Tax Diary June/July 2019
Important tax dates to add to your calendar.
Employing students in the summer break
The annual holidays can have knock on effects to your business when really important staff are on their holidays.
Tax free perk before annual leave
It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays.
We are fast approaching the annual holiday season, so it would seem to be a suitable time to set out employees’ rights to receive holiday pay.
Do you own a holiday let property?
Did you know there is a number of tax incentives that you can take advantage of if you own and let a Furnished Holiday Lets property (FHL).
Tax Diary May/June 2019
1 May 2019 - Due date for Corporation Tax due for the year ended 30 July 2018.
Don’t forget the payslips
If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.
Income Tax – regional differences
You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.
Can you change a will after death?
On the face of it, this sounds implausible. How can you change your will if you have died?
Expenses you can set-off against rental income
The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.
The last few weeks have seen some of the most extraordinary political manoeuvrings in the UK parliament, and as we complete the edit of this article, the EU parliament seems to have given us a few extra weeks to complete the withdrawal agreement and get a final draft agreed by parliament. The formal statement issued late last night (22 March 2019) says:
Retaining business records
If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year. For example, if you submit your 2018-19 tax return online on or before 31 January 2020, you must keep your records until at least the end of January 2025. Records for this purpose include those relating to personal income etc.