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16 January 2019

The P85 form should be completed by individuals or their agents to advise HMRC that have left the UK to live or are going to work abroad for at least one full tax year.  

The completion of the P85 form will ensure that an individual leaving the UK can claim any tax refund they are entitled to and will also help HMRC decide how an individual should be treated for the purposes of UK tax...

09 January 2019

The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension savings for the employed has helped highlight that pension
savings for the self-employed are lagging behind those achieved for the employed. In fact, government research has shown that only...

09 January 2019

HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of the 12-sided £1 coin replacing the older coins. The coins
are expected to feature images celebrating the heritage of these territories, with their history and culture pictured on the...

09 January 2019

The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes.

In order to qualify as a furnished holiday letting, the following criteria need to be met:

  • The property must be let on a commercial basis with a view to the realisation of profits. Second homes or properties that...
09 January 2019

A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company Registration Service was announced as part of the Small
Business, Enterprise and Employment Act 2015 to help reduce administrative burdens and came into effect last year. However, there...

09 January 2019

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject
to VAT at the standard rate.

The ability to convert the treatment of VAT exempt land and buildings to taxable can have many...

09 January 2019

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited liability
partnerships. The entry threshold for the cash basis scheme is £150,000 and you can stay in the scheme until your business...

09 January 2019

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes: email messages, text messages and telephone
contacts from HMRC.

The latest updates on the list include information on a research project being carried out to see...

02 January 2019

A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are expected to complete
a 2017-18 self assessment tax return this year.

Taxpayers are reminded that the deadline for submitting the 2017-18 self...

02 January 2019

The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31
January 2019 is also the payment date for any Capital Gains Tax due in relation to the 2017-18 tax year and the due date for the first...

02 January 2019

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members.

It is possible to employ young people if they are 13 or over but there are special rules about how long they can work and what jobs they can do. Children...

02 January 2019

The government published Finance (No.3) Bill 2017-19 on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill, colloquially known as Finance Bill 2018-19 will become
Finance Act 2019 after Royal Assent is received which is expected in March 2019 before the Brexit deadline.

The progress of...

02 January 2019

There are special customs requirements for commercial goods or samples which are imported or exported by passengers in their accompanied baggage (hand carried). This is known as Merchandise In Baggage or MIB.

MIB goods include the following:

  • goods acquired for company use
  • goods for sale
  • spare parts
  • trade samples

whether or not they...

02 January 2019

HMRC offers an online service to check a National Insurance record. 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 done so. The personal tax account...

02 January 2019

Capital Gains Tax (CGT) rollover relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain
of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability...

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