Blog

Accountancy, bookkeeping and taxation are fast-moving areas. It is our job to keep up with changes so that you don’t have to! However, from time to time, we do share urgent, important or even entertaining subject matter with you in the form of our blog. Please browse at your leisure, and if there is any issue about which you would like more detail, please do not hesitate to call us today.

Tax Diary December 2019/January 2020

Date: 28th November 2019

1 December 2019 – Due date for Corporation Tax payable for the year ended 28 February 2019.

19 December 2019 – PAYE and NIC deductions due for month ended 5 December 2019. (If you pay your tax electronically the due date is 22 December 2019)

19

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VAT Standard Retail Schemes

Date: 27th November 2019

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are usually used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT

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Reporting PAYE information in real time

Date: 27th November 2019

In December 2018, HMRC wrote to employers to advise of a temporary easement on reporting PAYE information in real time over the Christmas period. This was put in place because many employers pay their employees earlier than usual over the Christmas

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Life policies and Inheritance Tax

Date: 27th November 2019

A life policy is a contract with an insurance company. In exchange for premium payments the insurance company provides a lump-sum payment to beneficiaries if the policy holder dies during the terms of their policy. There are various types of life

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Avoiding tax scams

Date: 27th November 2019

Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January deadline for submission of Self-Assessment returns. In fact, over the last year, HMRC received nearly 900,000 reports about suspicious HMRC contacts.

A

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Gifts Hold-Over Relief

Date: 27th November 2019

Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to help the buyer. The relief means that any gain on the asset is

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Basic tax considerations if you come to work in the UK

Date: 27th November 2019

If you come to live in the UK there are basic tax considerations that you will need to observe. Most importantly, you will be required to pay tax on your income (in excess of any allowances) if you come to live in the UK. Income includes; wages,

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Using your own vehicle for work?

Date: 27th November 2019

If you are an employee and use your own money to buy things you need for your job, you can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for your work.

You may

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Affected by the recent floods?

Date: 27th November 2019

The Government has put a number of emergency flood measures in place to help those affected by the recent devastating floods. This includes 100% council tax and business rates relief and emergency funding from the Department for Business, Energy and

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Final reminder to sign up for Help to Buy

Date: 20th November 2019

The Help to Buy ISA scheme will close to new savers after 30 November 2019. If you are interested in signing up to the scheme you need to do so ASAP and certainly before midnight on 30 November 2019. If you are a first-time buyer and planning to buy

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