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New Guidance for Employers

23rd November 2018 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Pensions and Payroll
New Guidance for Employers

HMRC has issued the October 2018 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. The articles cover a number of areas including: clarification of the rules regarding paying employees when the regular payday is a non-banking day dealing with PAYE Settlement Agreements and new procedures to accommodate Scottish income tax rates Construction Industry Read the full article…


Entrepreneurs’ Relief Changes

21st November 2018 | Written by In Accountancy | Categories : Budget, Business, Client Focus, HMRC, News
Entrepreneurs’ Relief Changes

The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in both the distributable profits and Read the full article…


Capital Allowances Changes (update with 30 second video)

18th November 2018 | Written by In Accountancy | Categories : Budget, Business, HMRC, News
Capital Allowances Changes (update with 30 second video)

A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January 2019. Other changes to the Read the full article…


HMRC Countdown: File Your Tax Return

17th November 2018 | Written by In Accountancy | Categories : Client Focus, HMRC, Personal Tax, Tax
HMRC Countdown: File Your Tax Return

With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019. An automatic penalty of £100 applies if the return is late. HMRC Read the full article…


Personal Tax Changes – Allowance and Basic Rate Band Increases

16th November 2018 | Written by In Accountancy | Categories : Budget, Client Focus, HMRC, News, Personal Tax, Tax
Personal Tax Changes – Allowance and Basic Rate Band Increases

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are Read the full article…


Autumn Budget 2018 for Contractors – IR35 explained

5th November 2018 | Written by In Accountancy | Categories : Budget, Business, Contractors, HMRC, HMRC, Limited Companies, News, Pensions and Payroll, Pensions and Payroll, Personal Tax, Tax
Autumn Budget 2018 for Contractors – IR35 explained

The Autumn Budget 2018 announced that changes to off payroll working in the private sector would not be introduced before 2019/20 tax year, and even then would only apply to large and medium sized businesses. We have had questions from a number of our contractor clients who are concerned about what any changes in relation to IR35 legislation may mean Read the full article…


Contractors Almost £1,000 better off in the 2018 Budget

5th November 2018 | Written by In Accountancy | Categories : Budget, Business, Contractors, HMRC, HMRC, Limited Companies, News, Personal Tax, Tax
Contractors Almost £1,000 better off in the 2018 Budget

The changes introduced in the 2018 Autumn Budget mean that many contractors could be almost £1,000 better off under the new tax rules. We have had many queries from our contractor client about what the Autumn 2018 Budget really means for them. So, we thought it might be useful to take a moment to highlight the areas which we think will impact Read the full article…


Deliberate Tax Defaulters – HMRC publishes updated list

15th October 2018 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Personal Tax, Tax
Deliberate Tax Defaulters – HMRC publishes updated list

HMRC has published an updated list of deliberate tax defaulters. The list of deliberate tax defaulters includes details of taxpayers who have incurred a penalty because they have either: deliberately provided one or more inaccurate documents to HMRC deliberately failed to comply with an HMRC obligation committed a VAT or excise wrongdoing. HMRC’s criteria for publishing this information also states Read the full article…


Autumn Budget 2018 set for Monday 29 October

13th October 2018 | Written by In Accountancy | Categories : Budget, Business, HMRC, Making Tax Digital, News
Autumn Budget 2018 set for Monday 29 October

The Chancellor of the Exchequer, Philip Hammond, has announced that the Autumn Budget 2018 will take place on Monday 29 October. Breaking with the tradition of a Wednesday in November, perhaps in a bid to avoid the ongoing Brexit negotiations, the government is expected to set out its plans ‘to build a stronger, more prosperous economy, building on the recent Read the full article…


‘No Deal’ Brexit Guidance and Small Business Survey

12th October 2018 | Written by In Accountancy | Categories : Business, HMRC, News, Personal Tax
‘No Deal’ Brexit Guidance and Small Business Survey

Following the issue of some ‘no deal’ Brexit technical notices, in August, the government has issued further notices with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. The second and third batches of notices relating to a ‘no deal’ Brexit cover topics such as passports, driving licences together Read the full article…