Implementation of VAT Reverse Charge mechanism for UK construction services delayed until 1 October 2020
Implementation of the VAT Reverse Charge mechanism for UK construction services has been delayed until 1 October 2020. What is this? A planned change to VAT procedures...
Advisory Fuel Rates from 1 September 2019
The advisory fuel rates that apply from 1st September 2019 for company car drivers have been published by HMRC! You can still use the previous rates up to 30 September 2019....
Director’s and personal tax returns
For years HMRC insisted that a director must register for self-assessment and complete a tax return even if there was no income to report. This was not a legal requirement,...
Capital Allowances
Three changes of note were announced in the 2018 budget, each with different implementation dates; 1. The special writing down allowance rate has been reduced from 8% to 6%...
Directors’ overdrawn loan accounts and repayment of section 455 tax
If a director’s loan account has been repaid and the previous section 455 tax can be reclaimed (25% of the amount ‘loaned’ up to 5 April 2016, 32.5% from 6 April 2016) there...
Use of company assets
Beware of having the benefit of the use of a company asset such as a helicopter or private aircraft. In the past employees were only taxed at 20% of the asset value rule for...
Form R40 – Tax Repayment Claims
Trust income is a problem! Where a taxpayer has a received income from an interest in possession trust the HMRC computer is not calculating the correct repayment due. This...
Post-transaction valuation check
It is possible to ask HMRC to check valuations (for capital gains tax) after a disposal has been made but before you submit the relevant tax return. This service is available...
Stamp duty land tax (SDLT)
For transactions with an effective date (usually completion) on or after 1 March 2019, the due date for the payment of SDLT is now 14 calendar days after the effective date....
Deadline for employers’ final PAYE return for 2018/19
Friday 19th April 2019 is the deadline for employers' final PAYE return to be submitted online for the year 2018-19! As usual your final Full Payment Summary (FPS) should be...
Budget 2018
The Chancellor delivered a bullish budget, which will be good news for many... The main highlight of the budget was left to the end of the speech (which lasted almost an hour...
