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September 2018

Tax Tips & News

Welcome to the Gardners Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

HMRC consult on BIK changes

Following the recent consultation covering the taxation of employee expenses (as announced in the Autumn 2017 Budget), draft Finance Bill 2018-19 contains proposals to amend some of the existing rules concerning travel and subsistence payments. Read More…

MTD research published

HMRC have published a document entitled Making Tax Digital Research – Attitudes, Behaviour and Engagement, which reports on research undertaken to help HMRC understand how individual customers and agents respond to the core principles of MTD. The key obje Read More…

VAT treatment of vouchers

A summary of responses to HMRC’s consultation on VAT and vouchers was published on 6 July 2018. The consultation sought views about proposed new rules for the VAT treatment of vouchers and gift cards. The consultation focussed on how an EU directive, pro Read More…

OTS proposals new online PAYE platform

An increasing number of individuals are finding work through online platforms (for example Deliveroo and Uber workers), usually on a self-employed basis, whereas in the past they might have been employees whose relatively simple tax affairs were dealt wit Read More…

September questions and answers Read More…

September 2018 key tax dates Read More…

August 2018

Tax Tips & News

Further MTD guidance published

In response to calls for additional clarity from businesses and their representatives, HMRC have published further information on Making Tax Digital (MTD) to support them with preparation in the run up to the start of the mandatory MTD VAT service. Read More…

Certain sole traders and partnerships may benefit from using HMRC’s simplified expenses regime to calculate business expenses for vehicles, working from home and living on the business premises. Read More…

HMRC update trust registration guidance

HMRC have updated guidance on registering a client trust to clarify which types of trust must be registered and the deadlines for registering. Read More…

August questions and answers Read More…

August 2018 key tax dates Read More…

July 2018

Tax Tips & News

The Association of Taxation Technicians (ATT) is warning that owners of second homes and buy-to-let (BTL) landlords may face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020.

Where CGT is due, a d Read More…

HMRC have released interim guidance for agents on the new EU Mandatory Disclosure Rules and new reporting requirements for intermediaries, which apply from June 2018.

Under the new mandatory EU tax disclosure rules, information will be exchanged betwe Read More…

HMRC’s pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. Agents can also sign up clients to pilot. The latest extension means that certain Read More…

Q. I am a company director and usually work from an office in London. However, I will shortly be relocating to France for a couple of months and will be working from there. Will I be able to claim travel expenses whilst I’m abroad? Read More…

July key tax dates

5 – Deadline for PAYE settlement agreement for 2017/18 6 – Deadline for 2017/18 forms P11D and P11D(b) to be submitted and copies of P11D to be issued to relevant employees Deadline for employers to report share incentives for 2017/18 Read More…

HMRC’s new Trusts Register is designed to provide a single point of access for trustees and their agents to register and update their records online, replacing the paper 41G(Trust) form (which was withdrawn from April 2017) and the ad hoc process for trus Read More…

June 2018

Tax Tips & News

Welcome to the June edition of Gardners Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

 

Using tax to keep employees healthy

The adverse effects of being inactive can of course have a major impact on health and wellbeing. According to a recent government report, workers can spend up to three-quarters of their day sitting down, which contributes to a range of preventable health Read More…

HMRC’s guidance on corporate offences for failing to prevent criminal facilitation of tax evasion has recently been updated to include information about self-reporting a company or partnership that has facilitated such an offence.

All Read More…

The confusion over HMRC’s application of the IR35 legislation continues after an IT contractor successfully appealed to the First Tier Tribunal (FTT) against a tax charge of some £26,000 in connection with a project he was working o Read More…

At the time of the 2016 Spring Budget, the government announced that the existing capital gains tax (CGT) entrepreneurs’ relief would be extended to certain long-term investors in unlisted trading companies who had subscribed for their shares. However, Read More…

Questions and Answers

Q. I use my own car for business. My employer reimburses me 20p per mile. In 2017/18 I travelled 15,000 on business. I am a basic rate taxpayer. Can I claim any tax relief for the use of my car? Read More…

 

Key Tax Dates

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/6/2018. Read More…

May 2018

In this month’s round of business news, we’ve business guides on personal tax planning and company cars, plus our usual Business Insider newsletter.

