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What we can expect in the early part of next year

:: in August 7, 2020 :: in Blog, Uncategorized :: Comments Off on What we can expect in the early part of next year

HMRC have just released a bit more information on what we can expect in the early part of next year. Job Retention Bonus Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme…

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First stage of Making Tax Digital (MTD)

:: in November 6, 2017 :: in Uncategorized :: Comments Off on First stage of Making Tax Digital (MTD)

The first stage of MTD comes into effect in April 2019. All businesses that have registered for VAT will need to use software that files the VAT return directly to HMRC. The option of logging into HMRC’s website and manually inputting the VAT figures will no longer be available. All…

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Lifetime ISA

:: in April 30, 2017 :: in Uncategorized :: Comments Off on Lifetime ISA

It’s not very often that free money comes along but from 6th April 2017 the Government will introduce the Lifetime ISA. If your child is somewhere between 18 and 40 and hasn’t yet purchased their first home then any savings into this new scheme will attract 25% additional funds from…

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Trivial benefits

:: in March 17, 2016 :: in Uncategorized :: Comments Off on Trivial benefits

There is no longer a need to report trivial benefits for staff to HMRC (Benefits up to £50). An employer can now pay a benefit to an employee where it is no more than £50, as many times in the tax year as they wish. However, this must not be…

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Removal of wear and tear allowance

:: in September 30, 2015 :: in Uncategorized :: Comments Off on Removal of wear and tear allowance

From 6th April 2016 the wear and tear allowance will be removed and replaced by the actual expenditure. For those landlords who have furnished property this is likely to mean an increase in their tax payments from 31st January 2018. Planning for this cost could be critical where the rents…

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