Is your home a tax-free zone?

In most cases, if you have lived in your home during the entire period of your ownership of a property, then when you sell that property you should pay no capital gains tax (CGT) on any profit you make on the sale. You can claim the Private Residence Relief (PRR) Read more…

VAT – leaving the Flat Rate Scheme

The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS. You will need to leave if your turnover on the anniversary of joining was more than £230,000 including VAT in the last twelve months Read more…

Budget day 2020

The treasury has announced that the next budget will be presented by the Chancellor, Sajid Javid, on Wednesday 11th March 2020. In recent years, the Budget has been held in the Autumn. The Autumn Budget 2019 was postponed due to the pre-election uncertainties last year. Now that our government has Read more…

What now?

Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. Brexit Business readers with any sort Read more…

Spousal CGT tax advantages

It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership. Note that from 2 December 2019, the Civil Partnership (Opposite Sex Couples) Regulations 2019 came into effect in England and Wales allowing Read more…

Keeping business records if self-employed

Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 – for 5 years after the 31 January 2021 submission deadline. This means that you will Read more…

Tax Diary January/February 2020

1 January 2020 – Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 – PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020) 19 January 2020 – Filing Read more…

HMRC reflects on 2019 successes

Not all penalties levied by HMRC are civil, many cases are serious enough to warrant a criminal investigation. The first post in the “money” section of the gov.uk website in 2020 reflects on this. The title of the post is a give-a-way: “Busted! HMRC reveals biggest criminal cases of year Read more…

High Street funding announced

High Street rejuvenation funding announced The first 101 places to benefit from up to £25 million each from the Future High Streets Fund were announced over summer. In the latest step of the £3.6 billion investment in towns and high streets, 20 pilot areas across England will lead the way Read more…

Still time to file your tax returns

The deadline to file your 2018-19 tax returns is fast approaching, the 31 January 2020. Most of our clients will have the reassurance that we have filed their returns online, but for those who still need to file their 2019 return, it’s time to get into action. If you file Read more…

Too little, too late?

On 13th December, the Department for Business, Energy and Industrial Strategy in collaboration with Office for Product Safety and Standards, issued a cautionary warning to consumers buying toys this Christmas. Leaving aside the late publication of this information – not all of us are last-minute shoppers – it is worth Read more…

An end to uncertainty

Whatever your political motivation most of us will be relieved that last week’s election has created a government with a working majority. At last, there is a light at the end of the uncertainty tunnel. Brexit Business readers with any sort of trading platform with the EU need to dot Read more…

Land Registry property alert service

Property owners are potentially more at risk from the activities of fraudsters. They have more to lose and there are very real risks that the Land Registry property alert service is set up to counter. Why consider this service? Since 2009, HM Land Registry has prevented 254 fraudulent applications being Read more…

What constitutes profit for tax purposes?

There is no simple answer to this question. We have listed below some of the matters that need to be are considered. As self-employed business owners’ profits are subject to income tax and National Insurance – and limited companies to corporation tax – we have divided our comments accordingly. Before Read more…

Tax Diary December 2019/January 2020

1 December 2019 – Due date for Corporation Tax payable for the year ended 28 February 2019. 19 December 2019 – PAYE and NIC deductions due for month ended 5 December 2019. (If you pay your tax electronically the due date is 22 December 2019) 19 December 2019 – Filing Read more…

Planning holidays for next year?

The following details were recently published on the gov.uk and regional websites. They set out bank holiday dates for Christmas 2019 and 2020.   Upcoming Christmas bank holidays in England and Wales, Scotland and Northern Ireland 2019 25 December Wednesday Christmas Day 26 December Thursday Boxing Day Upcoming bank holidays Read more…