Monthly Archives: March 2019

Dividends received from shares held in UK companies form part of a tax-payers self-assessment. The payments are made by the paying company without any deduction of tax and therefore the amount received is the sum that needs to be declared. Dividends are paid out of the company’s retained profits – these are profits after any…

On the 12 March the government updated its advice to traders with the EU. The advice assumes a no-deal outcome. On the basis that being prepared for the worst possible outcome, and a no-deal result is universally accepted to be a disaster for UK businesses, we are reproducing in full the text of the letter…

The past week, and who knows for how long into the future, has been a crazy week for politics in the UK. Brexit is challenging the way manage our democracy and it will be interesting to see how matters are resolved to observe the results of the EU referendum and cope with the apparent splits…

The private residence relief allows you to sell your home without paying any capital gains tax (CGT) on the profit you make on the sale. If only life was that simple. Unfortunately, there are occasions when CGT may be payable. For example, if part of your home has been used exclusively for your business a…

The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the Government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR). In a nut-shell, the OBR forecast that: the UK economy…

According to government sources if you work a five day week, you are entitled to 5.6 weeks’ paid holiday a year. This is known as our statutory or annual leave entitlement. At first sight, 5.6 weeks looks to be an odd number of days, but it refers to a normal working week of five days.…

As we take steps to disentangle ourselves from the EU and make our mark in the wider global economy this may be a good time to consider any brand recognition marks you may be using and give serious consideration to getting them registered. There is a formal registration process linked to the gov.uk website, see…

1 March 2019 - Due date for Corporation Tax due for the year ended 31 May 2018. 2 March 2019 – Self assessment tax for 2017/18 paid after this date will incur a 5% surcharge. 19 March 2019 - PAYE and NIC deductions due for month ended 5 March 2019. (If you pay your tax…

From April 2019, minimum pay rates will increase as set out below. National Living Wage (NLW) rates for workers aged 25 and over - from £7.83 to £8.21 per hour. National Minimum Wage rates: workers aged 21–24 — from £7.38 to £7.70 per hour workers aged 18–20 — from £5.90 to £6.15 per hour workers…

As we have mentioned before in this newsletter, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000. To comply with…