News

Auto-enrolment qualifying earnings band figures for tax year 2019/20 confirmed

21/01/2019

The draft Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2019 has now been published. As expected, it freezes the earnings trigger, which determines when an eligible worker is entitled to be automatically enrolled into a qualifying workplace pension scheme, at £10,000 from 6 April 2019. It also continues to

More...

Statutory payment rates for tax year 2019/20 confirmed

21/01/2019

The following statutory payment rates are confirmed: The standard weekly rates of Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP) and Statutory Shared Parental Pay (ShPP) will increase from £145.18 to £148.68 from 1 April 2019. The weekly rate of Statutory Sick Pay (SSP) will increase from £92.05 to £94.25 from 6 April 2019

More...

EU Settlement Scheme fee is to be scrapped

21/01/2019

The Prime Minister has announced in a speech to the House of Commons that the £65 fee for applications made by EU citizens under the EU Settlement Scheme is to be waived. The scheme is due to be rolled out in full on 30 March 2019 and at that stage there will be no fee charged. Currently, the scheme is in a public pilot test phase

More...

Don’t overclaim for equipment purchases

15/01/2019

You can use the Annual Investment Allowance (AIA) to claim a very generous 100% first year tax relief for qualifying expenditure on plant and machinery. The allowance is available for most assets purchased by a business but does not apply to cars. The AIA was set at £200,000 per calendar year for all qualifying expenditure on or after 1

More...

Reducing payments on account

15/01/2019

Taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g. for 2018-19 the first payment on account is due on 31 January 2019. 31 July following the tax year e.g. for 2018-19 the second payment on account is due on 31 July

More...

Could you claim the Marriage Allowance?

15/01/2019

If you or your partner are a low earner or not working, then you may be eligible for the marriage allowance. The marriage allowance allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance (MA) is available to married couples and those in a civil partnership where a spouse or civil partner

More...

Carry back charitable contributions

15/01/2019

Donations to charity over the course of a tax year can add up and taxpayers must ensure they keep a proper record of all donations to backup tax return entries. Donations that are made through the Gift Aid scheme allow for the recipient charity to claim 25p worth of tax relief on every pound donated. Higher rate and additional rate

More...

Remaining age related tax allowances

15/01/2019

Most age related tax allowances have been phased out. However, the Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership where at least one member of the couple were born before 6 April 1935. The allowance provides for tax relief by deducting 10% of the allowance from the amount of tax

More...

Tax if clients leave the UK to live abroad

15/01/2019

The P85 form should be completed by individuals or their agents to advise HMRC that have left the UK to live or are going to work abroad for at least one full tax year. The completion of the P85 form will ensure that an individual leaving the UK can claim any tax refund they are entitled to and will also help HMRC decide how an

More...

Automatic enrolment for the self-employed?

08/01/2019

The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension savings for the employed has helped highlight that pension savings for the self-employed are lagging behind those achieved for the employed.

More...

New 'global' pound coin

08/01/2019

HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of the 12-sided £1 coin replacing the older coins. The coins are expected to feature images celebrating the heritage of these territories,

More...

Check if your Holiday let property is qualifying

08/01/2019

The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific 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 to the realisation of

More...

Register a company and register for tax

08/01/2019

A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company Registration Service was announced as part of the Small Business, Enterprise and Employment Act 2015 to help reduce administrative burdens and

More...

Changes to a building after the VAT option to tax

08/01/2019

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. The ability to convert the treatment of VAT exempt

More...

Cash basis option for landlords

08/01/2019

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and you

More...

Genuine messages from HMRC

08/01/2019

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes: email messages, text messages and telephone contacts from HMRC. The latest updates on the list include information on a research

More...

Did you file your tax return Christmas Day?

01/01/2019

A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are expected to complete a 2017-18 self assessment tax return this year. Taxpayers are reminded that the

More...

Don’t forget to pay your tax at the end of the month

01/01/2019

The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31 January 2019 is also the payment date for any Capital Gains Tax due in relation to

More...

Contact Us

Blencowes

15 High Street
Brackley
Northamptonshire
NN13 7DH
Tel: 01280 703461

||

Membership



 

Newsletter Sign up and Login

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options

Sign up to our Newsletter
Login

Newsfeed Search