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12-12-2018
VAT on property service charges

VAT on property service charges


A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra Statutory Concession (ESC) 3.18 VAT: exemption for all domestic service charges may be applied. The ESC was introduced in ... read more


12-12-2018
Are you ready for VAT filing changes April 2019?

Are you ready for VAT filing changes April 2019?


The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only), and provide their VAT return information to HMRC ... read more


12-12-2018
Is your income approaching £100,000?

Is your income approaching £100,000?


For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain tax reliefs such as trading losses and certain ... read more


12-12-2018
Qualifying for VAT special schemes

Qualifying for VAT special schemes


There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover levels for joining and leaving these schemes vary. The flat rate scheme is open to businesses that expect their annual ... read more


12-12-2018
When is lettings relief available?

When is lettings relief available?


In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out, the entitlement to relief may be affected. Home owners ... read more


12-12-2018
How the £1,000 trading allowance works

How the £1,000 trading allowance works


There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as the trading allowance. The income raised from these kinds of ventures is usually supplemental to a taxpayer’s main income, but this is not always the case. The ... read more


11-12-2018
Citizens’ rights in the event of a no deal Brexit

Citizens’ rights in the event of a no deal Brexit


The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU, in the event of a “no deal” Brexit. The government has confirmed that those EU citizens and their family members who are resident in the UK by 29 March 2019 will have their rights ... read more


05-12-2018
Could you claim expenses and an early tax refund?

Could you claim expenses and an early tax refund?


HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter specifically identifies workers including nurses, hairdressers, construction workers and those in retail and food that have ... read more


05-12-2018
X-factor VAT bonus

X-factor VAT bonus


The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of the single are going to two children’s charities; Together for Short Lives and Shooting Star Chase Children’s ... read more


05-12-2018
Employing someone to work in your home

Employing someone to work in your home


When you employ someone to work in your home, it is your responsibility to ensure you meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed ... read more