Keeping an eye on the competition

May 23, 2019

If your competitor is a company, there is quite a lot of information you can obtain free of charge. For example, from the Gov.uk website you can obtain the following details:

  • company information, for example registered address and date of incorporation
  • current and resigned officers
  • document images
  • mortgage charge data
  • previous company names
  • insolvency…

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Income Tax - regional differences

May 21, 2019

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.

At present, the only regional variations under the control of the Scottish or Welsh governments are the rates of Income Tax charged.

For 2019-20, the rates set by the Welsh Government are the same as those in England and Northern…

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The new State Pension

May 21, 2019

Prior to April 2016, men born before 6 April 1951 and women born before 6 April 1953, qualified for a basic State Pension and an Additional State Pension.

If you were born after these dates you will qualify for the New State Pension and will no longer be eligible for the Additional State Pension (unless you inherit the Additional State Pension of your partner).

The remainder of this…

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Income Tax - regional differences

May 21, 2019

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.

At present, the only regional variations under the control of the Scottish or Welsh governments are the rates of Income Tax charged.

For 2019-20, the rates set by the Welsh Government are the same as those in England and Northern…

Read more

Tax-free gains 2019-20

May 16, 2019

There are still a number of sales (disposals) that a UK taxpayer can make that will not incur a charge to the UK’s Capital Gains Tax. For most of us they are limited in extent, after all legislators have had plenty of time to close any favourable loop-holes.

For most of us, the major tax-free gain remains the sale of our home, but even this generous relief can be compromised. For example,…

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HMRC and the National Minimum Wage rates

May 14, 2019

Readers are reminded that from 1 April 2019, the National Living Wage (NLW) and National Minimum Wage (NMW) hourly rates increased to:

  • 25 and over - £8.21
  • 21 to 24 - £7.70
  • 18-20 - £6.15
  • Under 18 £4.35
  • Apprentices £3.90

Workers who are entitled to receive these rates as a minimum include:

  • part-time
  • casual…

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Landlords faced with another tax hit next year

May 09, 2019

From April 2020, HMRC are changing two important tax concessions that apply to landlords letting property that they as owners have previously occupied at some point as their home (Principal Private Residence (PPR)).

The first is the reduction of the present rule that exempts the final 18 months of ownership from any Capital Gains Tax (CGT) charge. From April 2020 it is proposed that this…

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Employers what is Class 1a NIC?

May 08, 2019

If you have employees, and if one or more of those employees benefit from the use of facilities that you provide, cheap loans, a company car for example, it is well known that you as their employer will need to inform HMRC of the amount of these benefits following the end of the tax year.

Employers new to this situation would commonly appreciate that these benefits will have an impact on…

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Do you manage your own VAT returns?

May 02, 2019

Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions of assets).

There is a problem with this option if you give credit to your customers – allow them to pay…

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