Archive for the ‘Tax’ Category

Making Tax Digital and Sage Software

Posted on: September 13th, 2018 by Judith Mallen No Comments

Making Tax Digital is HMRC’s move to digitise tax. As from 1 April 2019, businesses with a turnover above £85k will have to submit VAT returns through the HMRC gateway using commercial accounting software. 

If you currently have Sage 50 software you will need to check if your software is MTD Compliant and if the software is not MTD compliant then you will need to upgrade.  (more…)

Inheritance tax receipts reach record high of £5.2bn

Posted on: September 4th, 2018 by Sarah Curzon No Comments

The Treasury fetched a record high of £5.2 billion in inheritance tax receipts last year, according to statistics published by HMRC.

Inheritance tax receipts increased 8% year-on-year in 2017/18 to continue a long-term trend, which began when the nil-rate band was frozen at £325,000 with effect from 6 April 2009. (more…)

HMRC confirms ‘soft landing’ for Making Tax Digital

Posted on: September 4th, 2018 by Leighton Reed No Comments

HMRC has confirmed that digital reporting requirements will be relaxed during the first year of Making Tax Digital (MTD) for VAT-registered businesses.

From April 2019, businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit quarterly returns alongside the annual tax return. (more…)

Stamp duty tax break saves first-time buyers £284m

Posted on: September 4th, 2018 by Sarah Curzon No Comments

Philip Hammond’s decision to abolish stamp duty land tax (SDLT) for most first-time buyers on all properties worth up to £300,000 saved homeowners £284 million in the first half of 2018.

The chancellor scrapped SDLT in Autumn Budget 2017 for most people taking their first steps on the property ladder in England, Northern Ireland and for a limited time in Wales. (more…)

Tax on residential property

Posted on: September 3rd, 2018 by Leighton Reed No Comments

How has devolution affected what tax you pay?

First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up to affect property taxes in Autumn Budget 2017.

Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there. (more…)

Capital allowances for plant and machinery

Posted on: September 3rd, 2018 by Marcus Nallon No Comments

How to minimise business tax in 2018/19.

If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates. (more…)

SMEs cite VAT as ‘biggest administrative headache’

Posted on: September 3rd, 2018 by Sarah Case No Comments

VAT creates the biggest administration burden for around two-thirds of businesses in the UK, research from the British Chambers of Commerce (BCC) has claimed.

The report, which polled more than 1,100 businesses of all sizes, found that 64% were bamboozled by an array of rates and rules to comply with VAT legislation. (more…)

CRS Requirement to Correct – Are your tax affairs up to date?

Posted on: August 20th, 2018 by Leighton Reed No Comments

Since the introduction of the automatic exchange of information in 2016, over 100 jurisdictions around the world, including the UK, have signed up to the Common Reporting Standard (CRS) which is due to become fully effective from September 2018.

In a bid to tackle global tax avoidance, the CRS was commissioned to enable countries to exchange taxpayer information with other participating countries. Overseas financial institutions (such as banks or managed investment funds) are now obliged to provide details to HMRC relating to UK resident taxpayers with HMRC expected to return the favour to foreign tax authorities. (more…)

The Marriage Allowance Explained

Posted on: August 1st, 2018 by Marcus Nallon No Comments

How to make this tax break work for you.

Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015.

Almost half of the UK’s eligible couples failed to claim their slice of £1.3 billion in marriage allowance cash in 2016/17, with many couples either unaware of the tax break or forgetting to claim it. (more…)

Contractors Criticise ‘Flawed’ IR35 Test

Posted on: August 1st, 2018 by Leighton Reed No Comments

A contractor group has slammed HMRC for omitting mutuality of obligation in an online tool designed to assess an individual’s employment status.

Mutuality of obligation requires employers to provide ongoing work for an employee, who then has an obligation to perform that work.

In a self-employed relationship, there is no continuing obligation on either side to offer work or perform the tasks. (more…)