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Tax Diary July/August 2018

1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017. 6 July 2018 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2018 - Pay Class 1A NICs (by the 22 July 2018 if paid electronically). 19...
7 months 3 weeks ago

Unmarried couples to qualify for spousal tax breaks

In a landmark decision, the Supreme Court has ruled that discriminating on the basis of sexual orientation, or a decision to live together rather than marry, is a breach of human rights. Presently, couples need to be in a formal civil partnership or married to be able to claim the...
7 months 3 weeks ago

Why don\'t they join up the dots

According to HMRC, around three million couples across the UK have boosted their finances by claiming the Marriage Allowance, but more than a million married and civil partnered couples are still eligible for the free tax break worth up to £238 a year. Thanks to the start of the new...
7 months 3 weeks ago

Are you paying too much income tax

When your income exceeds £100,000 for income tax purposes your entitlement to a personal allowance (£11,850 for 2018-19) is reduced by £1 for every £2 that your income exceeds this threshold. Which means, when your income reaches £123,700, you no longer qualify for a personal...
8 months 1 day ago

What now for the gig economy

The Supreme Court has ruled in favour of Gary Smith, a self-employed contractor with Pimlico Plumbers, who considered he was due worker’s rights and has now had his assertion rubber stamped by the highest court in the land. There are no win-win outcomes following this case, in fact...
8 months 3 days ago

When is a car a van

There are advantages for tax purposes if the vehicle you buy for your business is considered to be a van as opposed to a car. If you are VAT registered, you can claim back the VAT added to the purchase price (as long as there is no private use in which case you will have to...
8 months 1 week ago

How deep are your pockets

Next month, those of us who are still self-employed will be digging deep to pay our second payment on account for the tax year 2017-18. The deadline to avoid late payment interest and penalties is 31 July 2018. For most of us, these payments on account (January and July 2018) for...
8 months 1 week ago

The Maternity Allowance

Women who find that they are not eligible to claim Statutory Maternity Pay may nevertheless, still qualify for the Maternity Allowance (MA). The amount of MA you get will depend on eligibility. You might get Maternity Allowance for 39 weeks if one of the following applies: you’re...
8 months 2 weeks ago

Construction sector VAT shakeup

Government are considering an extension of the VAT reverse charge to include the construction sector. The reverse charge process places the responsibility for paying VAT on the customer instead of the supplier. In their explanatory notes on this topic HMRC said: What is being done...
8 months 2 weeks ago

Ring in the changes, or else

There are a number of obligations that business owners should be aware, that involve them informing HMRC of changes to their business circumstances. In some cases, failure to comply may result in fines. We have paraphrased some of occasions when you will need to advise HMRC:
8 months 3 weeks ago

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