Monthly Archives: February 2020

As we approach the end of yet another tax year it is worth reflecting on the role of HMRC in our tax affairs. Without a doubt, HMRC, tax legislation and its application, will continue to ensure that you pay your taxes. You can rely on HMRC to pounce if they feel that you have underpaid…

Since the launch of the Dormant Assets Scheme in 2011, £600m has been transferred from High Street banks and building societies to various good causes. The funds have come from bank accounts that are classified as dormant: where banks are unable to trace the account holders The scheme is to be expanded. The government is…

The government have announced a £1,000 business rates discount for public houses The relief announced 27 January 2020, will be available to public houses with a rateable value of less than £100,000 and will apply for one year from April 2020. Central government will reimburse local authorities that adopt this scheme. Extracts from the January…

Following the resignation of Sajid Javid last week, there has been much speculation on how this will affect the direction of the budget to be presented to parliament next month. Rishi Sunak, who replaces Sajid, is stepping into the Chancellor’s role with little experience but does seem to have “rising star” status as far as…

In a recent news story published to the Government website it was announced that a new breathing space period will freeze interest, fees and enforcement for people in problem debt, with further protections for those in mental health crisis treatment. The article is reproduced below: Millions of people with problem debt, including those facing mental…

There are certain gifts you can make that will not create a capital gains tax (CGT) charge, but care should be taken as there are exceptions. This article outlines some of the more common issues that need to be considered. Gifts to your spouse or civil partner Ordinarily, you will not pay CGT if you…

Most property owners who let property under the Furnished Holiday Let (FHL) tax rules, submit their income and expenditure details on their tax return each year. This article considers occupancy, and the need to review occupancy of FHL properties each year. If your FHL business accounts year is the end of the tax year, 31…

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…

To assist with your calculations, see previous article, we have reproduced below the current, HMRC Advisory Fuel Rates. They are: These rates apply from 1 December 2019. Engine size Petrol - amount per mile LPG - amount per mile 1400cc or less 12 pence 8 pence 1401cc to 2000cc 14 pence 9 pence Over 2000cc…

At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. Let’s say the following circumstances apply: list price of your car when new was £30,000 your employer pays for…