Recovery of VAT Incurred Prior to VAT Registration
Question: My client ran his decorating business for three years as a sole trader and is now going to incorporate. As a sole trader his turnover never quite reached the registration threshold but he will VAT register when he incorporates as a lot of his customers are...
Tax Rates & Threshold for 2019-20 Tax Year
Please find below the updated Thresholds and Rates for 2019/20 these come into effect from 6th April 2019Tax thresholds, rates and codesThe amount of Income Tax you deduct from your employees depends on their tax code and how much of their taxable income...
Student Loan Repayment Threshold Increases by 2.9%
The government has increased the loan repayment thresholds for student loans by 2.9% and confirmed the introduction of a postgraduate loan system deductible from PAYE effective April 2019 The increase in Student Loan Plan 1 and Plan 2 thresholds will take effect from...
Making Tax Digital – Facts and How it Affects My Business
Making Tax Digital (MTD) is fast approaching us, you might have seen some of our social media posts, if not, you would of certainly seen others. We are going to give you a couple facts about Making Tax Digital and the possible affects this will have on your business....
Watch Out For HMRC Cold Caller Scam, Warns LITRG
The Low Incomes Tax Reform Group (LITRG) is warning taxpayers about a scam by fraudsters who leave automated messages purporting to be HMRC and saying the person is under investigation for unpaid taxes In the latest ruse, scammers are cold calling people and leaving...
HMRC Updates Guidance For Landlords Settling Outstanding Tax
HMRC has updated its Let Property Campaign Service, which allows landlords to disclose and settle any unpaid tax bills, to include information on how to make a disclosure on behalf of someone who has passed away HMRC’s Let Property Campaign is aimed at landlords who...
Workplace Pension Increase in Contributions
Key points These minimum contribution amounts are required to gradually increase at set times The total minimum contribution increased from 2% to 5% of qualifying earnings on 6 April 2018, and rises again on 6 April 2019 to a total minimum amount of 8%. If the...
Rejected Excuses For Late Self Assessment
Since 31 January, HMRC has released the latest list of rejected excuses for late filing for Self Assessment. HMRC does this every year, and this year certainly did not disappoint! • I couldn’t file my return on time as my wife has been seeing aliens and won’t let me...
Employer Rates & Threshold for 2018-19 Tax Year
With the new tax year fast approaching, HMRC have released the new thresholds for the 2018-19 tax year. We are going to split the various areas into their own sections. Tax Thresholds, Rates and Codes The amount of Income Tax you deduct from your employees...
Inheritance Tax Limits – Do you Know Them?
Confusion about the operation of inheritance tax (IHT) is growing, with over two thirds of those liable not knowing the threshold for the standard nil rate band of £325,000, according to a survey by Canada Life The insurer found that among adults over the age...
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