From April 2020, HMRC are changing two important tax concessions that apply to landlords letting property that they as owners have previously occupied at some point as their home (Principal Private Residence (PPR)).
The first is the reduction of the present rule that exempts the...
2 months 1 week ago
If you have employees, and if one or more of those employees benefit from the use of facilities that you provide, cheap loans, a company car for example, it is well known that you as their employer will need to inform HMRC of the amount of these benefits following the end of the tax...
2 months 1 week ago
You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.
At present, the only regional variations under the control of the Scottish or Welsh governments are the rates of Income Tax...
2 months 2 weeks ago
Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions...
2 months 2 weeks ago
On the face of it, this sounds implausible. How can you change your will if you have died?
In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death.
Any change must be completed within two years of the death...
2 months 2 weeks ago
The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.
An example set out on the Gov.uk website illustrates the point:
If you buy a new vacuum...
2 months 2 weeks ago
1 May 2019 - Due date for Corporation Tax due for the year ended 30 July 2018.
19 May 2019 - PAYE and NIC deductions due for month ended 5 May 2019. (If you pay your tax electronically the due date is 22 May 2019)
19 May 2019 - Filing deadline for the CIS300 monthly return for the...
2 months 2 weeks ago
If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.
If you distribute P60s and then discover that changes need to be made you will need to give employees a...
2 months 2 weeks ago
If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences.
Consider a parent whose personal assets amount to more than £...
2 months 2 weeks ago
The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business.
If you hire family members you must:
avoid special treatment in terms of pay, promotion and working...
2 months 3 weeks ago
Pages
-
It is business as usual at the Treasury https://t.co/led8fwht5X -
-
Filing documents with Companies House https://t.co/5bt45z4eJs
-
-
HMRC prevents phone fraudsters https://t.co/xWwEhNDYLG
-
Update on the VAT reverse charge for building contractors https://t.co/bbt9zIyIpS
