Latest Business Tax

14th May 2019 PPR and Lettings Relief: an Update

Shortly following the last autumn budget, I published a blog “CGT Reliefs – Hit with Both Barrels!”, regarding the changes announced to the Principal Private Residence Relief (PPR) and letting relief rules.   HMRC have now published a consultation document, which can be found here: https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs   The consultation period closes at 11:45pm on 1…

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8th May 2019 Lorraine Kelly wins IR35 battle with HMRC; would you?

A recent series of HMRC high-profile court cases have brought Contractors back into the tax spotlight. TV presenters Lorraine Kelly, Kay Adams and Christa Ackroyd have all defended their working practices with mixed success.   HMRC claimed all three should have been taxed as employees rather than business owners. HMRC won the case against Ackroyd…

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9th April 2019 Digital Records for VAT – HMRC Guidance published

  From 1 April 2019, most businesses with a taxable turnover above £85,000 are required to follow the rules for Making Tax Digital for VAT.  As a result, HMRC has published new guidance on record keeping, which  explains what records a business needs to keep digitally if it has signed up for Making Tax Digital…

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9th April 2019 R&D Tax Relief: HMRC Try to Tackle Abuse

  Many companies, not just those in the tech industry, will have benefitted from the generosity of R&D tax relief. Eligible R&D expenditure can be inflated by a notional 230% uplift, and a refund of tax claimed on tax that was never paid in the first place. Perhaps not unsurprisingly, HMRC have identified abuses of…

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21st March 2019 Preparing for Brexit – Do you trade within the EU?

Your UK business may need an Economic Operator Registration and Identification (EORI) number if we leave the EU with no deal.   What is an EORI number?   An EORI number is a unique identifying number assigned to individual importers and exporters to track trade between the EU and non-EU countries. It’s used during Customs…

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11th March 2019 Revised rates for the Annual Tax on Enveloped Dwellings

The charges made under the Annual Tax on Enveloped Dwellings (ATED) regime increase in line with inflation on 1 April 2019:   Property value From 1 April 2018 From 1 April 2019   £ £ More than £500,000 up to £1 million 3,600 3,650 More than £1 million up to £2 million 7,250 7,400 More…

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7th March 2019 HMRC sets out rules for postponed VAT accounting if no deal Brexit

HMRC confirmed that in the event the UK leaves the EU without a deal, from 11pm GMT on 29 March 2019, businesses registered for VAT in the UK will be able to account for import VAT on their VAT return rather than pay when, or soon after, the goods arrive at the UK border.  …

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7th March 2019 How to submit a VAT Return using Sage

Submitting a VAT Return using Sage is a simple process, however before you can do this you need the correct log in details to do so.  These log in details are commonly known as a Government Gateway ID. As a Sage user that is not currently using Sage to submit your VAT returns, you will…

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6th March 2019 Making Tax Digital – Full steam ahead

  Despite calls from some to put a further delay to Making Tax Digital, on 19th February 2019 with less than 40 days to go Mel Stride MP Financial Secretary to the Treasury updated the House of Commons on HMRC’s progress on delivering MTD for VAT. The government are pressing ahead with the April 2019…

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6th March 2019 Construction Industry VAT Reverse Charge

  HMRC’s latest attempt to stamp out tax fraud has turned their attention to the construction industry and, more specifically, VAT within the construction industry.  HMRC state they have identified “a significant risk to the Exchequer” as a result of missing trader fraud.  Missing trader fraud occurs where fraudsters take over or create shell companies…

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