TAX
Are you aware of the recent changes to the taxation of termination payments?
There is a common misconception that the first £30,000 paid to an employee on the termination of their employment is free from income tax...
ATED – Do you know when your return is due?
Have you completed your 2018-19 ATED return due by 30 April? The Annual Tax on Enveloped Dwellings (“ATED”) applies to companies that own UK residential property valued at...
Tax codes and collecting tax on untaxed interest
If you are not within self-assessment and have interest in excess of the savings allowance (£1,000 for basic rate taxpayers; £500 for higher rate taxpayers), HMRC will use...
ISAs – inherited on death
Simplifying ISAs Inherited on Death ISAs inherited on death have become more straightforward following changes for deaths after 5 April 2018. These updates allow ISAs to...
Trust Register
Extended Deadlines for Registering Trusts: What You Need to Know Keyword phrase: "trust registration deadline extension" HMRC has recently announced a trust registration...
Rumoured tax changes that did not make the final budget…
At a recent tax update course, the speaker mentioned that the Treasury drafted various proposals to change certain aspects of our tax system in case the Government decided to...
Making Tax Digital update – VAT first up
The government recently indicated that they are still fully committed to their plans to operate a digital tax system. From April 2019, when submitting quarterly VAT returns,...
Landlords and carpets
Do landlords get tax relief when replacing a carpet? This is at face value a simple question but often causes tax advisors difficulty, mostly because the rules keep changing!...
HMRC scrapping credit card payments
Please be aware that if you are planning to settle your tax bill by using a credit card, you will only have until 12 January 2018 to do this. HMRC have announced that they...
HMRC register for Trusts and Complex Estates
Any new trusts which incur a charge to tax and complex estates that will sell assets for proceeds in excess of £500,000 in a year (if the death was after 5 April 2016), or...
Payment of taxes
Changes to Tax Payment Options: No More Payments at the Post Office Keyword phrase: "tax payment changes 2017" As of 15 December 2017, significant tax payment changes 2017...
Interest rates for late payment of taxes
Understanding Changes to Tax Interest Rates Recent changes to tax interest rates have come into effect following the Bank of England’s decision to increase the base rate....