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18 December 2019

When a VAT registered business issues an invoice to their customer, they must seek to ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different VAT rates and exemptions to be aware of. These include the reduced VAT rate of 5% and the positive zero rate (0%).

There are two other categories...

18 December 2019

Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income. The tax rules for foreign income can be very complex.

However, as a general rule if you are resident in the UK you need to pay UK Income Tax on your foreign...

18 December 2019

As the election upheavals are now completed, the government has issued a timely news release to help people shop safely for children's presents this Christmas. The Office for Product Safety & Standards (OPSS) is a part of the Department for Business, Energy & Industrial Strategy and has partnered with Santa, Royal Society for the Prevention of Accidents, Chartered Trading Standards...

18 December 2019

If you are entitled to the marriage allowance and have not yet applied, then you could receive a well-timed Christmas bonus of up to £1,150 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or civil partner is a non-taxpayer i.e. has an income below their personal allowance (currently £12,500).

The marriage...

11 December 2019

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions and thus increase the amount of benefits a person is entitled to receive, for example, the State Pension.

National Insurance credits are available in certain situations where...

11 December 2019

The Government will waive the VAT equivalent on the sales of this year’s X Factor Celebrity 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 Children’s Hospices.

Both charities provide support for the families of children with life-limiting illnesses. The donation will be the equivalent...

11 December 2019

There are a significant number of reliefs that can reduce the amount of Corporation Tax your company needs to pay on profits made. Your company can also claim Capital Allowances for assets such as equipment, machinery and cars bought to use in your business.

The basic Corporation Tax reliefs include the following:

Research and Development tax reliefs - There are...

11 December 2019

As we are now almost three-quarters of the way through yet another tax year it can be useful to consider the benefits of basic Income Tax reliefs. This will help ensure that your tax liability is no higher than necessary. 

We have listed some of the main reliefs below:

Pension contributions - Tax relief for contributions to pension schemes is given at your...

11 December 2019

There are a number of reliefs available that can reduce liability to IHT. The most relevant for farmers is the Agricultural Property Relief (APR). Relief is available at a rate of 100% or 50% depending on who farms the land and how long the land has been owned.

The APR can be claimed on assets including:

  • farming land or pasture that is used to grow crops or to rear animals...
11 December 2019

If you are in business as a self-employed sole trader or as part of a partnership, then you will be liable to pay Capital Gains Tax (CGT) if you make a profit selling all or part of a business asset. CGT is normally charged at a flat rate of 20%. However, there are various reliefs available that can reduce the amount of CGT you are required to pay.

We have listed below the main CGT tax...

11 December 2019

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT and accordingly, reducing the administration costs of complying with the VAT legislation. VAT is calculated under the FRS by applying a flat rate percentage to the flat rate turnover. The flat rate percentage varies from 4% to 16.5%.

There are special rules that apply to expenditure on...

11 December 2019

We would like to remind employers about the electronic PAYE payment dates. The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically; a payment on the day usually suffices.

However, where the due date falls on a non-banking day (weekend or bank holidays) HMRC must have cleared funds by the last bank working day before the 22nd....

05 December 2019

The Information Commissioner’s Office (ICO) has launched a campaign aimed at contacting all registered UK companies to remind them of their legal responsibility to pay a data protection fee. The campaign marks the start of an extensive programme by the ICO to make sure the data protection fee is paid by all those who are required to pay it.

Under the Data Protection Act 2018,...

05 December 2019

The Government has published a revised holiday entitlement calculator, intended as a temporary replacement while the original calculator “undergoes maintenance”, to enable workers to calculate the minimum statutory annual leave they should receive based on their time in employment. The calculator is accompanied by online guidance for employers on how to calculate statutory holiday entitlement...

04 December 2019

A tax accounting period for Corporation Tax purposes cannot exceed a 12 month period. If company accounts cover less than 12 months then the accounting period will normally end on the same day, and thus will be shorter than 12 months. This can happen if the company stops trading or shortens its company’s year-end: also known as its accounting reference date.

There is an interesting...

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