Making Tax Digital – a reminder for VAT registered traders

March 20th, 2018

From April 2019, certain self-employed businesses will be required to file VAT returns direct to their online personal tax accounts with HMRC. Eventually, all income and allowances will be kept in the digital account that HMRC are setting up to calculate your tax liabilities. HMRC are still hedging their bets, but it is unlikely that […]

GDPR, 75 days to go

March 19th, 2018

A reminder that the General Data Protection Regulation is due to become law 25 May 2018. At the time of writing this blog, that’s 75 days to become compliant. Why should you take the GDPR seriously? Basically, because there are significant financial penalties for getting it wrong: fines of up to 4% of an organisation’s […]

Spring Statement 2018

March 14th, 2018

As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties. There was very little “promised” in terms of new tax or other strategic items […]

Time to raid piggy banks

March 8th, 2018

From the 1 March 2018, the old-style £10 notes featuring Charles Darwin, ceased to be legal tender. A recent announcement by Companies House suggests the following actions: Time is ticking for the old paper £10 banknote. We’re advising all businesses to take ‘note’, as there’s just a few days left to spend your old ‘tenners’. […]

Massive fine for making VAT payment one day late

March 6th, 2018

In a recent case considered by the courts a company was fined £297,845 for being one day late in paying their VAT. The case highlights the unpredictable, and seemingly harsh outcomes of HMRC’s VAT surcharging rules. If you pay your VAT on time, whether quarterly or monthly, and you make sure that you file your […]

Claiming expenses by the mile

March 5th, 2018

A reminder that employees can make a claim for the business use of their own cars, motorcycles or cycles by logging their business mileage and applying an approved mileage rate. Mileage allowance payments (MAPs) are the HMRC approved rates used by most employers to reimburse employees when they use their own transport for business purposes. […]

Inheritance tax in for an overhaul

March 5th, 2018

The Office for Tax Simplification (OTS) has been tasked by government to review key aspects of the inheritance tax (IHT) legislation. According to information posted to the government’s website recently, the review would appear to be wide ranging. Issues to be examined include: The process around submitting IHT returns and paying any tax, including cases […]

Tax Diary March/April 2018

March 5th, 2018

1 March 2018 – Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 – PAYE and NIC deductions due for month ended 5 March 2018. (If you pay your tax […]

Tax and making loans to employees

March 5th, 2018

A reminder that making loans to your employees or their relatives can create tax problems for employees and employers. For example, the employer will have an obligation to report a beneficial loan to HMRC and the deemed benefit would be a taxable benefit in kind for the relevant employee. A beneficial loan is one that […]

Tax-free childcare support expanded

March 5th, 2018

From 14 February 2018, tax-free childcare is available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare. According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 […]

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