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Capital Allowances Changes

18th November 2018 | Written by In Accountancy | Categories : Budget, Business, HMRC, News
Capital Allowances Changes

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…


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…


HMRC begins writing to businesses alerting them to Making Tax Digital for VAT – ICAEW News

6th November 2018 | Written by In Accountancy | Categories : News
HMRC begins writing to businesses alerting them to Making Tax Digital for VAT – ICAEW News

ICAEW research in July 2018 revealed that of the businesses required to submit their VAT returns using software or an app from April 2019, 42% were unaware of the change. Although ICAEW and the other professional bodies have been making members aware of Making Tax Digital (MTD) and its impact on how businesses keep their accounting records and file their 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…


AUTUMN 2018 BUDGET OVERVIEW

30th October 2018 | Written by In Accountancy | Categories : Budget, Business, Client Focus, News, Pensions and Payroll, Personal Tax, Tax
AUTUMN 2018 BUDGET OVERVIEW

Autumn Budget 2018 – for “Strivers, Grafters and Carers” Budgets, as we all know, take place on Wednesdays. After the excitement of Prime Minister’s Questions, the Deputy Speaker calls ‘the Chancellor of the Exchequer’ and he – so far we have not had a female Chancellor – bounds to his feet, delivering an upbeat message about the nation’s finances and 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…


Recognising phishing emails and texts from HMRC

10th October 2018 | Written by In Accountancy | Categories : HMRC, HMRC, News
Recognising phishing emails and texts from HMRC

We are experiencing an increasing and worrying number of clients who have been subject to HMRC phishing emails and other scams. Luckily when they have checked with us we have been able to advise them whether or not the contact appears to be genuine, or whether we think it is a bogus or phishing email and what to do next. Read the full article…