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Self-Assessment Deadlines

11th September 2019 | Written by In Accountancy | Categories : Client Focus, HMRC, Personal Tax, Self-Employed, Tax
Self-Assessment Deadlines

Two self assessment deadlines are approaching: 5th October 2019 For those individuals who have not previously completed a tax return but need to report a liability for 2018/19. 31st October 2019 For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2018/19 return is 31 October 2019. Returns submitted after that date must be Read the full article…


Digital Services Tax

8th September 2019 | Written by In Accountancy | Categories : Accounts, Business, Client Focus, HMRC, Miscellaneous, Personal Tax, Self-Employed, Small Business Tips, Tax
Digital Services Tax

From April 2020, the government will introduce a new 2% tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users. However, this only applies when the group’s worldwide revenues from these digital activities are more than £500m and more than £25m of these revenues are derived from UK users. Jesse Norman, Read the full article…


Off-Payroll Rules For The Private Sector

2nd September 2019 | Written by In Accountancy | Categories : Accounts, Business, Client Focus, HMRC, Miscellaneous, Pensions and Payroll, Self-Employed, Tax
Off-Payroll Rules For The Private Sector

The government has published the draft legislation for the next Finance Bill including the rules for off-payroll working in the private sector. The legislation is open for consultation until 5 September 2019. The new rules will apply from April 2020 and the effect of these rules, if they apply to intermediaries, typically Personal Service Companies (PSC), will be: the medium Read the full article…


Private Residence Relief Changes

27th August 2019 | Written by In Accountancy | Categories : Business, HMRC, Miscellaneous, Tax
Private Residence Relief Changes

The government published draft legislation for the next Finance Bill including draft clauses on the changes to Private Residence Relief (PRR). The draft legislation is subject to consultation which closes on 5 September 2019. Following consultation this Spring, changes are proposed to the Private Residence Relief (PRR) regime from April 2020. For properties that have not been occupied throughout the Read the full article…


VAT Changes May Cause Construction Chaos

25th August 2019 | Written by In Accountancy | Categories : Accounts, Business, CASH, CIS, Construction Industry, HMRC, Limited Companies, Tax, VAT
VAT Changes May Cause Construction Chaos

The Federation of Master Builders (FMB) is warning that a major change in the way that VAT is accounted for in the building and construction sector which takes effect later this year may cause chaos. The VAT domestic reverse charge for building and construction services applies from 1 October 2019. It is an anti-fraud measure – an administrative change, impacting Read the full article…


Working Parents May Be Eligible For Tax-Free Childcare This Summer

23rd August 2019 | Written by In Accountancy | Categories : Business, CASH, Client Focus, HMRC, HMRC, Miscellaneous, Self-Employed, Small Business Tips, Tax
Working Parents May Be Eligible For Tax-Free Childcare This Summer

The government is reminding working parents that they could ease this summer’s childcare costs by using Tax-Free Childcare (TFC). The scheme is worth up to £2,000 a year for each child and allows parents to save regularly for childcare costs. For each £8 saved the government will make a top-up payment of £2. The money saved can be put towards Read the full article…


How to improve cash flow in a small business: Cash really is King!

23rd August 2019 | Written by In Accountancy | Categories : Accounts, Budget, Business, CASH, Client Focus, Limited Companies, News, Small Business Tips, Tax
How to improve cash flow in a small business: Cash really is King!

How to improve cash flow in a small business? This is a question we are often asked by clients and contacts alike. I continue to be surprised by the number of businesses out there who focus on top line sales growth above all else and forget the rule that Turnover is Vanity, Profit is Sanity, but cash is KING! And Read the full article…


IR35: What’s next for Personal Service Companies?

20th August 2019 | Written by In Accountancy | Categories : Accounts, Contractors, HMRC, IR35, News, Tax
IR35: What’s next for Personal Service Companies?

If you’re an individual contractor trading through your own Limited or Personal Service Company (PSC) you will be aware of IR35 Legislation which has been in place since April 2000. Since this date it has been the contractor’s responsibility to determine whether a contract falls ‘inside’ or ‘outside’ of IR35. If the engagement falls outside of IR35 then for tax Read the full article…


Consultation on the Operation of Insurance Premium Tax

26th July 2019 | Written by In Accountancy | Categories : Accounts, Budget, Business, CASH, HMRC, HMRC, News, Tax
Consultation on the Operation of Insurance Premium Tax

HMRC has launched a consultation to review the extent to which the emerging practices are leading to ‘unfair tax outcomes’ in the administration and collection of Insurance Premium Tax (IPT). HMRC’s consultation document states: ‘We have been made aware of business practices involving administration and arrangement fees which may be leading to unfair tax outcomes in the insurance industry.’ ‘This Read the full article…


Payment On Account Confusion

23rd July 2019 | Written by In Accountancy | Categories : Accounts, Budget, Business, HMRC, News, Tax, VAT
Payment On Account Confusion

Under self assessment taxpayers are required to make payments on account of their tax liabilities. The payment on account instalments consist of two payments on account of equal amounts: the first on 31 January during the tax year and the second on 31 July following the end of the tax year. These are set by reference to the previous year’s Read the full article…