Goodbye 2017-18 and hello to 2018-19

Feb 14, 2019

The deadline for filing 2017-18 self-assessment tax returns without paying a penalty for late submission has passed (31 January 2019).

But a new and pressing deadline now presents itself: 5 April 2019.

As we have outlined in previous posts, most tax planning needs to be considered and actioned before the end of the tax year to be effective. For example, have you considered the following?

Tax…

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What was all the fuss about?

Feb 12, 2019

Last year, the 23 May 2018 to be precise, the UK adapted the General Data Protection Regulations (GDPR). The deadline created a rush of publicity and activity as businesses across the UK pored over their data processing systems, making changes to accommodate the new rules.

After the deadline, its as if the curtain came down on GDPR and we moved on to consider other pressing issues, Brexit…

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Happy days

Feb 07, 2019

In what amounts to a single-issue mini-budget the Treasury posted a welcome announcement for the manufacturers and consumers of alcoholic products last week. They said:

The Chancellor announces that alcohol duties are frozen

From today, (1 February 2019) taxes on beer, cider and spirits are frozen for another year, keeping costs down for industry and…

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How to cope with recession

Feb 05, 2019

Recession literally means “the act of going back, of receding…”

Economic pundits have hijacked the word to mean “a period of temporary economic decline during which trade and industrial activity are reduced…”. It is usually heralded by a fall in Gross Domestic Product (GDP).

According to many commentators on the state of the UK economy we are about to revisit recession.

The…

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What are your tax planning options for 2018-19?

Feb 04, 2019

Options for adopting 99% of tax planning opportunities for 2018-19 ends on 5 April 2019, just a couple of months away.

This applies equally to individuals and all businesses with an accounting year end close to, but prior to 5 April 2019.

More importantly, this planning option applies to all taxes: Income Tax, Capital Gains Tax and Corporation Tax; and in some cases, to National…

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Are you ready for the VAT filing changes?

Feb 04, 2019

A reminder that from 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems.

Accounts software providers have been working at some pace to change their software, so they “speak” to HMRC’s MTD servers using a dedicated link called an API (an…

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What is the government doing to prepare us for Brexit?

Feb 04, 2019

According to a recent announcement on the GOV.UK website, preparations include:

  • Recruitment of 700 new staff to work on EU Exit policy using additional funding allocated by HM Treasury for Brexit preparedness.
  • Passing of new legislation to lay the groundwork for our future outside the EU with 57 out of 63 required statutory instruments required by Exit day, including new…

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What can you give away before the end of the tax year?

Feb 04, 2019

You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.

You can carry any unused annual exemption forward to the next year - but only for one year.

Each tax year, you can also give away:

  • wedding or civil ceremony gifts of up to £1,000 per person (£2,500…

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Tax Diary February/March 2019

Feb 04, 2019

1 February 2019 - Due date for Corporation Tax payable for the year ended 30 April 2018.

19 February 2019 - PAYE and NIC deductions due for month ended 5 February 2019. (If you pay your tax electronically the due date is 22 February 2019)

19 February 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2019.

19 February 2019 - CIS tax deducted…

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