In May’s Business Insider we look at how the smallest firms are being hit by higher pension costs as well as being most affected by late payments.
We discuss how selected businesses are trialing Making Tax Digital and how a lack of funding is holding back 1 in 4 SMEs.

Our personal tax planning guide shows you how to reduce the amount you owe the taxman.
If you would like specific tax advice please speak to one of our tax advisors at info@gardnersaccountants.co.uk or phoning 01352 710216

Company cars remain a popular benefit despite year-on-year tax rises. As the new tax year gathers steam we look at what’s changed for 2018/2019. Download your guide

April 2018

In this month’s business Insider we look at how more workers are aiming to become self-employed. How a thinktank wants a major reform of our tax system and what those changes should be.  We’re also discussing how small firms are not ready for the data protection shake-up which takes place on 25 May 2018 and what help is available.

If you’re currently a sole trader and are thinking about becoming a limited company our guide gives you a good overview of what you need to consider and where to start. Here’s our guide.

Companies can fail for several reasons and for the most part, these aren’t the result of wrongdoing by the directors. For this reason it’s perfectly legal to start a new company after an old one has become insolvent.

Our guide on phoenix companies takes you through the reasons and the safeguards in place. Download the guide

March 2018

HMRC Investigation Guide

Our guide on what to expect when the Revenue comes knocking covers the stages an investigation will take plus what things are likely to trigger an investigation. Download our guide here.

Welcome to the March roundup of business news and updates to ensure your business stays ahead.

In this month’s business Insider we look at how firms are complying with auto-enrolment. We also look at the top five destinations for food and drink exports. Plus we cover why taxpayers have reclaimed £493m from HMRC.

Cash Basis for Landlords
In our cash basis for landlords guide we look at the default basis for landlords’ accounts. We compare the cash basis versus accruals basis accounting system. Download your guide. (Note: where the landlord qualifies for the cash basis this will apply by default unless the landlord elects to prepare accounts in accordance with GAAP using the accruals basis.)

Finally, we leave with with an invitation to join us at the inaugural  Flint, Greenfield and Holywell Business Forum on Tuesday 24 April between 8am – 10am at the Greenfield Business Centre,  Bagillt Rd, Greenfield, Holywell CH8 7GR.

We will be joined by Chrissie Small from Gap Personnel, Chris Hayward and Anna Bowen of the Development Bank of Wales plus Owain Williams of NatWest Cymru. The event is free of charge and the refreshments are being sponsored by Gap Personnel.

Tax and Employee Benefits Guide
Our guide on tax and employee benefits covers what to expect when providing staff with perks including childcare, company cars and private health insurance. Read the guide.

February 2018

Welcome to the February roundup of business news and updates.  In this month’s Insider amongst other articles, the Government moves to scrap “staircase tax” to help smaller businesses and credit card payment fees are banned.

Termination Payments – New rules are coming into force on 6 April 2018 regarding the tax treatment of employment termination payments.

Tax Powers Devolution

Read our attached guide that covers what powers are moving from Westminster to the regions and also the new bandings and taxable income for each area.

January 2018

As always, January is a very busy month for us here at Gardners with the online tax-return deadline for the tax year 2016/17 almost upon us (Midnight Wednesday 31 January).

There’s still time for us to make sure that you receive your latest business newsletters, filled with useful information that will help keep your business safe and compliant.

In this month’s business Insider we outline the ways you can pay your tax bill now that HMRC has stopped the use of personal credit cards to pay.  We look at how small businesses are facing a skills gap and what those gaps are.

We also highlight how disincorporation relief is to end this March (2018). Finally, we look at how the number of businesses in the UK has reached a record high. Read more here.

Giving to Charity in Life and Death
In our giving to charity guide we look at how to include charitable donations in your tax planning strategy. Charity giving can be a useful way to reduce both your income tax and inheritance tax that will eventually become payable on your estate.

We always like to keep our customers completely up to date with relevant tax and business news. So with that in mind here’s your latest year-end Tax Guide for 2017/18 for you to download.

You can also find our useful tax calculators and guides on our website.
Don’t forget that the deadline for completing your tax return and playing and tax due for tax year 2016/17 is midnight on 31 January 2018.  (Here’s the 2016/17 tax guide should you need it.)

If you’d like specific advice, whether for your business or your personal tax, please give our specialist Tax department a ring on 01352 710216 or email us at info@gardnersaccountants.co.uk.

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