01227 454627
Client Portal

HMRC Consultation on CGT payments on account for residential property closes

The current system is that capital gains tax (CGT) is payable on residential property in line with normal income tax payment dates. This can mean that any CGT due is paid up to 21 months from the date of the transaction. From 2020 #HMRC propose to collect a payment on account of the CGT within 30 days of the transaction.

CLICK HERE TO FIND OUT MORE

Read More

HMRC estimate ‘Tax Gap’ to be £33 billion for 2016/17

  • ‘Tax Gap’ is the difference between what HMRC thinks the total tax collected should be and what is actually collected

  • Up from £32bn in 2015/16

  • The expected tax collection is calculated based on estimated levels of economic activity

  • Tax Gap due to criminal activity, tax evasion and errors.

CLICK HERE TO FIND OUT MORE

Read More

HMRC confirms reinstatement of EMI scheme

  • The EMI scheme was effectively withdrawn from April 2018 as EU State Aid approval had expired.
  • On 15 May 2018 the State Aid approval was reinstated by the EU.
  • The EMI scheme now continues as it was pre 5 April 2018
  • EMI schemes are tax-advantaged HMRC approved share option schemes
  • Very useful for growth companies looking at long term incentive plans for employees.

READ MORE FROM HMRC HERE

Read More

Making Tax Digital Update

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. This change might seem daunting, but we’ve compiled everything you need to know so your journey into digital tax recording is as easy going as possible.

What’s changing?

• Paper records will no longer be sufficient. Almost all businesses and landlords will now be legally required to use digital software or a spreadsheet to keep accounting records.
• Accounting records will be required to be submitted to HMRC directly from accounting software within one month of the end of each quarter.

(more…)

Read More

2018 Tax Notes

To download the document please click here

2018-tax-notes

Read More

HMRC: The Requirement to Correct – Offshore Accounts

HMRC have introduced new legislation called “The Requirement to Correct”, which requires UK taxpayers to ensure that all their foreign income and assets, where tax may be payable, have been declared to HMRC  BEFORE the 30th September 2018.

Click below to find out more:

RTC Information

 

Read More

VAT: Is Your Vehicle a Car or a Van?

For some time now there has been a restriction, or ‘block’, on the recovery of input tax incurred on cars. There are a few exceptions to this that have crept in over the years, driving schools, taxis, and hire cars may have the VAT recovered as their use can be clearly shown as being wholly for the business – the same can apply to ‘pool’ or demonstrator cars.

(more…)

Read More

Are you a U.S. citizen?

Did you know that:

  1. You are still required to file U.S. tax returns even if you don’t live there?
  2. You could be caught a double taxation if your affairs are not setup correctly
  3. There are penalties for non – compliance

(more…)

Read More