Our Spring 2019 Tax Briefing is now available for you to download. In this edition we look at key tax topics as we approach the new tax year and crucial dates around the Brexit process and introduction of Making Tax Digital for VAT. Employee Benefits Vat: Brexit Realities MTD Facts and Fiction Pension Health Check […]
From April 2020 the IR35 system will be extended to cover businesses using contractors and freelance staff in the private sector. A move which is expected to net the treasury an additional £1bn in tax in its first year. With IR35 a long running bone of contention anyway, there is a great deal of concern […]
For around 12 months now there has been much discussion about a review of the point at which companies must register for VAT, the VAT Threshold. Currently set at £85,000 of taxable turnover, the Chancellor was reported as planning a reduction of this figure to around £20,000 as part of his budget statement in November […]
Having identified that their calculations may have contained an error, HMRC has announced that it is set to review the tax returns of around 30,000 individuals, to address concerns that some may have been overcharged. The issue is believed to be isolated to tax bills issued in 2016/17 and specifically relating to the personal savings […]
The Association of Accounting Technicians (AAT) has raised concerns about proposed changes to rent a room relief. In response to the rise in popularity of self-managed letting portals like Airbnb, The Treasury is introducing new rules that reduce the tax-free allowance for landlords, unless they are present for part or all the letting(s). The introduction […]
Over 20,000 freelancers and contractors that used offshore-based umbrella schemes to disguise their income over the last 20 years will have to repay an average of £50,000 in unpaid taxes, HMRC says. Responding to a deadline of 31st May to register earnings held or managed in these trusts, almost 21,000 people had declared their involvement […]
Amid much talk of further tax rises in the pipeline, to help offset the impact of Brexit and to support the Governments planned spending increase on the NHS, HMRC has announced that it had a record tax take in the 17/18 tax year. The total take of just over £605 billion is up 5.4% on […]
If you have multiple VAT registered businesses, it is worth checking that you are claiming the right VAT in each instance to avoid HMRC disallowing claims for input/output tax. When reviewing returns from each business, HMRC will not only want to see a clear line of documentation relating to each transaction but will also seek […]
With just 12 months until it was meant to be fully launched and having already suffered delays to what was an ambitious roll out plan, HMRC’s Making Tax Digital (MTD) strategy has now been put on hold, indefinitely. In a statement to tax professionals in April, HMRC made it clear that the impact of preparations […]
Want to know what you can earn and save this year following the recent changes to personal tax free allowances? Here are the key elements: Personal Allowance With a new tax year comes the now usual change to the personal allowance. The Government looks set to continue with creeping increments to the amount that can […]
Despite the Government’s long-term ambition to rid the world of tax returns through the introduction of the Making Tax Digital initiative, January 2018 was another record year for the number processed. Like all necessary evils, no one wants to think about tax returns until it is imperative to do so, but the flip side of […]
Recent HMRC cases against individuals and businesses have once again shone a light on the use and payment of family members in the business. In one case, a tribunal judged that payments to a son had been made out of parental love and affection and were not wholly for the purposes of the trade. In […]