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...

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...

February • #03 CORPORATION TAX RELIEF BACK FOR ACQUIRED GOODWILLA further late change to the Finance Bill will re-introduce relief for acquired goodwill on the acquisition of businesses with eligible intellectual property from 1 April 2019.This relief was withdrawn...

February • #02 WELCOME CGT ENTREPRENEURS’ RELIEF CHANGE FOR SHAREHOLDERSIn the December 2018 newsletter we alerted you to important changes to CGT entrepreneurs’ relief included in the latest Finance Bill that could have the effect of denying the relief to certain...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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)...

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...

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...

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...

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...

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...

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...