February • Don’t be late in paying your personal tax bill
Don’t be late in paying your personal tax bill…
read moreFebruary • Termination payment changes delated to 2020
Termination payment changes delated to 2020…
read moreFebruary • Corporation tax relief back for acquired goodwill
Corporation tax relief back for acquired goodwill…
read moreFebruary • Welcome CGT entrepreneurs’ relief change for shareholders
Welcome CGT entrepreneurs’ relief change for shareholders…
read moreFebruary • No deal Brexit – what about VAT?
No deal Brexit – what about VAT?…
read moreFebruary • Diary of Main Tax Events February & March
Diary of Main Tax Events February & March…
read moreJanuary • Advisory fuel rate for company cars
January • #06 ADVISORY FUEL RATE FOR COMPANY CARSThese are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2018. Where there has been a change the previous rate is shown in brackets.Engine...
read moreJanuary • Capital allowance on high co2 cars and assets in special rate pool reduces to 6%
January • #05 CAPITAL ALLOWANCE ON HIGH CO2 CARS AND ASSETS IN SPECIAL RATE POOL REDUCES TO 6%One of the other capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just...
read moreJanuary • New capital allowance for commercial buildings
January • #04 NEW CAPITAL ALLOWANCE FOR COMMERCIAL BUILDINGSThe Autumn 2018 Budget announced a new 2% straight line tax deduction for the cost of construction or renovation of commercial buildings and structures. HMRC have now issued a technical note setting out the...
read moreJanuary • Increased capital allowances start 1st January 2019
January • #03 INCREASED CAPITAL ALLOWANCES START 1 JANUARY 2019The Chancellor announced a temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery to £1 million from 1 January 2019. However transitional rules mean that the...
read moreJanuary • Pension planning
January • #02 PENSION PLANNINGFor most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer.Note that the unused allowance for a...
read moreJanuary • New Year resolution to save tax
January • #01 NEW YEAR RESOLUTIONS TO SAVE TAXAt this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.An obvious tax planning point would be to maximise your ISA...
read moreJanuary • Diary of Main Tax Events January & February
January • DIARY Main Tax Events • January & February 20191st JanuaryCorporation tax for year to 31/03/18 (unless quarterly instalments apply)19th JanuaryPAYE & NIC deductions, and CIS return and tax, for month to 05/01/19. (due 22/12/18 if you pay...
read moreDecember • Collecting unpaid tax for 2017/18 through your PAYE coding
December • #05 COLLECTING UNPAID TAX FOR 2017/18 THROUGH YOUR PAYE CODING Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount...
read moreDecember • Gifts to charity
December • #04 GIFTS TO CHARITY Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example where an individual makes a...
read moreDecember • Gifts of up to £50 to employees
December • #03 GIFTS OF UP TO £50 TO EMPLOYEES From April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind tax free. The new rules were brought in as a simplification measure so that...
read moreDecember • Certain gifts can have Capital Gains Tax consequences
December • #02 CERTAIN GIFTS CAN HAVE CAPITAL GAINS TAX CONSEQUENCES Although there will be no CGT on gifts of cash there may be CGT to pay where the gift comprises shares or other assets. This is because the transaction will generally be deemed to take place at...
read moreDecember • Christmas is the time for giving
December • #01 CHRISTMAS IS THE TIME FOR GIVING Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT)...
read moreDecember • Diary of Main Tax Events December & January
December • DIARY Main Tax Events • December 2018 & January 2019 1st December Corporation tax for year to 28/02/18 (unless quarterly instalments apply) 19th December PAYE & NIC deductions, and CIS return and tax, for month to 05/12/18. (due 22/12/18 if you pay...
read moreOctober • Diary of Main Tax Events October & November 2018
August • DIARY Main Tax Events • October & November 2018 1st October Corporation tax for year to 31/12/17 (unless quarterly instalments apply) 5th October Deadline for notifying HMRC of chargeability for 2017/18 if not within Self-Assessment and receive income or...
read moreOctober • Advisory fuel rate for company cars – update
October • #05 ADVISORY FUEL RATE FOR COMPANY CARS These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel...
read moreOctober • Tax efficient childcare schemes
October • #04 TAX EFFICIENT CHILDCARE SCHEMES Earlier this year the government announced that no new childcare voucher schemes could be set up after 5 October 2018. This was a six month extension from the previous 5 April 2018 end date. If those employers offering...
read moreOctober • IT Consultant wins IR35 personal service company case
October • #03 IT CONSULTANT WINS IR35 PERSONAL SERVICE COMPANY CASE The government have been consulting on extending the personal service company rules that currently apply to public sector workers to those in the private sector, but in the meantime tax tribunal...
read moreOctober • Check your contribution history
October • #02 CHECK YOUR CONTRIBUTION HISTORY As mentioned above, in order to maximise entitlement to full State Benefits a full contribution record Is required. It is possible to check your National Insurance record online to see: What you’ve paid, up to the start of...
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