A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term “employee” includes directors, and also that loans to family members may be…
As we have mentioned before in this newsletter, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with…
From April 2019, minimum pay rates will increase as set out below. • National Living Wage (NLW) rates for workers aged 25 and over – from £7.83 to £8.21 per hour. • National Minimum Wage rates: workers aged 21–24 — from £7.38 to £7.70 per…
It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices. Unfortunately, there are circumstances when this…
The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility…
According to a recent announcement on the GOV.UK website, preparations include: Recruitment of 700 new staff to work on EU Exit policy using additional funding allocated by HM Treasury for Brexit preparedness. Passing of new legislation to lay the groundwork for our future outside…
A reminder that from 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems. Accounts software providers have been working…
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’. You can carry any unused annual exemption forward to the next year…
Options for adopting 99% of tax planning opportunities for 2018-19 ends on 5 April 2019, just a couple of months away. This applies equally to individuals and all businesses with an accounting year end close to, but prior to 5 April 2019. More importantly,…
2019 is here. Making Tax Digital is coming. You need to be prepared for the change. From April this year your financial records will need to become more digital and you will need to use software or apps to update HMRC at least quarterly.…