Latest News

Keep up to date with our newsletter here

12 February 2020

We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that there is no CGT to pay on the first £12,000 of gains where you dispose of chargeable assets, such as property or stocks and shares.

If you are a married couple or civil partnership, you should...

12 February 2020

Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay.

This is the first time that Scotland has held a Budget before the rest of the UK. 

It was announced as part of the Scottish Budget that there would be no change in Income Tax rates and only a...

12 February 2020

HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from creditor action while those affected will receive professional debt advice in order to find an appropriate solution to their debt issues.

The breathing space scheme will have a 60-day respite period during...

06 February 2020

The draft National Minimum Wage (Amendment) Regulations 2020 have been laid before Parliament and are due to come into force on 1 April 2020. The regulations will increase the various rates of the National Minimum Wage (NMW) and National Living Wage (NLW) as follows:

  • the NLW rate for workers aged 25 and over will rise from £8.21 to £8.72 per hour
  • the NMW standard rate for...
06 February 2020

Following the government policy paper published in January 2020, announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2020/21, the government has now published the draft Social Security Benefits Up-rating Order 2020 which confirms the...

05 February 2020

If you have clients that have been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, you should consider whether it will be more beneficial for them to leave the VAT Flat Rate Scheme (FRS) and revert to using traditional VAT accounting.

Businesses can leave the FRS at any time by notifying HMRC. To save any additional complications this is...

05 February 2020

A major change to the way Capital Gains Tax (CGT) is reported and paid will come into effect from 6 April 2020.  Currently, the usual due date for paying any CGT owed to HMRC on property disposals is the 31 January following the end of the tax year in which a capital gain was made. From 6 April 2020, any CGT due on the sale of a residential property by a UK resident will need to be reported...

05 February 2020

Now that the formal Brexit withdrawal agreement is agreed, there will be changes to the rules for living, working, travelling and doing business in the UK and EU. These changes are expected to commence at the end of the transition period, from 1 January 2021.

While in the transition, the current rules on trade, travel, and business for the UK and EU will continue to apply.

Much...

05 February 2020

Are you among the over 958,000 taxpayers that missed the 31 January 2020 filing deadline for 2018-19 Self-Assessment returns? If you missed the filing deadline you will be charged a £100 fixed penalty if your return is up to 3 months late, whether you owed tax or not for the 2018-19 year.

If you do not file and pay before 1 May 2020, you will face far greater penalties. A daily penalty...

05 February 2020

For the time being, travel between the EU and UK continues as before. This means that if you have any travel plans to the EU during the rest of 2020 you can expect the pre-Brexit withdrawal travel regulations will still apply.

However, new rules are likely to apply for travel to Europe from 1 January 2021. This is conditional on the transition period ending on 31 December 2020. 

...

05 February 2020

The Chancellor recently announced that the level of funding for direct payments for farmers would continue for 2020 at the same rate as 2019. This has now been confirmed by the Department for Environment, Food & Rural Affairs (DEFRA).

This will help provide certainty to farmers allowing them to plan for the future, sow their crops and care for their livestock with confidence. The...

05 February 2020

The Chancellor, Sajid Javid, has confirmed that a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500 will apply from April 2020. The increase, by more than 10% over the current year’s figure of £8,632, will apply to both the employed and self-employed.

Some 31 million taxpayers will benefit from this change with a typical employee...

05 February 2020

As the deadline for submitting your 2018-19 tax return has passed, now is a good time to focus on the 2019-20 tax year. It is important to carry out an annual review and ensure that you have planned properly for the current tax year. This includes exploring any tax saving strategies that are available before the current tax year ends on 5 April 2020.

A number of readily available saving...

30 January 2020

1 February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019.

19 February 2020 - PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020)

19 February 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2020. 

19 February 2020 - CIS tax...

29 January 2020

HMRC has published a useful list to help businesses transport goods commercially when driving from the UK to or through Europe. In the short-term there will be a transition period during which all rules remain the same. The Government expects to have a trade deal in place with the EU by the end of the year.

The six points of action listed below are likely to be relevant once a trade...

Pages

Providing the direction that leads to growth.

"Sam and her team have acted as trusted advisers since 1999 "
AM Data Specialists