HMRC Archives - Page 32 of 37

Dec 09 2018

Retain Your Entrepreneurs’ Relief

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

Entrepreneurs' relief allows you to pay capital gains tax at ten percent on gains made on the disposal of shares issued by your personal company, or assets used by that company. The company must qualify as your personal company for a full 12 months ending on the earlier of the…

Dec 08 2018

Making Tax Digital Software

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

Most VAT registered traders will be required to file their VAT returns using MTD-compliant software for VAT periods beginning on and after 1 April 2019. If your VATable turnover is likely to be over £85,000 for the year to 31 March 2019 it is crucial to understand this software…

Nov 13 2018

Tax Data 2019-20

By admin Budget Update, Corporation Tax, HMRC, Inheritance Tax (IHT), Personal Tax, Potts & Co Accountancy & Business Advice News, VAT

All figures are annual amounts Tax Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500 Tax on earnings Earnings to £34,500 20% £34,501 to £150,000 40% Over £150,000 45% Tax on earnings for Scottish residents Earnings to £37,500 20%…

Nov 11 2018

Relief For First-Time Buyers

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

Stamp duty land tax (SDLT) is payable at rates ranging from 2% to 12% when you buy a residential property for £125,000 or more. Higher rates apply to the purchase of second homes and property acquisitions by companies. If a residential property worth up to £500,000 is purchased by one…

Nov 10 2018

New Capital Allowances

By admin Budget Update, Capital Allowance, HMRC, Potts & Co Accountancy & Business Advice News

The government wants to encourage businesses to invest in plant and equipment to help them grow their operations and operate more efficiently. Where the cost of those items qualifies for the annual investment allowance (AIA), 100% of the expenditure is set against profits in the year of purchase, so the…

Nov 09 2018

Rollout of IR35 Rules Postponed

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News

Where an individual works through his or her own personal company to provide services, such as IT consultancy, that company must abide by the "IR35" rules, which HMRC calls "off-payroll working". IR35 requires the individual to check whether he would be treated as an employee of his customer if his…

Nov 07 2018

Tax Exemption For Homes Clipped

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property

When you sell your only or main home, you expect any gain you make to be free of CGT. But that CGT exemption only applies if you have occupied the property as your main home for the entire period of your ownership. If you move out of your home before…

Sep 17 2018

Company Cars

By admin HMRC, Potts & Co Accountancy & Business Advice News

Electric cars are creating a buzz in environmentally-conscious companies, and not just because of the noise they make. They are cheap to run and the price of many models is coming down. If your employer provides you with an electric company car or van, we have some good and bad…

Sep 16 2018

Penalties For Late PAYE

By admin HMRC, PAYE, Potts & Co Accountancy & Business Advice News

All payroll payments and deductions must be reported to HMRC under real time information (RTI). The main RTI report is the full payment submission (FPS), which should be sent on or before the day the payment is made to the employee. If no payments are made for the pay period,…

Sep 15 2018

Landfill Tax

By admin HMRC, Landfill Tax, Potts & Co Accountancy & Business Advice News

As an ordinary business, you may think that landfill tax is someone else's problem. You pay for your waste to be taken away and the waste disposal company is responsible for paying the landfill tax when the waste goes into a hole, rather than to incineration or recycling. However, since…

HMRC