What is AEO?
Businesses that presently trade with the EU block may like to consider applying for Authorised Economic Operator (AEO) status. The following notes explain why this may be helpful.
Tax-free perks at Christmas time
This article is our usual reminder of the tax breaks available if you are organising a Christmas party for your staff.
Disqualified from acting as a director
When a director has been found guilty of mismanagement verging on fraud, one of the remedies that the courts can impose is disqualification as a director. But what does this actually mean?
Saving the high street
In his Autumn Budget delivered 29 October 2018, Philip Hammond made a number of promises including measures to improve the lack-lustre retail sector in our High Streets.
Tax Diary November/December 2018
1 November 2018 - Due date for Corporation Tax due for the year ended 31 January 2018.
£50 note gets new lease of life
The Treasury has confirmed that the £50 note will continue to be part of the UK’s currency, and further, that the Bank of England will reissue it as a new modern polymer note. According to Treasury sources this will help clamp down on crime.
Childcare scheme update
The childcare voucher and directly contracted childcare schemes closed 4 October 2018. In time, these schemes will be replaced by the roll-out of the new Tax-Free Childcare: this offers parents £2,000 per year per child towards approved childcare costs. (This is extended to £4,000 for disabled children.)
Reporting tips for building contractors
HMRC recently published a list of helpful reminders regarding the submission of monthly returns to HMRC. This article lists some of the points highlighted.
Making Tax Digital timeline
As many readers of our newsletter will be aware, HMRC is moving forwards with their digitisation of taxpayer VAT and Income Tax reporting requirements under their much publicised Making Tax Digital (MTD) initiative. We have reproduced below recent announcements made by HMRC on this issue.
Increase in the Annual Investment Allowance
The Annual Investment Allowance (AIA) is being increased from 1 January 2019 to £1m from the present base level set some years ago of £200,000. The increase is due to be available for two years, until 31 December 2020. At this later date, the AIA will presumably return to the £200,000 limit.
Autumn Budget - Business Tax Changes
Corporation Tax
Corporation Tax rates to remain at 19% for the financial year beginning 1 April 2019.
Autumn Budget - Duty Changes
Tobacco duty increases confirmed
The rates for duty for all tobacco products increased by inflation plus 2% from 6pm, 29 October 2018.