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Less is more – MTD regulations relaxed

20/05/2019 – Starting from April 2019, most VAT-registered businesses that have a taxable turnover over £85,000 are required to keep their VAT records digitally and use Making Tax Digital (MTD) compatible software to submit their VAT return information to HMRC. There are exceptions for certain businesses that have until the first VAT Return … More...

Claim for money owed to you

20/05/2019 – If you are owed money by an individual or business, there is a procedure you can use called making a court claim. This was more commonly referred to as taking someone to a 'small claims court'. Before making a claim, you should try to contact the person or organisation to try and resolve the issue by discussion or by using a … More...

Reasonable excuses for late payment or filing

20/05/2019 – There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step, it may be possible to make an appeal against a tax decision. There is normally a 30-day deadline for making a claim, so time is of the essence. HMRC will then carry out a review, usually by using HMRC officers that were not … More...

VAT Margin Scheme on sales of vehicles

20/05/2019 – A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the 'value' they add to the goods they sell, rather than on the full selling price. Without the use of the Margin Scheme, businesses would have to account for VAT on the full selling price of goods within the Margin … More...

Pre-trading expenses for a rental business

20/05/2019 – There are special rules for the pre-trading expenses of a rental business. If the expenses were in relation to a letting, then a deduction may be allowed where the following conditions are met: The expenditure is incurred within a period of seven years before the date the rental business is started, and The expenditure is not … More...

Companies eligible for Group Relief

20/05/2019 – Corporation Tax relief may be available when a company or organisation makes a trading loss. Companies that are eligible for Group Relief can transfer losses and certain other deficits to companies within the same group by means of Group or Consortium Relief. The use of Group Relief allows losses arising in the accounting period to be … More...

Seed Enterprise Investment Scheme

20/05/2019 – The SEIS provides for extensive Income Tax and Capital Gains Tax (CGT) breaks for investors and this greatly encourages much needed seed capital in new businesses. The SEIS is most valuable for taxpayers who can fully benefit from the tax reliefs on offer. For investors the main benefits of the scheme are as follows: Income Tax relief … More...

The Pensions Regulator targets law-breaking employers

19/05/2019 – Employers who flout their automatic enrolment pension duties are being targeted with short-notice inspections by The Pensions Regulator (TPR). TPR is using data to pinpoint specific employers across the UK who are suspected of breaking the law, including those who fail to put staff into a pension scheme or who make no, or incorrect, … More...

Want to pay-off your student loan in full?

14/05/2019 – Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is … More...

Tax on a private pension you inherit

14/05/2019 – Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that you should inherit any monies left in their pension pot. If the nominated person … More...

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