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Gifts out of disposable income
12/02/2019 - More...
There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give unlimited individual gifts of up to £250 per person during the tax year, but only if you haven’t used...

What work is covered by the CIS scheme?
12/02/2019 - More...
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. Under the scheme, contractors deduct money from subcontractors'...

When do you pay Capital Gains Tax?
12/02/2019 - More...
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. However, if you only pay basic rate tax and make a small capital gain, you may only be subject to a reduced rate of 10%. Once the total of your taxable income and...

Class 4 NICs who is liable?
12/02/2019 - More...
There are two types of National Insurance Contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they qualify for the small earnings exception or other exemptions which remove the...

Reduction in special Writing Down Allowance
12/02/2019 - More...
Businesses can claim Capital Allowances tax relief for certain types of capital expenditure. For expenditure on plant and machinery that exceeds the Annual Investment Allowance (AIA) and does not qualify for a first year allowance, a standard 18% Writing Down Allowance (WDA) is available. This is...

EIS Income Tax relief restriction for connected parties
12/02/2019 - More...
The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. In order for investors to be able to claim EIS tax reliefs, the company which issues the shares...

Tax codes for employees
12/02/2019 - More...
The P9X form is used to notify employers of the tax code to use for employees. The form shows the tax codes to use from 6 April 2019. The basic Personal Allowance for the tax year starting 6 April 2019 will be £12,500 and the tax code for emergency will be 1250L. The basic rate limit is £37,500...

Alcohol duty freeze confirmed
05/02/2019 - More...
The Chancellor, Philip Hammond recently paid a visit to an independent brewery in Liverpool and confirmed that the duty rates on beers, spirits and most ciders will be frozen at the current rates for another year from 1 February 2019. These measures mean that the average price for a bottle of whisky...

Will you pay tax on your inheritance?
05/02/2019 - More...
If you inherit property, money or shares you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. There is normally no tax to be paid by the deceased’s...

Struggling to pay your January tax bill?
05/02/2019 - More...
Have you missed the 31 January 2019 deadline for paying your tax bill? The 31 January was not just the final date for submission of your Self Assessment tax return but also an important date for payment of other tax due. This included the payment of any Capital Gains Tax due in relation to the...

Spring Statement 2019
05/02/2019 - More...
The Chancellor, Philip Hammond, has announced that he will deliver his Spring Statement to the House of Commons on Wednesday, 13 March 2019. The timing of the statement is interesting as the Spring Statement is due to take place just over 2 weeks before the 29 March Brexit withdrawal date. This...

MTD pilot for self-employed is available
05/02/2019 - More...
The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is...

Claiming money or property from a dissolved company
05/02/2019 - More...
Any property, cash and other asset owned by a company when it is dissolved automatically passes to the Crown as ownerless property. This process is known as 'bona vacantia' which literally means vacant goods. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all...

Checking your NIC records
05/02/2019 - More...
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance...

Maximum AIA calculations for split accounting periods
28/01/2019 - More...
The recent, and temporary, increase in the AIA to £1m from 1 January 2019 creates computational issues if a trader's accounting period straddles this date. The following example published by HMRC illustrates one variant that you may encounter when considering AIA relief due to clients. Where a...

Who pays Income Tax in Scotland?
28/01/2019 - More...
According to HMRC, individuals pay Scottish Income Tax if they live in Scotland. Care should be taken when considering the phrase "live in Scotland". In particular, you may also pay Scottish Income Tax if you: - move to or from Scotland,- live in a home in Scotland and one elsewhere in the UK, for...

Charities - reducing input VAT
28/01/2019 - More...
Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced rate (5%) or the ‘zero rate’ on some goods and services. Charities pays 5% VAT on fuel and power if they’re for: residential accommodation (for example, a children’s home...

Brexit – what the UK government has advised business owners to do
28/01/2019 - More...
The Brexit uncertainties continue. To help businesses consider their options HMRC has published more information for UK businesses that buy or sell goods from or to the EU. We have copied in below three specific actions that need to be considered and updated them for recent changes to the...

Sooner is better than later
28/01/2019 - More...
Last week we passed the filing deadline (31 January 2019) for the 2017-18 self assessment tax returns. A surprising number of taxpayers are still content to deal with this annual chore at the last minute. This article sets out a few compelling reasons for preparing your tax return as soon as you can...

What is taxable when you sell a commercial vehicle or other equipment?
28/01/2019 - More...
When you purchase a van or other equipment that qualifies for tax relief, the cost of the asset is reduced - for tax purposes - by the amount of any capital allowance you claim. Consequently, if you sell the asset at a later date you will need to compare the tax written down value (cost minus any...

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