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DIARY DATES OF MAIN TAX EVENTS APRIL/MAY 2019

Tax Diary

Date What’s Due 1/04 Corporation tax for year to 30/06/18 unless quarterly instalments apply 1/04 MTD for VAT starts to apply to VAT record keeping and VAT reporting for return periods commencing after this date (unless deferral to 1 October 2019 applies) 6/04 Start of 2019/20 tax year. 6/04 New workplace pension limits apply, 5% […]

ADVISORY FUEL RATE FOR COMPANY CARS

Tax

In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p (12p) 7p (8p) 1600cc or less […]

PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020

Business Tips, Tax

In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services […]

DISGUISED REMUNERATION LOAN CHARGE STARTS APRIL 2019

Money Matters, Tax

This new charge will apply to certain loans to directors and employees that are still outstanding at 5 April 2019 and new arrangements put in place after that date. The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes adjudged by HMRC and the courts to be tax […]

SCOTTISH INCOME TAX RATES FOR 2019/20

Tax

he Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. It has been confirmed that the 5 band structure and tax rates (19%, 20%, 21%, 41% and 46%) will remain the same for 2019/20. The thresholds for lower tax rates will rise in line with inflation […]

NO TAX CHANGES ANNOUNCED IN SPRING STATEMENT

Tax

Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none were made by the Chancellor. As already […]

DIARY DATES OF MAIN TAX EVENTS MAY/JUNE 2019

Tax Diary

Date What’s Due 1/05 Corporation tax payment for year to 31/07/18 (unless quarterly instalments apply) 19/5 PAYE & NIC deductions, and CIS return and tax, for month to 05/05/19 (due 22/05 if you pay electronically) 31/05 VAT for Returns ended 31/03/19 (due 07/05 if paid electronically, 12/05 if paid by direct debit) 01/06 Corporation tax […]

“RENT A ROOM” RELIEF TO CONTINUE FOR AIR BNB LANDLORDS

Tax

Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent. The scheme currently exempts from tax gross rents up […]

TAX PLANNING TO MINIMISE THE HIGH INCOME CHILD BENEFIT CHARGE

Money Matters, Tax

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14. The charge applies if […]

POSSIBLE CHANGES TO CGT PRIVATE RESIDENCE RELIEF

Estate Planning, Tax

The government is currently consulting on important changes to private residence relief that are likely to be introduced from 6 April 2020. The two possible changes, announced in the Autumn 2018 Budget are: Firstly to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation The second is […]