PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020

In the Autumn Budget, the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government has now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services[…]

YEAR END TAX PLANNING

It’s almost the end of the financial tax year.  Associate, Jenna Gauld, identifies ways that may limit your tax liability and changes to regulations to be aware of after 6thApril:   CAPITAL TAX EXEMPTION Have you used your 2018/19 £11,700 annual capital gains exemption?  Consider selling shares where the gain is less than £11,700 before[…]

Helping St Johnstone FC achieve their accounting goals

We have been working hard to help get businesses across the region ready for a fully digital based tax system. By the end of the 2020/21 tax year, Her Majesty’s Revenue and Customs (HMRC) will require all businesses, including landlords, to interact and liaise digitally. This initiative is known as “Making Tax Digital” (or MTD).[…]

CHRISTMAS IS THE TIME FOR GIVING

Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications.   THE IHT ANNUAL EXEMPTION – USE IT OR LOSE IT!   Although not particularly generous at £3,000 per donor per[…]

BUDGET 2018 – What you need to know.

More money for the NHS and an end to austerity? As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and borrowing have to[…]

Ask Alexa to contact HMRC for help

HMRC has launched new and innovative technology to help more than 3 million customers renew their tax credits.   HMRC has developed a customer-focused service through Amazon Alexa specifically for those seeking help with their tax credits renewals.   Customers with Amazon Alexa-enabled devices can ask Alexa to ‘open HMRC’ and ask for help and[…]

CGT on property sales due with 30 days from 2020

Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of CGT from 6 April 2020.   Currently, non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days. The new legislation extends this reporting obligation[…]

Spreading the 2019 Loan Charge

HMRC require you to register with them by 30 September 2018 to settle taxes due under the new rules for loan charges, on preferential terms, before the outstanding loan charge arises on 5 April 2019.   This new tax charge applies to any outstanding employment loans that exist as a result of a disguised remuneration tax[…]

Making Tax Digital For VAT Guidance Issue

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.    VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software that links to the Government gateway.   There will however be a[…]