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Breathing space to help those in debt
11/02/2020 - More...
HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from creditor action while those affected will receive professional debt advice in order to find an appropriate...

Scottish Income Tax rates announced 2020-21
11/02/2020 - More...
Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay. This is the first time that Scotland has held a Budget before the rest of the UK. It was announced as part...

Still time to utilise annual tax-free allowance
11/02/2020 - More...
We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that there is no CGT to pay on the first £12,000 of gains where you dispose of chargeable assets,...

Checking your NIC records
11/02/2020 - More...
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National...

Review occupancy for Holiday Lets owners
11/02/2020 - More...
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view...

Change to off-payroll working rules
11/02/2020 - More...
A welcome change to the implementation of the new off-payroll working rules has been announced. The Government has confirmed that the changes that come into effect April 2020 will not be retrospective. This means that the new rules will only apply to payments made for services provided on or after 6...

Gifts to spouse or charity
11/02/2020 - More...
There is usually no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. However, the gift is still treated as a disposal that has taken place for CGT purposes, on a no- gain no-loss basis. When the asset is ultimately sold, the gain or loss will be calculated...

Statutory payment rates 2020/21 confirmed
05/02/2020 - More...
Following the government policy paper published in January 2020, announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2020/21, the government...

Draft regulations to increase the National Minimum Wage published
05/02/2020 - More...
The draft National Minimum Wage (Amendment) Regulations 2020 have been laid before Parliament and are due to come into force on 1 April 2020. The regulations will increase the various rates of the National Minimum Wage (NMW) and National Living Wage (NLW) as follows: the NLW rate for workers aged...

Still time to plan for tax year 2019-20
04/02/2020 - More...
As the deadline for submitting your 2018-19 tax return has passed, now is a good time to focus on the 2019-20 tax year. It is important to carry out an annual review and ensure that you have planned properly for the current tax year. This includes exploring any tax saving strategies that are...

Changes to NIC from April 2020
04/02/2020 - More...
The Chancellor, Sajid Javid, has confirmed that a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500 will apply from April 2020. The increase, by more than 10% over the current year’s figure of £8,632, will apply to both the...

Farm payments during the transition period
04/02/2020 - More...
The Chancellor recently announced that the level of funding for direct payments for farmers would continue for 2020 at the same rate as 2019. This has now been confirmed by the Department for Environment, Food & Rural Affairs (DEFRA). This will help provide certainty to farmers allowing them to...

Travel to EU during transition period
04/02/2020 - More...
For the time being, travel between the EU and UK continues as before. This means that if you have any travel plans to the EU during the rest of 2020 you can expect the pre-Brexit withdrawal travel regulations will still apply. However, new rules are likely to apply for travel to Europe from 1...

Did you miss the Self-Assessment deadline?
04/02/2020 - More...
Are you among the over 958,000 taxpayers that missed the 31 January 2020 filing deadline for 2018-19 Self-Assessment returns? If you missed the filing deadline you will be charged a £100 fixed penalty if your return is up to 3 months late, whether you owed tax or not for the 2018-19 year. If...

Points to consider during transition period
04/02/2020 - More...
Now that the formal Brexit withdrawal agreement is agreed, there will be changes to the rules for living, working, travelling and doing business in the UK and EU. These changes are expected to commence at the end of the transition period, from 1 January 2021. While in the transition, the current...

Reminder of important CGT change from April 2020
04/02/2020 - More...
A major change to the way Capital Gains Tax (CGT) is reported and paid will come into effect from 6 April 2020. Currently, the usual due date for paying any CGT owed to HMRC on property disposals is the 31 January following the end of the tax year in which a capital gain was made. From 6 April...

Reviewing clients using VAT Flat Rate Scheme
04/02/2020 - More...
If you have clients that have been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, you should consider whether it will be more beneficial for them to leave the VAT Flat Rate Scheme (FRS) and revert to using traditional VAT accounting. Businesses...

Tax Diary February/March 2020
29/01/2020 - More...
1 February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 - PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020) 19 February 2020 - Filing deadline for the CIS300 monthly...

New tax deadline for property sales
28/01/2020 - More...
The 6 April 2020 will see a seismic change in the deadline for UK residents that sell a residential property when Capital Gains Tax (CGT) on the sale is due. Currently, the due date for paying any CGT you owe to HMRC is the 31 January following the end of the tax year in which a capital gain was...

Reminder to keep company records
28/01/2020 - More...
A recent County Court case serves as an important reminder to comply with the requirements to preserve and maintain proper company accounting records. The case concerned a fast food takeaway company in Walsall. The sole director of the company was found to have failed to submit adequate accounting...

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