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HMRC launches consultation on the operation of Insurance Premium Tax
HMRC has launched a new consultation on how the administration and collection of Insurance Premium Tax (IPT) can be 'modernised' in order to provide 'optimal efficiency for both business and HMRC'. The consultation aims to review the extent to which there are emerging...
Construction sector faces reverse charge on VAT from October
In a complete overhaul of the way VAT is payable on building and construction invoices, the introduction of the domestic reverse charge from 1 October 2019 means that the customer receiving the service will have to pay the VAT owed straight to HMRC instead of paying...
New draft IR35 legislation
The new draft IR35 legislation has been released today, here is a summary of the key points and our initial thoughts on them: Small end-clients outside of scope New Status determination Statement New Client led disagreement process The draft legislation amends the...
P11Ds and payrolling benefits
With the 2018/19 P11D deadline looming, we examine the pros and cons of payrolling benefits, plus key registration and filing dates If you’re an employer, you need to submit an end-of-year report to HMRC for each employee provided with benefits which have not been...
Companies House changes late filing penalty appeal process
Companies House has updated the guidance on how it assesses penalty appeals made by businesses for the late filing of accounts, with the changes coming into effect from 1 October, The late filing penalties manual now has a revised policy for accounts which are being...
HMRC ramps up tax credit renewal reminders
HMRC has issued a reminder that taxpayers must renew their tax credits by 31 July, or risk having their payments stop, as part of a concerted campaign to ensure individuals take action. HMRC says failure to renew before 31 July will mean payments are stopped, while in...
Childcare and tax: 30-hours free childcare
Working parents of three and four-year-olds in England can be eligible for 30 hours of free childcare per week for 38 weeks of the year. The eligibility criteria are similar to tax-free childcare (ie, earning at least the national minimum wage or the national living...
Impact of Brexit on UK financial services nears £4bn
Brexit has cost the UK financial services sector close to £4bn, despite companies pausing job and asset moves once the extension to October for leaving the EU was announced, according to analysis from EY which says the final spend may be much greater The firm’s Brexit...
Changes to registration rules will net all trusts
The introduction of blanket disclosure means all UK trusts will have to register details of their ownership on the UK Trust Register from next year, resulting in millions of additional registrations. The Association of Taxation Technicians (ATT) is warning that the...
HMRC uses wrong tax year for CGT allowance for taxpayers
HMRC has sent out the wrong details of capital gains tax (CGT) allowance to thousands of taxpayers who reported CGT on their annual self assessment forms The problem occurred when HMRC sent out the wrong tax notes to taxpayers with the previous year’s CGT exemption,...
Essential tax dates for July.
5 July Deadline for reaching a PAYE Settlement Agreement for 2018/19. 6 July Deadline for forms P11D and P11D(b) for 2018/19 to be submitted to HMRC and copies to be issued to employees concerned. Deadline for employers to report share incentives for 2018/19. 14 July...
Employment allowance NICs 2 threshold reduced
The government is cutting the threshold for eligibility for claims for the employment allowance from April 2020 due to state aid de minimis rules and to remove larger business claimants from the scheme HMRC is now consulting on draft legislation to restrict access to...
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Middleton Accountancy Services
211 Manchester New Road
Alkrington
Middleton
Manchester
M24 1JT
