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Registering For Making Tax Digital For VAT

VAT l

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

Tax, Tax Insider l

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

Personal Tax l

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

Personal Tax l

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

VAT l

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

HR l

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

VAT l

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

HR l

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

HR l

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?

TQOTW: Irrecoverable Loans

Tax l

My client has made a directors loan to his personal company (he is the majority shareholder) which now cannot be repaid. Is there a loss for CGT and if so, is it a ‘clogged loss?’

TQOTW: Electric Car Charging

Tax l

My client is an expanding local mobile care business and they are increasingly aware of the pollution that cars emit into the environment. With this in mind, they have been asked by their team whether they can look at changing the company cars to hybrid or electric cars and whether there are any incentives to do so.

Here we look at some of the recent changes and existing exemptions that may help them to make their minds up.

HR Expert: Personal Hygiene

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My client has received a number of complaints from customers and staff about the personal hygiene of one of their employees. As this is a sensitive topic how should they go about addressing this with the individual?

The politics of tax breaks

Tax l

If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills.

Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy, however. There are too many of them, say critics, and they deny the public purse much-needed funds.

Read the full aeticle here.

Preparing businesses for leaving the EU

Businesses l

As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business.

March 2019 Tax Insider

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Included in this article:

– HMRC error hits early-paying self-assessment taxpayers
– Minimum contributions rise to 3% for employers in April
– Making Tax Digital for VAT: one month to go
– Government launches service to prepare firms for EU exit

Read the full article here.

TQOTW: NEW PAYSLIP LEGISLATION

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My client has asked me about the new legislation regarding payslips that comes into effect in April 2019. Can you shed some light on this?

VQOTW: ONLINE TRADERS SELLING TO GERMANY USING AMAZON

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My client is an online retailer, selling through Amazon and other online marketplaces. They have recently received correspondence from Amazon with regard to the online sales they make to customers in Germany. It appears that Amazon is insisting that my client must VAT register in Germany if they want to continue to sell to German customers via Amazon. Can you advise what has prompted this action?

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