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03 April 2019

The annual allowance for tax relief on pensions has been fixed at the current level of £40,000 since 6 April 2014. Since April 2016, the annual allowance has been further reduced for high earners. Those with income in excess of £150,000 will usually have their allowance tapered. For every £2 their income exceeds £150,000 the annual allowance is reduced by £1, up to a maximum reduction...

02 April 2019


  • The National Minimum Wage (NMW) and National Living Wage (NLW) rates will increase from 1 April 2019. The NLW for workers aged 25 or over will increase to £8.21 per hour, the NMW standard rate for workers aged 21 to 24 will increase to £7.70 per hour, the NMW development rate for workers aged 18 to 20 will increase to £6.15 per hour, the NMW young workers rate for those aged...
27 March 2019

The deadline for businesses with a turnover above the VAT threshold to keep digital records for VAT purposes using Making Tax Digital (MTD), is here. For VAT returns periods starting on or after 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will have to:



  • keep their records digitally (for VAT purposes only), and

  • ...
26 March 2019

Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to a fixed amount, currently £23,400. For example, a vehicle with a CO2 rating of 150g/km would create a taxable benefit of £...

26 March 2019

There are special rules that need to be taken into account if you employ an au pair in your home. This is because au pairs are not usually considered as workers or employees and are not entitled to the National Minimum Wage or paid holidays.

An au pair is effectively treated as a member of the family they live with and receive 'pocket money' instead of salary. The au pair may be liable...

26 March 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 includes confirmation that HMRC is contacting selected taxpayers by phone in...

26 March 2019

Most of our readers will be aware of the £1,000 property income allowance that came into effect on 6 April 2017. This allowance applies to income from property (including foreign property). If your annual gross property income is £1,000 or less, the amount is exempt from tax and doesn’t need to be reported on your tax return. In practice, the use of this allowance is limited, but could work,...

26 March 2019

There are special rules for the taxation of post-cessation receipts, those received after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Income Tax or Corporation Tax on the income. This does not have to be the same person who carried on the original trade.

The only test to...

26 March 2019

There are special rules for the taxation of post-cessation receipts and post-cessation expenses. This article explains how, or if, post cessation expenses can be claimed.

In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been considered deductible in calculating trading profits.

This means that the expense still has to meet...

26 March 2019

There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes known as a VAT group.

Advantages of group registration

  • The representative member accounts for any tax due on supplies made by the group to third parties outside the group. This is particularly helpful if your accounting is centralised.
  • ...
25 March 2019

The government has launched its first holiday pay advertising campaign aimed at encouraging workers to understand their rights and employers to understand their legal obligations in relation to holiday pay. It estimates that, in the UK, 1.8 million workers are not receiving the holiday pay they are entitled to, resulting in them missing out on an estimated £1.8 billion each year.

...
25 March 2019

1 April 2019 - Due date for Corporation Tax due for the year ended 30 June 2018.


19 April 2019 - PAYE and NIC deductions due for month ended 5 April 2019. (If you pay your tax electronically the due date is 22 April 2019)


19 April 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2019. 


19 April 2019 - CIS tax deducted...

20 March 2019

In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems.


We have reproduced below a summary from the letter of the main announcements made by HMRC on this issue.


Changes to VAT IT systems


If the UK leaves the EU...

20 March 2019

The definition of a finance lease can be difficult to pin down. In legal form a finance lease is just another lease - the legal ownership of the asset lies with the lessor and the lessee only has the right to use the asset.


However, in commercial terms a finance lease is often considered to be an alternative form of 'purchase' with a loan of money and with the asset as...

20 March 2019

Since April 2018 company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House.


Prior to the introduction of this law it was only possible for a director to ask for their personal address to be hidden from...

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