Tax Briefings & News - Page 33 of 47

Dec 10 2018

Termination Payments

By admin Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

If an employment contract is terminated after 5 April 2018, the £30,000 tax-free cap on a payoff does not necessarily apply in full. Any payment made on termination of the employment needs to be broken down into its elements to test which parts may be covered by the tax-free amount.…

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…

Dec 07 2018

Pension Planning

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

You are probably too busy running your company to think about your pension, but you should give this some thought before the deadlines overtake you. Your company can only claim deductions for pension contributions made within the accounting period. If it has a 31 December year end you should now…

Dec 06 2018

Gains From Off-Plan Purchases

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

Most people understand that when you sell your main home the profit you make on the sale is exempt from tax. However, for this exemption to apply in full you must generally occupy the residence throughout your period of ownership. If the property has been acquired before it is fully…

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All figures are annual amounts Tax Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500 Tax on earnings Earnings to £34,500 20%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 12 2018

Making Tax Digital & VAT

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

There were rumours before the Budget that the VAT registration threshold would be reduced, but the Chancellor has committed to hold it at £85,000 until April 2022. This will provide some certainty to businesses who need to know whether and when they must comply with the Making Tax Digital (MTD)…

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 11 2018

Business Rates

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

High street shops and restaurants feel the burden of business rates acutely, as the tax does not reduce if their profits fall. The Chancellor announced some help for businesses who operate from retail premises with a rateable value of up to £51,000. Their business rates bills will be cut by…

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…