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Spring 2017 Budget
10/03/2017 - More...
2017 Spring Budget: Although this is the last Spring budget it does provide some unexpected changes as well welcome relief for some: Income Tax and Corporation rates are as confirmed in the Autumn statement Dividend Taxes are widened by the reduction from April 2018 of the £5000 exemption being reduced to £2000, for a basic

Changes to the taxation of Dividends from April 2016
20/04/2016 - More...
We again write to alert you to the changes in the taxation of dividend payments to company shareholders from April 2016. From April 2016, the NIC status of dividends has not changed. Unfortunately, the income tax position of dividend income has changed and this may have a direct impact on the overall savings in NIC and income tax that

The Digital Tax Account – or Making tax Digital
20/04/2016 - More...
The Government and HMRC have confirmed the imposition of Digital Tax Accounts for tax payers by 2020. What does this actually mean for our clients, who are all affected by this? There will be no self assessment tax return to complete – that will be effectively prepared through the digital tax account. The digital tax account

What qualifies for 10% Entrepreneurs’ Relief?
10/08/2017 - More...
Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is payable rather than the normal main rate of 20%. This can significantly reduce the amount of CGT due. When the relief was first introduced there

How to roll-over capital gains
10/08/2017 - More...
Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new

Holiday lets occupancy rules
10/08/2017 - More...
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following occupancy criteria need to be met: The property must be let on a commercial basis with a view to the realisation of

Claiming back VAT on fuel
10/08/2017 - More...
HMRC offers a number of alternative methods for claiming back VAT on car fuel where there may be a mix of business and private mileage. They fall into a number of broad categories: Standard scale charge - HMRC operates a useful simplification measure that allows businesses to use a standardised scale charge to value fuel costs for

VAT capital goods scheme
10/08/2017 - More...
The VAT Capital Goods Scheme (CGS) adjusts the initial VAT recovery in respect of certain assets over either 5 or 10 year period. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime. In effect, the recovery of VAT input tax

Carry back charitable contributions
10/08/2017 - More...
Donations to charities are a recognised way to benefit charities and certain tax payers. To facilitate these advantages, taxpayers must ensure they keep a proper record of all donations to back up claims on their tax return. Donations that are made through the Gift Aid scheme allow for the recipient charity to claim 25p worth of tax

The end of disincorporation relief?
02/08/2017 - More...
Disincorporation involves the transfer of a business from a private limited company to a sole trader or partnership. Disincorporation relief was introduced from 1 April 2013 and is effectively a form of roll-over or deferral relief. The relief is due to end on 31 March 2018. The relief allows a company to transfer certain types of

Landlords, what expenses can you claim?
02/08/2017 - More...
It is important that landlords are aware of the expenses that can be deducted from their rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. Since April 2017, tax relief on mortgage costs used to buy investment properties is being gradually restricted to the

VAT – what you cannot reclaim
02/08/2017 - More...
Most VAT registered businesses are entitled to reclaim the VAT they incur on goods and services used by the business. This is known as input VAT. Some of the common areas where VAT cannot be reclaimed include the following: Goods and services used to make exempt supplies. VAT doesn't apply to everything and there are certain supplies

Tax write downs for business cars
02/08/2017 - More...
Capital allowances allow businesses to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which pool is appropriate depends on the car’s CO2 emissions. Expenditure on cars with CO2 emissions over 130g/km will be dealt with in the special

Company purchase of own shares
02/08/2017 - More...
As a general principle, when a company makes a purchase of its own shares, any payment in excess of the amount of capital originally subscribed for the shares is treated as a distribution (taxed as income not a capital gain). However, there are special provisions that enable an unquoted trading company or an unquoted holding company of a

Let property disclosure campaign
02/08/2017 - More...
HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. HMRC has recently updated their

Supreme Court declares employment tribunal fees unlawful
01/08/2017 - More...
In R (on the application of Unison) v Lord Chancellor 2017, the Supreme Court has ruled that employment tribunal and Employment Appeal Tribunal (EAT) fees are unlawful and it has quashed the Employment Tribunals and the Employment Appeal Tribunal Fees Order 2013 with immediate effect. The Supreme Court held that the fees regime was

Tax Diary August/September 2017
28/07/2017 - More...
1 August 2017 - Due date for Corporation Tax due for the year ended 31 October 2016. 19 August 2017 - PAYE and NIC deductions due for month ended 5 August 2017. (If you pay your tax electronically the due date is 22 August 2017) 19 August 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2017. 19 August

European Union (Withdrawal) Bill published
27/07/2017 - More...
The government has published the European Union (Withdrawal) Bill 2017-19 and it has had its first reading in the House of Commons. The second reading is scheduled for 9 September 2017, following which it will enter Committee Stage for further debate. Explanatory Notes to the Bill have also been published. The Bill performs four main

Credit card transaction charges to be banned
26/07/2017 - More...
The EU second Payment Services Directive (PSDII) was approved by the European Parliament and European Council in December 2015 and seeks to widen the scope of the existing EU Payment Service Directive (PSD) that defines the information that consumers and businesses must receive when making payments. This includes making reforms to the way

Directors, beware minimum wage legislation
26/07/2017 - More...
We have recently considered some of the issues surrounding various tax efficient strategies for paying director shareholders. One aspect of this complex area that we have not yet examined is whether company directors need to be concerned with employment legislation in relation to the minimum wage. At the most basic level, company

The new State Pension
26/07/2017 - More...
The new State Pension is payable to those that reach the State Pension age on or after 6 April 2016. The full new State Pension is currently £159.55 per week and is payable to eligible women born on or after 6 April 1953 and eligible men born on or after 6 April 1951. Retirees that reached the State Pension age before 6 April 2016 will

Who inherits if someone dies without a Will?
26/07/2017 - More...
The intestacy rules that govern how assets are divided if someone dies without making a will changed from 1 October 2014. The changes do not affect people who die with less than £250,000 in assets but for those that leave more, the changes were significant. For example, prior to 1 October 2014, a surviving spouse or civil partner in a

PAYE tax refunds and underpayments
26/07/2017 - More...
HMRC’s annual reconciliation of PAYE for the tax year 2016-17 is well under way. HMRC uses salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC uses the P800 form to inform taxpayers of any under or over payments. The forms currently being sent show

Tax credit renewal final reminder
26/07/2017 - More...
This coming Monday (31 July) is the last day for families and individuals that receive tax credits to renew their tax credit. As in previous years, there is expected to be a huge last-minute rush and it may be difficult to contact HMRC by phone. Claims can be renewed by post, phone or online. A press release from HMRC released on 24

 

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ASL Accountants is the trading name of Ashton’s Secretarial Limited.   Registered No. 05599396  

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