Latest blogs for Services

As we edge ever closer to what looks more and more likely to be a ‘no-deal’ Brexit, SME business owners should now be readying their businesses.   There is clearly no certainty over quite how affected we shall all be by Brexit. However, there are sensible risk management mitigation steps that business owners may wish…

Whether unincorporated, a charitable company or a CIO (charitable incorporated organisation), charities are required to have certain levels of assurance over their financial statements depending on their size. The limits are much smaller than companies, meaning that many charities require some sort of external scrutiny. The requirements by size are as follows: Income up to…

From 6 April 2020 the Government is making some significant changes to the rules regarding the reporting and payment of Capital Gains Tax (CGT) when individuals, trustees and personal representatives dispose of residential property and it is important to be aware of these.   Currently such a disposal would be reportable on your tax return…

  Lettings Relief and Principal Private Residence Relief   Following my previous blog regarding the changes announced to the Principal Private Residence Relief (PPR) and lettings relief rules, the consultation period ended on 1 June 2019. You can view the consultation responses here.   HMRC have now published a policy paper on 11 July 2019,…

Entrepreneurs’ relief allows a reduced rate of capital gains tax on disposals of all or part of your business assets. The reduced tax rate is 10% on up to £10 million of lifetime gains. There have been a number of significant changes to entrepreneurs’ relief in the last year, tightening the rules on qualifying conditions…

This week HMRC have published draft legislation that will affect private sector personal services companies (PSCs)  from 6 April 2020. PSC’s supplying services to medium or large-sized organisations will no longer decide if they are employed or self-employed, the end engager will assess this. If caught by these rules, known as IR35, employment taxes and…

The government has provided positive news for Company car drivers announcing that a pure electric vehicle (EV) will no longer pay benefit-in-kind (BIK) tax in 2020/21 following a review which looks set to boost sales of emissions-free cars. HM Treasury’s response to its review of the fallout from the roll-out of the Worldwide Harmonised Light…

Most individuals who are required to prepare and submit a self-assessment tax return to HM Revenue & Customs in each tax year should now be preparing for their next half-yearly tax payment which is due by July 31.   This tax is the second payment-on-account for the 2018/19 tax year. It is automatically calculated as…

A PAYE Settlement agreement allows employers to make one annual payment to cover the tax and National Insurance liability on minor, irregular or impracticable expenses for any employees. HMRC have now changed the process for PSAs and, instead of applying for a new PSA annually, from 2018-19 employers will have an enduring agreement and therefore…

Trivial benefits are exempt from income tax and Class 1A NIC and therefore not reportable on a P11D. With the P11D deadline of 6th July fast approaching, I thought now would be the perfect time to review exactly what criteria needs to be met in order to qualify as ‘trivial’. Benefits are exempt from tax…