How the £1,000 trading allowance works20181212040000

How the £1,000 trading allowance works

December 12, 2018
There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as the trading allowance. The income raised from these kinds of ventures is usually supplemental to a taxpayer’s...
When is lettings relief available?20181212040000

When is lettings relief available?

December 12, 2018
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out, the...
Qualifying for VAT special schemes20181212040000

Qualifying for VAT special schemes

December 12, 2018
There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover levels for joining and leaving these schemes vary. The flat rate...
Is your income approaching £100,000?20181212040000

Is your income approaching £100,000?

December 12, 2018
For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain t...
Are you ready for VAT filing changes April 2019?20181212040000

Are you ready for VAT filing changes April 2019?

December 12, 2018
The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only), and...
VAT on property service charges20181212040000

VAT on property service charges

December 12, 2018
A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra Statutory Concession (ESC) 3.18 VAT: exemption for all domestic service...
Citizens’ rights in the event of a no deal Brexit20181211040000

Citizens’ rights in the event of a no deal Brexit

December 11, 2018
The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU in the event of a “no deal” Brexit. The government has confirmed that those EU citizens and their family members who are residen...
When you can utilise overlap relief20181205040000

When you can utilise overlap relief

December 5, 2018
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 March and 5 April. However, overlap profits can arise where a business...
Who can or cannot claim the Employment Allowance20181205040000

Who can or cannot claim the Employment Allowance

December 5, 2018
The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process. An employer can claim less than the...
Taxation of termination payments20181205040000

Taxation of termination payments

December 5, 2018
In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the 2017 Budget, the government further announced that this change would be...
HMRC writes to taxpayers in Wales20181205040000

HMRC writes to taxpayers in Wales

December 5, 2018
HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the non-savings and non-dividend income of those defined as Welsh taxpayers and WRIT...
UK VAT claims by non-EU businesses20181205040000

UK VAT claims by non-EU businesses

December 5, 2018
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other countries' rules for claiming input tax. It is...
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