VAT REVERSE CHARGE FOR BUILDING AND CONSTRUCTION SERVICES

The Government is introducing a VAT reverse charge on certain building and construction services. The legislation will come into effect on 1 October 2019. This is a very significant development which will present major challenges for many building contractors. Businesses involved in buying and selling construction services will need to understand the new rules.  […]

ADVISORY FUEL RATE FOR COMPANY CARS

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets. Engine size Petrol Diesel LPG 1400cc or less 12p (11p) 8p (7p) 1600cc or less 10p 1401cc to 2000cc 15p (14p) 9p (8p) 1601cc[…]

NEW VAT RULES FOR THE CONSTRUCTION SECTOR

Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have start using a new method of accounting for VAT.   Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be[…]

DOCTORS LOBBYING FOR PENSION TAX CHANGES

Hospital doctors and GPs are lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts. This is an issue that doesn’t just[…]

EXTRACTING PROFIT FROM THE FAMILY COMPANY

The start of the new tax year means that shareholders/directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employer’s national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set against[…]

ADVISORY FUEL RATE FOR COMPANY CARS

In line with recent reductions in fuel prices, HMRC has reduced its suggested reimbursement rates for employees’ private mileage using their company car from 1st March 2019. Where there has been a change the previous rate is shown in brackets.   Engine Size Petrol Diesel LPG 1400cc or less 11p (12p) 7p (8p) 1600cc or less[…]

NO DEAL BREXIT – WHAT ABOUT VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to[…]

LBTT – Land and Buildings Transaction tax

I know!  The accountancy world does not make it easy for you with all of these acronyms – ABC this, and EDF that….  Here we are referring to the additional dwelling supplement, covered by the land and buildings transaction tax.  This means if you buy an additional dwelling, such as holiday home or a buy-to-let[…]