Protect your Home
A government think-tank, the Office for Tax Simplification (OTS), was briefed to consider a non-tax issue, a restricted form of limited liability for sole traders.
Points Based Penalties
In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.
Ask the Government to Sell Property
UK residents can ask for publicly owned land and buildings to be sold if they think that the property is vacant or underused.
Changes to Rent-a-Room Relief
A new test is to be added to the qualifying criteria for rent-a-room relief from April 2019.
The test will require that the individual or individuals in receipt of income – the home owner(s) – will need to share occupancy of the residence in question with the individual whose occupation of the furnished accommodation is generating the receipts – the lodger.
When is Capital Gains Tax Payable?
Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19.
There are also a number of circumstances when a disposal does not create a taxable gain. These include:
Tax Diary August/September 2018
1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.
19 August 2018 - PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018)
Tax Diary July/August 2018
1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017.
Director Minimum Salary Levels 2018-19
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases income tax.
Self-Employed Tax Bills
Whether you pay income tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover both “taxes” – NIC and income tax.
Making Tax Digital
A reminder that from April 2019, HMRC’s much vaunted Making Tax Digital (MTD) scheme will apply to certain businesses.
Construction Drawn into VAT Reverse Charge Process
It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.
Succession: Planning for the Lifelong Journey of your Business
Succession planning focuses on having a long-lived plan for your business, yet quite often, this isn't an important discussion until it's too late.