February • Don’t be late in paying your personal tax bill

February • #05 DON’T BE LATE IN PAYING YOUR PERSONAL TAX BILL Individual’s 2017/18 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2019. Note that if the balance is still unpaid at the end of February 2019 a 5% surcharge penalty is...

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February • Termination payment changes delated to 2020

February • #04 TERMINATION PAYMENT CHANGES DELAYED TO 2020HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020.From 6 April 2020 Employer class 1A NIC will...

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February • No deal Brexit – what about VAT?

February • #01 NO DEAL BREXIT - WHAT ABOUT VAT?The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March...

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February • Diary of Main Tax Events February & March

February • DIARY Main Tax Events • February & March 20191st FebruaryCorporation tax for year to 30/04/18 (unless quarterly instalments apply)19th FebruaryPAYE & NIC deductions, and CIS return and tax, for month to 05/02/19. (due 22/02/19 if you pay...

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January • 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...

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January • 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...

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January • 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...

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January • 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...

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January • 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...

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December • 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...

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December • 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...

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December • 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)...

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December • 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...

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October • 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...

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October • 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...

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October • 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...

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October • 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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