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Personal tax planning – What you need to know for 2019/20.
With the Brexit process rumbling on, Making Tax Digital finally coming into force, and Easter around the corner, now is the time to put your financial plans in place for 2019/20.
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Making Tax Digital – it’s here………
MTD zero-hour is here. The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for…
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Apprenticeship ‘starts’ fall by a quarter
The number of people starting apprenticeships has fallen by 26% since the Government’s reforms to the apprenticeship system, according to a report from the National Audit Office (NAO). In April 2017, the Department for Education (DfE) introduced several changes to the apprenticeships scheme, including a levy on large employers and a co-funding requirement from smaller…
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IHT and the probate charge
Affluent families in England and Wales face paying probate charges of up to £6,000 from this month after ministers confirmed it as a fee rather than a tax. Families have been used to paying flat fees of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth…
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Thousands face huge tax avoidance bills
Contractors whose employers paid them through loans from offshore trusts are being urged to speak to HMRC as soon as possible or risk receiving massive tax bills. Up to 50,000 contractors in the UK are believed to have benefitted from the lower income tax rates applied under loan advances, instead of being paid salaries. Those…
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Stamp duty surcharge for the oversea buyer
The Government is considering introducing a new stamp duty surcharge, which is designed to clamp down on overseas wealth being used to buy homes in England. Ministers have expressed concerns that affluent foreign investors, particularly those buying properties in London, have been driving up house prices for domestic buyers. Figures from the Land Registry showed…
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Are we leaving the EU?
What can your firm do before 29 March 2019? As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business. What is certain is that it will bring change…
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The politics of tax breaks
How did we end up with such a complex system of tax reliefs? If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills. Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy, however. There are too…
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Government launches service to prepare firms for EU exit
The Government has launched a new website service to help businesses prepare for the UK’s exit from the EU later this month. ‘Prepare your business for leaving the EU’ is an online tool that provides information on specific rules and regulations, and aims to inform business owners of what is changing in their sector. The…
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Making Tax Digital for VAT: one month to go
The first batch of VAT-registered businesses have less than a month to go until they enter into the Government’s Making Tax Digital (MTD) regime. All VAT-registered businesses turning over more than £85,000 will be mandated into MTD by 1 October 2019, with the majority of firms adopting the scheme by 1 June 2019. Firms with…
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Minimum contributions rise to 3% for employers in April
Most employers in the UK will see minimum contributions towards their workers’ occupational pension schemes rise from 2% to 3% next month. Businesses are legally obliged to automatically enrol all staff aged between 22 and state pension age, and earning more than £10,000 a year, into a workplace pension. The first workers were automatically enrolled…
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HMRC error hits early-paying self-assessment taxpayers
HMRC admitted an error which saw hundreds of early-paying taxpayers wrongly issued with late-payment notices before the deadline for self-assessment tax returns. The deadline for 2017/18 self-assessment submissions and any tax owed came and went at midnight on 31 January 2019, with £100 penalties in place for not filing on time.
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Year-End Tax Guide 2018-19
Download our Year-End Tax Guide 2018-19
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The risks of a tax investigation
Will HMRC come knocking on your door? It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce. The likelihood of HMRC swooping to investigate your business’s…
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Changes to probate in 2019
Controversial fee increase set to take place from April. From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount. This is because of a proposed change to the fees families must pay to administer the estate of…
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Think tank proposes tax changes to save £7bn
A think tank suggests that tightening up some existing wealth taxes and subsidies could help the Government save almost £7 billion a year by 2022/23. Scrapping the lifetime and help-to-buy ISAs, reforming or replacing council tax, and clamping down on inheritance tax loopholes are among the suggestions made by the Resolution Foundation. Other recommendations include…
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Partners hit by avoidable ISA tax charge
An unnecessary tax charge on inherited ISAs could be resulting in thousands of bereaved partners missing out on a tax break, according to research. Introduced in 2015, the additional permitted subscription is available to the spouse or civil partner of an ISA holder who has died. The subscription provides an extra ISA allowance to the…
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Dual-registration service passes 200,000 milestone
More than 200,000 startup owners have benefitted from a collaborative service that enables businesses to register for tax at the same time as registering their company. The streamlined company registration service, which was announced by HMRC and Companies House in 2015, was launched to reduce the burden on business owners and their agents. When a…
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Auto-enrolment fines rise 146%
Fines issued to employers that fail to comply with their auto-enrolment responsibilities have more than doubled over the last two years, a report from the Pensions Regulator shows. In 2017/18, there were 36,137 fines issued to employers for not complying with the requirements of auto-enrolment – up from 14,707 such penalties in 2016/17. The Pensions…
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Outsourcing payroll – is this a good idea?
Does it make sense for your business? Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task consumes a large amount of time each month, with multiple processes to complete in order to comply with…
