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06 February 2019

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 be £1.50 less and a pint of beer 14p less than if the rates had increased as...

06 February 2019

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 estate if the value of the estate is below the IHT nil rate threshold of £325,000. There...

06 February 2019

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 2017-18 tax year, and also the due date for your first payment on account for 2018-19.

...

06 February 2019

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 will be the second Spring Statement to take place following the government’s decision...

06 February 2019

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 due to start in April 2019, for VAT purposes only, when some 1 million businesses...

06 February 2019

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 ultimately represent the Crown.

There are a number of scenarios where you may be...

06 February 2019

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 record' service you will also activate your personal tax account if you haven’t already...

29 January 2019

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 business has a chargeable period from 1 July 2018 to 30 June 2019, the maximum AIA for...

29 January 2019

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 example for work,

- don’t have a home and stay in Scotland...

29 January 2019

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 or care home for the elderly),
  • charitable non-business activities (for...
29 January 2019

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 information available on the GOV.UK website. They are:

  1. Complete an application and...
29 January 2019

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 after the end of each tax year.

  1. Until you prepare your return and calculate...
29 January 2019

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 capital allowances claimed) with the sales proceeds.

If the amount you receive on...

28 January 2019

The government has launched a consultation seeking views on new proposals to extend redundancy protection for pregnant women and new parents.

As the law currently stands, employees who are placed at risk of redundancy when they are absent on maternity, adoption or shared parental leave have an absolute right to be offered a suitable alternative vacancy (where one is available) in...

23 January 2019

A recent press release by HMRC revealed some of the oddest excuses for submitting a late tax return. The excuses ranged from the sublime to the ridiculous and included:

  1. My mother-in-law is a witch and put a curse on me.
  2. I’m too short to reach the post box.
  3. I was just too busy – my first maid left, my second maid stole from me, and my third maid was very slow to...

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