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12 December 2018

For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain tax reliefs
such as trading losses and certain charitable donations and pension contributions.

This means that for the current tax year...

12 December 2018

There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover levels for joining and leaving these schemes vary.

The flat rate scheme is open to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. However...

12 December 2018

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out, the entitlement
to relief may be affected. Home owners that let all or part of their house may not benefit from the full private residence relief...

12 December 2018

There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as the trading allowance. The income raised from these kinds of ventures is usually supplemental to a taxpayer’s main income,
but this is not always the case.

The exemption from tax applies to taxpayers who have trading income of up to £1,000 from...

11 December 2018

The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU, in the event of a “no deal” Brexit.

The government has confirmed that those EU citizens and their family members who are resident in the UK by 29 March 2019 will have their rights protected, i.e. they will be able to stay and will continue to be able to work, study and...

05 December 2018

HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter specifically identifies workers including nurses, hairdressers, construction workers
and those in retail and food that have to dip into their own pockets to pay for work-related expenses like car mileage, replacing...

05 December 2018

The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of the single are going to two children’s charities; Together for Short
Lives and Shooting Star Chase Children’s Hospice.

Both charities provide support for children with life-limiting illnesses...

05 December 2018

When you employ someone to work in your home, it is your responsibility to ensure you meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such as a nanny, housekeeper, gardener or carer. The rules
are different if the person is self-employed or paid through an agency.

If you employ anyone they must:

  • have an...
05 December 2018

The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other countries' rules for claiming input tax. It is important
to note that VAT incurred in foreign countries can never by reclaimed on a domestic UK VAT return.

There are special rules...

05 December 2018

HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the non-savings and non-dividend income of those defined as Welsh taxpayers and WRIT taxpayers
will receive a new tax code, starting with C for Cymru. A proportion of the revenue from the Welsh rates of Income Tax will go...

05 December 2018

In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the 2017 Budget, the government further announced that this change would be delayed
for a year with the changes set to come into force from April 2019. A further delay in the implementation of the new rules has now...

05 December 2018

The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process.

An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. Eligible employers that have not yet done so can still claim for the current tax...

05 December 2018

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 March and 5 April. However, overlap profits can arise where a business year end
date is not coterminous with the end of the tax year.

Overlap profits can happen in the first 3 years of the business or in...

03 December 2018

In a written ministerial statement, the government has announced 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 2019/20. 

The proposed revised rates are as follows:

  • The standard weekly rates of SMP, SAP, SPP and ShPP...
29 November 2018

1 December 2018 - Due date for Corporation Tax due for the year ended 29 February 2018.

19 December 2018 - PAYE and NIC deductions due for month ended 5 December 2018. (If you pay your tax electronically the due date is 22 December 2018)

19 December 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 December 2018.

19 December 2018 - CIS tax...

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