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Tax Gap Remains Low

15th July 2019 | Written by In Accountancy | Categories : Budget, HMRC, HMRC, News, Personal Tax, Tax
Tax Gap Remains Low

HMRC has published a report showing that the UK tax gap in 2017/18 is estimated to be £35 billion.  This is 5.6% of total theoretical tax liabilities, and a small increase of 0.1% from 5.5% in 2016/17. HMRC therefore secured 94.4% of all tax due. The tax gap is the difference between the amount of tax that should be paid Read the full article…


Consultation on Ancillary Capital Gains Reliefs

8th July 2019 | Written by In Accountancy | Categories : CASH, local interest, Tax
Consultation on Ancillary Capital Gains Reliefs

A capital gains tax (CGT) exemption applies when an individual disposes of a dwelling that has been used as their only or main residence under the Private Residence Relief (PRR) rules. The exemption applies as long as the relevant conditions are met throughout the total period of ownership. This relief is supplemented by ancillary reliefs that aim to deal with Read the full article…


Forms P11D – Reporting Employee Benefits

4th July 2019 | Written by In Accountancy | Categories : Business, CASH, HMRC, HMRC, Tax
Forms P11D – Reporting Employee Benefits

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2019, are due for submission to HMRC by 6 July 2019. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the Read the full article…


OTS Calls For Simplifying Everyday Tax For Smaller Businesses

3rd July 2019 | Written by In Accountancy | Categories : Business, CASH, HMRC, HMRC, Limited Companies, Tax
OTS Calls For Simplifying Everyday Tax For Smaller Businesses

A report by the Office of Tax Simplification (OTS) calls on the government to prioritise action to ‘address long-standing concerns about the experience of smaller businesses’. The report considers the business lifecycle, especially those starting up and provides recommendations in five areas: providing simple step-by-step guidance about the key things a business needs to do in its early days to Read the full article…


Cash Accounting for Landlords

28th June 2019 | Written by In Accountancy | Categories : Accounts, Limited Companies, News, Personal Tax, Self-Employed, Tax
Cash Accounting for Landlords

Landlords – remember to prepare your accounts on the cash accounting basis. Unless you have specifically opted out of cash accounting (which you need to do each year on your tax return), remember that the cash basis now applies automatically to all unincorporated property businesses so long as their rental income is less than £150,000 per annum. What does ‘the Read the full article…


Marriage Allowance in 2019

27th June 2019 | Written by In Accountancy | Categories : HMRC, News, Pensions and Payroll, Personal Tax, Tax
Marriage Allowance in 2019

So, perhaps not a reason to pop the question, but if you are married, and are eligible you should definitely check whether you have been claiming any marriage allowance available to you. What are the tax benefits for married couples in 2019/20? Did you know that marriage allowance for married couples and civil partners allows an individual, who earns less Read the full article…


Tax Free Childcare – what you need to know

26th June 2019 | Written by In Accountancy | Categories : HMRC, local interest, News, Personal Tax, Tax
Tax Free Childcare – what you need to know

Tax Free Childcare is something which all new parents and parents to be should be aware of. For many working parents, childcare costs can play a large role when planning a return to work, or considering their career options and working hours. As traditional childcare vouchers have now closed to new entrants, some working parents and parents to be are concerned Read the full article…


When a car is not a car (for VAT purposes)

24th June 2019 | Written by In Accountancy | Categories : Accounts, Business, HMRC, Limited Companies, News, Tax, VAT
When a car is not a car (for VAT purposes)

For VAT purposes, it’s important to know the difference between cars and other vehicles. This is because in most cases, VAT-registered businesses can’t reclaim the VAT when they buy a car. But they may be able to reclaim the VAT when they buy a commercial vehicle, motorcycle or motor home.


Cycle to work scheme – updated June 2019 to include E-Bikes

19th June 2019 | Written by In Accountancy | Categories : Accounts, Business, Client Focus, HMRC, Limited Companies, Miscellaneous, News, Personal Tax, Tax
Cycle to work scheme – updated June 2019 to include E-Bikes

As cycling continues to grow in popularity with e-bikes leading the way in getting more and more people using pedal power, the government has at last lifted its cap on the value of bikes and associated safety equipment which can be bought through a cycle to work scheme. In the period from 2013-2017 only 4% of people cycled to work, Read the full article…


VAT Fuel Scale Charges

10th June 2019 | Written by In Accountancy | Categories : Budget, Business, HMRC, Limited Companies, Tax, VAT
VAT Fuel Scale Charges

HMRC has issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2019. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get in touch for further advice Read the full article…