by MAS | Dec 15, 2019 | Business advice, Tax
Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. Conditions for the exemption to apply the...
by MAS | Dec 14, 2019 | Financial news, HMRC, Tax
Taxpayers pay an average of 23.9% (£536,688) in inheritance tax (IHT) when an estate worth £2.2m is inherited. Only a small number of people actually pay IHT, with only 4.2% of all UK deaths were subject to the death duties in 2017-18. In comparison, individuals in...
by MAS | Dec 7, 2019 | Construction services, VAT
HMRC has postponed the introduction of the reverse charge for the construction industry until October 2020. What does this mean for your business. Announcement. A new reverse charge for construction industry businesses was due to come into force from 1 October 2019....
by MAS | Dec 5, 2019 | HMRC, VAT
Form VAT652: Tell HMRC about any errors in your VAT Return [Weblink] Q. Our business made VAT errors of £60,000 on the last return, caused by input tax duplications on purchase invoices. Do we resubmit our VAT return or is there a more formal way of notifying HMRC? A....
by MAS | Dec 4, 2019 | Brexit, VAT
Major changes to VAT accounting will take place on imported goods if the UK leaves the EU without a deal on 31 January, including the reintroduction of postponed accounting. How can you ensure a minimal impact on your business? To the online form: Get an EORI number...
