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FURNISHED HOLIDAY LETTINGS BUSINESSES ALSO QUALIFY FOR CAPITAL GAINS TAX RELIEF

HMRC, Tax

As mentioned above furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the restriction that applies to other residential property businesses does not apply to furnished holiday lettings. It should also be noted that qualifying furnished holiday lettings businesses are […]

KEEP DETAILS OF YOUR DIRECTOR’S LOAN ACCOUNT, AND KEEP IT IN CREDIT

HMRC, Tax

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of directors’ loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on the director and also a tax charge on the company. A […]

APPLY FOR MORE TIME FOR MTD DIGITAL LINKS

Making Tax Digital

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 months “soft landing” extension. Businesses […]

DIARY DATES OF MAIN TAX EVENTS NOVEMBER/DECEMBER 2019

Tax Diary, Uncategorized

 Date What’s Due 01/11/19 Corporation tax for year to 31/01/19 unless quarterly installments apply 19/11/19 PAYE & NIC deductions, and CIS return and tax, for month to 05/11/19 (due 22/11 if you pay electronically) 30/11/19 VAT for Returns ended 30/09/19 (due 07/11 if paid electronically, 12/11 if paid by direct debit) 01/12/19 Corporation tax payment […]

COLLECTING UNPAID TAX FOR 2018/19 THROUGH YOUR PAYE CODING

HMRC, Tax

Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before […]

NO CAPITAL ALLOWANCES FOR EQUIPMENT IN A “DWELLING HOUSE”

Estate Planning, Money Matters

As a general rule, there are no capital allowances available for expenditure on plant and machinery in a dwelling house. In a recent Tax Tribunal case it was decided that only equipment installed in the “common parts” of a dwelling house qualifies for tax relief. This would typically comprise a common entrance lobby, corridors, stairs […]

GOVERNMENT FUNDING TO HELP YOU PREPARE FOR CUSTOMS CHANGES

Brexit

£16m in new government funding is now available to help businesses train staff in making customs declarations and to help businesses who support others who trade goods to invest in IT. This will ensure that trade with the EU continues as smoothly as possible after Brexit on 31 October. Grants can be used to support: training […]

WHEN WILL BUDGET DAY BE NOW?

Money Matters

It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now? The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take effect […]

DIARY DATES OF MAIN TAX EVENTS OCTOBER/NOVEMBER 2019

Tax Diary

Date What’s Due 01/10/19 Corporation tax for year to 31/12/18 unless quarterly installments apply 05/10/19 Deadline for notifying HMRC of chargeability for 2018/19 if not within Self-Assessment and  receive income or gains on which tax is due 19/10/19 PAYE & NIC deductions, and CIS return and tax, for month to 05/10/19 (due 22/10 if you […]

ADVISORY FUEL RATE FOR COMPANY CARS

Tax

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p   8p 1600cc or less   10p   1401cc to 2000cc 14p (15p)   10p […]