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Self Assessment Deadline Approaching
The deadline for submitting your 2017/18 self assessment return is 31 January 2019. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions...
Making Tax Digital for Landlords
There's every chance that you are not yet aware of Making Tax Digital (MTD). However, if you are a landlord with rental income - (that's income, not profit) – greater than £10,000 annually then you should be. MTD is the biggest shake up to the UK tax system since the...
Gifts of up to £50 to employees
From April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind tax free. The new rules were brought in as a simplification measure so that certain benefits in kind do not now need to be...
Gifts to charity
Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example where an individual makes a £20 cash donation to charity the...
Christmas gifts & IHT
THE IHT ANNUAL EXEMPTION - USE IT OR LOSE IT! Although not particularly generous at £3,000 per donor per annum if this annual IHT exemption is not used by 5 April it is lost, although it is possible to carry the allowance forward one year if unused. GIFTS OUT OF...
Diary of main tax events: December & January
Get your record keeping right for MTD
All businesses compulsorily registered for VAT will have to comply with Making Tax Digital from April 2019. What are the key things to have in place to get your record keeping right? Statements. If one of your suppliers sends you a large number of invoices in batches...
Entrepreneur’s relief promotion
Entrepreneurs’ relief (‘ER’) is available to business owners on the sale of their businesses. It reduces the tax rate on a sale from 20% to 10%. If advisers get it wrong then the increase in tax is 100%! While most advisers are aware that it can apply to shares in...
Vat Registration: Do I wait to start charging VAT?
Q. I have just sent off my VAT registration forms, as we exceeded the twelve-month compulsory registration threshold. We’re therefore waiting for our VAT number, but do I start charging VAT straightaway? A. Once you exceed the VAT threshold, you will be liable to...
VAT & Property developers
We have received a number of calls recently from property developers seeking clarification of the VAT liability of construction or conversion costs, and advice in relation to the recovery of VAT on costs relating to property development schemes. The rules relating to...
Online Selling
If a business sells goods to private individuals in other EU countries and exceed the distance selling threshold of that country, the business is required to register for VAT in that country and charge VAT at the appropriate local rate. Also, if an on-line platform...
HMRC begins writing to businesses alerting them to Making Tax Digital for VAT
ICAEW research in July 2018 revealed that of the businesses required to submit their VAT returns using software or an app from April 2019, 42% were unaware of the change. Although ICAEW and the other professional bodies have been making members aware of Making Tax...
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Tel: 0161 654 8626
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Middleton Accountancy Services
211 Manchester New Road
Alkrington
Middleton
Manchester
M24 1JT
