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RULES FOR “RENT A ROOM” RELIEF TO BE TIGHTENED UP FROM 6 APRIL 2019

HMRC, Tax

HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is let. Hence renting out a house during Wimbledon fortnight while the owners are absent would not qualify from 6 April 2019! Rent-a-room […]

ASK ALEXA TO CONTACT HMRC FOR HELP

HMRC, Money Matters, Tax, Technology

HMRC has launched new and innovative technology to help more than 3 million customers renew their tax credits. HMRC has developed a customer-focused service through Amazon Alexa specifically for those seeking help with their tax credits renewals. Customers with Amazon Alexa-enabled devices can ask Alexa to ‘open HMRC’ and ask for help and information with […]

USE OF SPREADSHEETS IN PREPARING VAT RETURNS

HMRC, Making Tax Digital, Tax

Example 3 in the VAT Notice describes a business that uses a spreadsheet and bridging software from April 2019, which allows the information to be transferred to HMRC via an API.  It uses a spreadsheet to record all sales, purchases, and expenses in a digital format. The VAT Return is then prepared within the spreadsheet, […]

“SOFT LANDING” FOR MTD FOR VAT FOR THE FIRST YEAR

HMRC, Making Tax Digital, Tax

For the first year of MTD for VAT (VAT periods commencing between 1 April 2019 and 31 March 2020) businesses will not be required to have digital links between software programs. The one exception to this is where data is transferred, following preparation of the information required for the VAT Return, to another product (for […]

WHEN DOES MTD FOR VAT START?

HMRC, Making Tax Digital, Tax

The Making Tax Digital rules apply from your first VAT period starting on or after 1 April 2019. A ‘VAT period’ is the inclusive dates covered by your VAT Return. For example, where a business submits quarterly returns covering the periods to 28 February, 31 May, 31 August and 30 November, the business will need […]

MAKING TAX DIGITAL FOR VAT GUIDANCE ISSUED

HMRC, Making Tax Digital, Tax

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software that links to the Government gateway. There will however be a one year […]

TRUST TAXATION

HMRC, Tax

We are still awaiting the promised consultation on the taxation of trusts announced in the Autumn 2017 Budget. However, in the meantime HMRC have updated their guidance on how different types of trust income are taxed, what management expenses and reliefs can be deducted, and understanding the tax pool. Please contact us if you are considering […]

WHAT IS THE 2019 LOAN CHARGE?

Employers, HMRC, Tax

This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April 1999. The most common schemes were Employee Funded Retirement Benefit Schemes (EFRBS) and Employee Benefit Trusts (EBT). […]

NOTIFY HMRC OF EBT AND SIMILAR LOANS BY 30 SEPTEMBER

HMRC, Tax

HMRC have published revised guidance on settling tax liabilities in relation to the use of disguised remuneration schemes involving Employee Benefit Trusts (EBTs) and similar arrangements. In order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019, taxpayers must register with HMRC and provide all of the required information by […]

ADVISORY FUEL RATE FOR COMPANY CARS

HMRC, Tax

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 10p (9p) 1401cc to 2000cc 14p 9p (8p) 1601 to 2000cc […]