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Construction Industry Reverse Charge VAT: Q & A

Later this year changes to the VAT system will come into effect that will have an impact on many businesses operating in the construction sector. These changes will add an additional layer of complexity to the already complex system of VAT in the construction sector. Here we look in more detail at how these changes will work.

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5 April 2019 deadline looms for Disguised Remuneration scheme users

The deadline for Disguised Remuneration (DR) scheme users to reach a settlement with HMRC to ensure that the 2019 Loan Charge does not apply is now only six weeks away. Users of DR schemes must settle historic tax liabilities or repay the relevant loans ahead of 5 April to avoid the 2019 Loan Charge.

DR schemes are a wide variety of structured, and complex, tax avoidance schemes where income was drawn as some form of loan rather through traditional routes such as dividends or salaries. HM Revenue and Customs have put in place various measures to restrict the use of these schemes over recent years and the most recent measure is what is termed the 2019 Loan Charge. (more…)

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Making Tax Digital Workshop

13th February 2019

Canterbury Cathedral Lodge

Two Sessions:

7.30am-9.00am

or

9.30am-11.00am

To book into your preferred session email: marketing@burgesshodgson.co.uk

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Making Tax Digital

We have created our own guide to help you understand how Making Tax Digital might affect you.

Click here to download your guide

 

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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

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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

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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

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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.

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2019 Tax Notes

To download 2019 Tax Notes document please click here

 

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Important Tax updates for US Citizens in the UK

US Tax Updates 2018:

On 22 December 2017 President Trump signed the Tax Cuts and Jobs Act.

https://www.congress.gov/bill/115th-congress/house-bill/1/text

Some of the key highlights are as follows:

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