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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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2018 Tax Notes

To download the document please click here

2018-tax-notes

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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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2017 US Tax filing deadline

2017 US tax returns and Foreign Bank Reports (FinCen 114) – 16th April 2018

Extensions can be filed for US citizens who are residing outside of the USA – this is an extension for the filing deadline not for payment of tax due.

If you have any US Tax related queries please get in touch:

Email: USTax@burgesshodgson.co.uk or Call: 01227 454627

Or find more about our U.S. Tax Services here:

www.burgesshodgson.co.uk/our-services/tax-planning/usa-tax-services/

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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

 

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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.

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Top ten tips for a VAT inspection

What do you do when the VAT man knocks on your door? Don’t panic, says Burgess Hodgson’s Greg Mayne, who here outlines his top ten tips for dealing with a VAT inspection. (more…)

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Will your VAT payment be fast enough?

Faster payment of VAT

When a business fails to submit and pay its VAT return on time it may attract a default surcharge, a percentage penalty that is based on the amount of VAT that is paid late.

Where there is a ‘reasonable excuse’ for the delayed payment then HMRC may reconsider and withdraw the surcharge. If the business is unsuccessful at that stage but still feels strongly enough about their case, they may take the appeal to a formal Tribunal and allow an independent process to review and decide the matter.

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Let me get that for you – VAT & Disbursements – UPDATED GUIDANCE

The earlier article on the VAT treatment of disbursements has had to be updated as a result of a VAT tribunal case. The example provided in that article that illustrated a non-VATable disbursement scenario has now been judged to be one that should attract VAT, and so should not be used as any kind of template or treatment to be followed.

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Let me get that for you – VAT & disbursements

It’s always nice when you get something paid for by someone else, but in the ruthless world of commerce it’s likely that any such action is going to end up on an invoice as a recharge at some point. Often the cost will be rolled up within an overall charge for goods or services, but occasionally it will be separately itemised as an added extra.

The question then arises of how to treat this for VAT purposes.The use of the word ‘disbursement’ in VAT terms has its own interpretation and definition, and has been recently tested in the courts in respect of legal fees that are recharged. In explaining how disbursements worked it was often the legal sector that provided good examples, as in the following situations;

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