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If you currently own UK residential property, you need to be aware of the new rules which will take effect from April 2020. From this date UK residents are required to submit a return to HMRC within 30 days to report… more
If you currently own UK residential property, you need to be aware of the new rules which will take effect from April 2020. From this date UK residents are required to submit a return to HMRC within 30 days to report any gain on the disposal (direct or indirect) of UK residential land and property. The capital gains tax also needs to be paid within the 30 day deadline where previously it was due on 31 January following the tax year of disposal . It may not be possible to finalise the tax liability within the 30 days but the calculation can be amended as part… more
From 6 April 2020 the calculation of company car taxable benefits will be changed to favour electric and hybrid vehicles This is good news for some company car drivers. However, due to a switch in the methods used for measuring… more
From 6 April 2020 the calculation of company car taxable benefits will be changed to favour electric and hybrid vehicles This is good news for some company car drivers. However, due to a switch in the methods used for measuring vehicles' CO2 emissions, there will be two different tables to work out the taxable benefit of a company car. Cars first registered on or after 6 April 2020 will have lower taxable benefits at every level of emissions than cars registered before that date. However, the 'new car' tables will be adjusted to catch up with the 'old car'… more
Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax… more
Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax purposes: was it when the first sale was made, or on a later date when a viable business seemed possible? This commencement date drives the deadline by which income from the new business must be reported to HMRC. The trading and miscellaneous income allowance (TMIA) is there to help. The TMIA can cover up to £1,000 of trading or sundry… more
If you believe the adverts, accounting software is really easy to operate - but that depends on it being set-up correctly. When you use new software to submit VAT returns under MTD it must be configured for the particular circumstances… more
If you believe the adverts, accounting software is really easy to operate - but that depends on it being set-up correctly. When you use new software to submit VAT returns under MTD it must be configured for the particular circumstances of your business, for example: • are you using the cash accounting scheme for VAT? •if you use the VAT flat rate scheme (FRS), has the correct FRS percentage been picked within the software? or • if bank-feeds are used does the software correctly code sales and purchases which are exempt, zerorated or standard-rated for VAT? Unless you are starting… more
