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DIARY DATES OF MAIN TAX EVENTS JULY/AUGUST 2019

Tax Diary

Date What’s Due 01/07/19 Corporation tax for year to 30/09/18 unless quarterly installments apply 05/07/19 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2018/19 06/07/19 Deadline for forms P11D and P11D(b) for 2018/19 tax year 19/07/19 PAYE & NIC deductions, and CIS return and tax, […]

NEW VAT RULES FOR THE CONSTRUCTION SECTOR

Tax

Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have start using a new method of accounting for VAT. Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be invoiced […]

MORE COMPLICATED PENSION RULES

Pensions

Last month we highlighted the restricted annual pension allowance for those with high income, such as doctors. Note that the deadline for requesting for the additional tax to be paid out of the fund for 2017/18 is 31 July 2019. There is a further complication for those individuals who have started drawing income from certain […]

MAKE SCHOOL HOLIDAYS EASIER WITH TAX-FREE CHILDCARE

Money Matters

Did you know there is a government scheme available that can help contribute towards childcare costs which may mean fewer of your employees will need time off at the same time this summer. Tax-Free Childcare is a scheme available to working parents with children from 0-11 years and many parents are not taking advantage of […]

ADVISORY FUEL RATE FOR COMPANY CARS

Money Matters, Tax

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p (11p)   8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p (14p) […]

A STAFF SUMMER PARTY CAN BE A TAX-FREE BENEFIT

Employers, Tax

Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied. The exemption applies to an annual party (for example, a Christmas party), or similar annual function (for example, a summer barbecue), […]

DIARY DATES OF MAIN TAX EVENTS JUNE/JULY 2019

Tax Diary

Date What’s Due 01/06/19 Corporation tax for year to 31/08/18 unless quarterly instalments apply 19/06/19 PAYE & NIC deductions, and CIS return and tax, for month to 05/06/19 (due 22/06 if you pay electronically) 30/06/19 VAT for Returns ended 30/04/19 (due 07/06 if paid electronically, 12/06 if paid by direct debit) 01/07/19 Corporation tax payment […]

HIGH INCOME CHILD BENEFIT CHARGE AND STATE PENSION

Tax

Last month we looked at tax planning to minimise or eliminate the high income child benefit to keep both husband and wife (or civil partners) looking after a child below the £50,000 threshold. Where the income of one of the individuals exceeds £60,000 such that the whole of the child benefit is taxed they may […]

REQUEST THAT THE PENSION CHARGE IS PAID BY YOUR FUND BY 31 JULY

Pensions, Tax

The Pension Annual Allowance tax charge depends on the individual’s marginal rate of tax. Where their income exceeds £150,000 it would be at 45%. Thus if the pension input for 2018/19 Was £40,000 and the limit is tapered to £10,000 the excess of £30,000 would incur a £13,500 tax bill on top of their normal […]

REPORTING THE ISSUE OF SHARES OR OPTIONS TO STAFF

Tax

Gifts and awards of shares in companies, often known as employment related securities (ERS) are commonly used by employers to reward, retain or provide incentives to employees. They can be tax advantaged or non-tax advantaged. You must notify HMRC of all new ERS schemes including one-off awards or gifts of shares by 6 July following […]