NEWSLETTER February 2020 Pay capital gains tax in 30 days If you are planning to sell a residential property this year be prepared to pay any capital gains tax (CGT) due within 30 days of the completion date. CGT has normally been payable by 31 January after the end of the tax year in which […]
TAX BRIEFING December 2019 Gains from off-plan homes If you bought your home brand new and ‘off-plan’ you may realise a significant capital gain when you sell that property. This is not a problem if you occupied the property as your main home for your entire period of ownership. In that case principal private residence […]
TAX BRIEFING September 2019 Trading and miscellaneous income Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax purposes: was it when the first sale […]
TAX BRIEFING June 2019 Paying the right NIC Your workforce may include people of all ages from school leavers to those past state pension age, with some working part time or holding down two jobs concurrently. The national insurance contributions (NICs) payable differ, so it is important to get the calculations right. Employers’ NICs are […]
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 new VAT registrations after April […]
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 the Government. Where else can […]
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 a reward for services as […]
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 only cover the mortgage payments.
The restriction will come in from 6th April 2017 and will be phased in over five years. This will only affect higher rate taxpayers and only those with residential let property (not commercial property) and does not apply to a property business or furnished holiday lets. So for landlords that are basic rate taxpayers there […]
The summer budget had some nasty surprises for small companies. If your company pays dividends and you are a basic rate taxpayer but don’t use up all your basic rate band, then consider taking additional dividends before 6th April 2016. These dividends don’t need to be paid but you do need to have sufficient reserves […]