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Category Archives: Uncategorised

Cars and taxing issues

We have listed below a number of issues that you will need to consider if directors or employees use a car for business purposes. Essentially, if the car is owned by the business any private use of the vehicle will trigger a tax charge for the driver (car user) and a possible NIC bill for…
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Paying tax if you are self-employed

If you are a sole trader or an individual member of a partnership you will likely be subject to income tax, and possibly National Insurance, on your earnings. Unfortunately, tax being taxing, earnings for tax purposes may not be the same as the monthly drawings you take from your business. For example, you may decide…
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Disposing of a UK residential property?

UK readers who are anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply would be advised to consider the changes to the reporting and payment of this CGT charge from 6 April 2020. The general rule will be that for relevant disposals on or after this date…
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An update for hauliers

If you are involved in the transport of goods to and from the EU HMRC have posted useful guidance on what you will need to do to accommodate a no-deal Brexit on 31st of this month. The guidance can be downloaded as a PDF from https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/836920/transporting-goods-between-the-uk-and-eu-in-a-no-deal-brexit-guidance-for-hauliers.pdf Transitional arrangements are in place regarding licenses and permits.…
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Investing in bricks and mortar. Is it still worth it?

The new rules have made it much harder for property investors to make the level of returns they had enjoyed over the past decade, prompting many to reappraise their portfolios or even sell out of buy-to-let altogether. By keeping a close eye on profit margins, however, and seeking out locations with the highest rental yields,…
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Property tax changes from April 2020

Although the Brexit process continues to throw a spanner into the normal workings of government, there are a few certainties from a tax point of view that will be effective from April 2020. A few property related changes are noted in this article:   Presently, the last 18 months of ownership of a residential property…
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Enjoy a tax-free Christmas bash

Follow the outline below to ensure that the cost of your annual staff party will not create tax issues for you or your staff. The event must be open to all employees at a specific location. An annual Christmas party, or other annual event offered to staff, generally is not taxable on those attending, provided…
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The loan charge controversy continues

The following press release was published by HMRC last month. Extracts are reproduced below: Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit Office (NAO), will lead an independent review of the Loan Charge… The review will consider whether the policy is an appropriate way of dealing with…
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Tax Diary October/November 2019

1 October 2019 - Due date for Corporation Tax due for the year ended 31 December 2018. 19 October 2019 - PAYE and NIC deductions due for month ended 5 October 2019. (If you pay your tax electronically the due date is 22 October 2019.) 19 October 2019 - Filing deadline for the CIS300 monthly…
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About face by HMRC

Last month we reported the changes that CIS, VAT registered contractors and sub-contractors were about to face with the introduction of the “reverse charge” process from 1 October 2019. Shortly after our newsletter was published, HMRC conceded that it was aware that the industry was struggling to adapt to the new rules and, as Brexit…
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