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Tax Advice

Tax Gap Remains Low

15th July 2019 | Written by In Accountancy | Categories : News, Personal Tax, Tax Advice
Tagged in: HMRC, Tax, tax gap,
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
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Consultation on Ancillary Capital Gains Reliefs

8th July 2019 | Written by In Accountancy | Categories : Tax Advice
Tagged in: Government,
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
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Forms P11D – Reporting Employee Benefits

4th July 2019 | Written by In Accountancy | Categories : Tax Advice
Tagged in: PAYE, Payroll, 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
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OTS Calls For Simplifying Everyday Tax For Smaller Businesses

3rd July 2019 | Written by In Accountancy | Categories : Limited Companies, Tax Advice
Tagged in: HMRC, PAYE, 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
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Cash Accounting for Landlords

28th June 2019 | Written by In Accountancy | Categories : Limited Companies, News, Personal Tax, Tax Advice
Tagged in: 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
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Marriage Allowance in 2019

27th June 2019 | Written by In Accountancy | Categories : News, Personal Tax, Tax Advice
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
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Tax Free Childcare – what you need to know

26th June 2019 | Written by In Accountancy | Categories : News, Personal Tax, Tax Advice
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
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When a car is not a car (for VAT purposes)

24th June 2019 | Written by In Accountancy | Categories : Limited Companies, News, Tax Advice
Tagged in:
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
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Cycle to work scheme – updated June 2019 to include E-Bikes

19th June 2019 | Written by In Accountancy | Categories : Client News, Limited Companies, News, Personal Tax, Tax Advice
Tagged in: tax saving,
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
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VAT Fuel Scale Charges

10th June 2019 | Written by In Accountancy | Categories : Limited Companies, Tax Advice
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
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Consultation on Extension of IR35 Rules

3rd June 2019 | Written by In Accountancy | Categories : Contractors, Tax Advice
Consultation on Extension of IR35 Rules

HMRC has published guidance on the extension of the off-payroll working rules (also known as IR35) to the private sector, a year ahead of its implementation on 6 April 2020. In the guidance, HMRC state that the responsibility to determine
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Cashflow – How to speed up your Cash Conversion Cycle

20th May 2019 | Written by In Accountancy | Categories : Client News, Limited Companies, News, Tax Advice
Tagged in: Budget, sole trader, targets, Tax,
Cashflow – How to speed up your Cash Conversion Cycle

In the next in our series of articles on how to improve your cashflow we take a look at the cash conversion cycle and actions you might be able to take to shorten it. I think it’s safe to say
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