Registering For Making Tax Digital For VAT

Registering For Making Tax Digital For VAT

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The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software.

Tax Insider April 2019

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Included in this month’s article:
– GOVERNMENT CONSULTS ON NEW STAMP DUTY SURCHARGE
– THOUSANDS FACE HUGE TAX AVOIDANCE BILLS
– MINISTERS GIVE THUMBS-UP FOR PROBATE REVAMP
– APPRENTICESHIP ‘STARTS’ FALL BY A QUARTER

April 2019, Personal Tax Planning

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With the Brexit process rumbling on, Making Tax Digital finally coming into force, and Easter around the corner, now is the time to put your financial plans in place for 2019/20.

Landlord Tax Changes – updated for 2019

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Recent budgets have seen several significant changes to the taxation of income from letting out residential property. These changes are likely to impact on the taxation of all current property landlords, as well as future decisions as to whether to remain or become a landlord.

Property Investment V Property Trading

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This report will consider the main differences between property investment and property trading activities, and their implications from a UK tax perspective. We shall look at some of the opportunities and pitfalls of both activities, and we shall evaluate different vehicles to undertake the respective activities.

This report uses the 2018/19 tax year rates and allowances, unless otherwise indicated.

Read the full article here

VQOTW: BUILDING MATERIALS

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My client is a builders’ merchant and has supplied steel sheets to a customer who is building his own home. The customer has provided my client with a copy of the planning consent supporting the demolition of an existing property and the construction of a new dwelling. Can my client zero-rate the supply of the steel?

HR EXPERT: DOGS IN WORK

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My client has been asked by a couple of employees whether they can bring their dogs to work. What things do they need to consider?

TQOTW: DEEMED DOMICILE & AUTOMATIC REMITTANCE

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My client is a long-term resident of the UK for tax purposes. However, she is non-domiciled and has been using the remittance basis for her foreign income as it is below £2,000. As she will now have been here for 15 of the previous 20 tax years, will she be caught by the Deemed Domicile rules?

VQOTW: CHARITY FUNDRAISING

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Over the last few years, my client and a couple of his friends have run a small local beer and cider festival; any profits they make are given to local charities. They sell a few tickets in advance and have sponsorship/advertising income, but most sales occur on the day of the event. In the last few years, they have been below the VAT registration threshold, but with the number of people attending increasing year on year and the wonderful summer we had in 2018, they did exceed the VAT registration threshold by £800. As all the profits are donated to charity, can the client benefit from the charity fundraising exemption?

TQOTW: THE NATIONAL MINIMUM WAGE AND NATIONAL LIVING WAGE

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Our pay period runs one week in arrears and we are due to pay employees on Friday 5th April for the work that they did during the week 25th – 31st March. What rate of pay should they be paid at, as we are aware that the National Living Wage rate has increased?

HR EXPERT: CHANGE IN NMW

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My client is wary of the new National Minimum Wage rates that will come into effect from 1st April. What things do they need to consider from an employment law perspective?

HR EXPERT: AGENCY WORKERS RULES

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My client will be taking on an agency worker for the first time in a few weeks, what things do they need to be aware of?