parent’s allowance, state pension, and bereavement benefits. The current weekly for 2018/19 is £2.95 and is based on whether profits are at…Read More
September 12, 2018
If HMRC find that your tax return understates your tax liability, you can expect them to raise the question of penalties: but only if the inaccuracy was either deliberate or due to your carelessness. To put it another way, if you take “reasonable care” to get your tax right, you cannot become liable to pay…Read More
August 29, 2018
My client is a non-UK resident, having left the UK in April 2016. His main home which he purchased in July 2014 has been let out since he left. He is now planning to sell the property and is wondering whether he is liable to capital gains tax in the UK and whether there are any…Read More
August 1, 2018
For sole traders or partnerships, taking money from a business is a straightforward process, but withdrawing money from a company by a director is a different matter. An overdrawn DLA is where a director has taken money out of the company that is not classed as a dividend or salary and the figure exceeds any…Read More
July 12, 2018
Under new rules due to come in on 1 October 2019 builders, subcontractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector labour supply chain which HMRC argue presents a significant tax…Read More
July 9, 2018
We were delighted and proud to be Gold Sponsors at the SME Bedfordshire Business Awards 2018 of the Best Customer Service Category last Thursday evening. The winning place going to Subway, Biggleswade, and runner up to AllenDay Recruitment – Congratulations to both.
July 4, 2018
Marriage Allowance is a way for couples to transfer a proportion of their individual Personal Allowance between them in a tax-efficient manner. For 2018/19, the maximum amount that can be transferred from one partner to the other is £1,190, which means that the spouse or civil partner receiving the transferred allowance will be entitled to…Read More
July 2, 2018
HMRC has published statistics for March 2018 which show that it requested that more than 2,600 phishing websites be removed and that it received over 84,000 reports of suspicious e-mails, phone calls and texts. Claim your refund! The usual format for phishing e-mails and texts is to suggest that you’re entitled to a refund and then…Read More
June 29, 2018
HMRC are chasing an estimated £33bn tax gap between what it should collect and what it does collect. Over half of this is attributed to Small Businesses (£14bn) and Individuals (£3bn). Tax and VAT Investigations are a key tool in reducing this deficit. HMRC use sophisticated software to cross match a wide range of data…Read More
June 1, 2018
HMRC are consulting on the mechanism for collecting CGT on residential property disposals from April 2020, when the tax will be due within 30 days of completion. This will be instead of the normal payment date of 31 January following the end of the tax year and is yet another attack on buy to let…Read More
May 24, 2018
There was recently an IR35 decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the arrangements. In a recent case involving a night manager on a building site, another tribunal…Read More
May 18, 2018
Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly recommended to avoid unnecessary pitfalls. The tax treatment of these payments changed from 6…Read More
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