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Rishi Sunak, the UK Chancellor of the Exchequer has announced the self-employed and those who run a business as a partnership are to receive 80% of earnings, calculated from the mean average of their trading profits for the 3 previous tax returns (2016/17, 2017/18, & 2018/19). The trading profit is the taxable profit that is […]
The new capital gains tax (CGT) rules will come into effect on April 2020, which will more than likely impact the sales of most additional properties in the UK. CGT is paid on profits from the sale of investment properties that are not the sellers main place of residence. The amount of CGT paid is […]
Need Help Filing Your Tax Return? Make an Appointment to Beat the Rush! Your Self Assessment Income Tax for 2019-20 will need to be submitted and an initial payment be made to HMRC by no later than 31/01/2021. This means that you need to calculate your income tax for the period 06/04/2019 through to 05/04/2020. […]
IMPORTANT UPDATE! On 06/09/2019 HMRC announced that the Domestic Reverse Charge will be postponed for 12 months and will come into effect 01/10/2020. Their official statment; “To help these businesses and give them more time to prepare, the introduction of the reverse charge has been delayed for a period of 12 months until 1 October […]
HMRC expects people to do tax returns for various reasons; Those that have an income outside of a PAYE scheme (i.e. self-employed) High earners on PAYE schemes, earning above £100K Company Directors & Shareholders Landlords who have rental incomes The tax returns calculated generally run between the dates 06/04/xx through to 05/04/xy, the calculation, submission, […]
In December 2018, the Financial Action Task Force (FATF), an organisation founded on the initiative of the G7 to develop policies to combat money laundering, stated; ‘…the UK had a well developed & robust regime to effectively combat money laundering & terrorist financing. However, it needed to strengthen its supervision, & increase the resources of […]
HMRC delays the rollout of Making Tax Digital (MTD) for businesses & individuals beyond 2021: Even though MTD for VAT has been rolled out, the wider extension of the MTD scheme for individuals & businesses has been delayed till at least 2021. The Chancellor’s 2019 Spring Statement mentioned; “The focus will be on supporting businesses […]
The Construction Industry Scheme (CIS) is where a construction contractor deducts, at source, a portion of the money due to their subcontractor. Whatever amount is deducted is then passed directly to HMRC which is then counted towards the tax and National Insurance of a subcontractor. This effectively pays the tax element in advance. How much […]
From 1st of April 2019 HMRC’s VAT Notice 700/22 will come into effect; Making Tax Digital (MTD) for Value Added Tax (VAT). The MTD initiative is believed to benefit HMRC on two levels. It will help to ensure the correct VAT is being paid to HMRC, & seeing that VAT accounts for the highest unpaid […]
HMRC is collecting £10 per day every day from workers who have failed to file their returns on time, Since May 1, officials at HM Revenue and Customs have been thrashing 650,000 late filers with a £10-a-day fine. Many of those affected are likely to be the self-employed, higher earners with savings and landlords and […]
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