Tax Briefings & News - Page 39 of 47

Nov 29 2017

Diesel Bad, Electric Goodish

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

The benefit of having a company car is taxed as a percentage of the vehicle's list price when new. For 2018-19 this percentage will range from 13% for a car with zero CO2 emissions, to 37% for emissions of 180 g/km or more. Diesel cars tend to have lower CO2…

Sep 20 2017

Reclaim Overseas VAT

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

When you incur VAT on business expenses in other EU countries, you mustn't reclaim that VAT on your UK VAT return. However, if your business meets the following conditions it can reclaim the overseas VAT through HMRC's VAT online services system: • it must be registered for VAT in the…

Sep 19 2017

Why Your P800 May Be Wrong

By admin HMRC, P800, PAYE, Potts & Co Accountancy & Business Advice News

The P800 is the tax calculation produced by the HMRC computer when you have not paid the right amount of tax under PAYE in the previous tax year. If you normally complete a personal tax return you should not be sent a P800 tax computation, as the tax calculation is…

Sep 18 2017

Why Your Tax Code May Be Wrong

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

If you are a basic rate taxpayer, you have a savings allowance of £1,000 in 2017-18; for higher rate taxpayers it's £500. You pay no tax on any interest you receive which is covered by your savings allowance. If you examine your PAYE tax code you may see an…

Sep 17 2017

Selling Your UK Home

By admin Non-Resident Capital Gains Tax (NRCGT), Potts & Co Accountancy & Business Advice News, Property

Once you have moved abroad your tax status in relation to the UK changes to 'non-resident', and you become subject to different tax rules. Importantly, when a non- resident person sells a home in the UK, that disposal must be reported to HMRC within 30 days of completion of the…

Sep 16 2017

Myths About Letting

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

Income you receive from letting a property must be declared to HMRC, and you should also claim any qualifying associated expenses related to that letting. There is a £7,500 annual allowance to cover income from letting a room in your own home to a lodger, but other rental income…

Sep 15 2017

Online Filing Of Tax Returns

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

Your personal tax return for 2016-17 must reach HMRC by midnight on 31 January 2018. Submitting it online is generally the most efficient way to do this. However, this year HMRC's coding of the tax calculation contains a number of errors, which means taxpayers who fall into one of 32…

Sep 14 2017

Making Tax Digital

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

The Government would like all businesses to interact with it digitally, particularly where tax is concerned. Although most tax returns are submitted online, HMRC believes that humans make too many errors on those returns, so the ideal position would be for the business's computer to talk directly to HMRC's computer…

Sep 13 2017

Inheriting Holiday Cottages

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

When someone dies while they own a share in a private trading business, the deceased’s share of the business will qualify for 100% business relief from inheritance tax (IHT). This business relief doesn’t automatically apply where the business involves letting holiday accommodation. Although holiday lets are treated as a trade…

Sep 12 2017

Backdated Tax Law-

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

The mechanisms to pass new tax law have been disrupted by the EU referendum and the following General Election. A number of measures which were to come into effect from April 2017 or earlier had not yet been passed into law. However, the Government plans to publish another Finance Bill…