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TQOTW: SELF-ASSESSMENT PENALTIES

Tax l

Now that the self-assessment filing date of 31 January has passed once again, I would like to be able to understand and explain to clients the penalty regime that will apply if their returns have not been filed on time.

February 2019 Tax Insider

Tax, Tax Insider l

Included in this months issue:

– Auto-enrolment fines rise 146%
– Dual-registration service passes 200,000 milestone
– Partners hit by avoidable ISA tax charge
– Think tank proposes tax changes to save £7bn

Changes to Probate in 2019

Accounting, Allowances l

From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount.

This is because of a proposed change to the fees families must pay to administer the estate of someone who has died.

The Risks of a Tax Investigation

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It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce.

The likelihood of HMRC swooping to investigate your business’s tax affairs seems to be a particularly difficult risk to quantify.

VQOTW: CHANGE IN POLICY FOR RETAINED DEPOSITS

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My client and her husband run a boutique hotel in partnership. Due to the location and quirky nature of the décor, they are increasingly getting requests to host celebrations and parties in addition to overnight accommodation. As the financial outlay in preparing and staging the events can be quite considerable, the client asks for a 25% deposit up-front, which is non-refundable if the event is cancelled. Please, could you advise on the VAT treatment and time of supply implications of these deposit payments?

January 2018 Tax Insider

Tax, Tax Insider l

Included in this months article:

– Businesses getting to grips with apprenticeship levy
– R&D investment grows to £23.7bn in 2016/17
– OTS calls for inheritance tax system to be digitised
– Critics urge delay in rollout of MTD

Read The Full Article Here

National Insurance Planning

National Insurance l

National insurance contributions (NICs) are set aside to pay the state pension and other benefits, but due to the UK’s ageing population the National Insurance Fund is under increasing strain, with the state pension taking up more than 90% of its annual outlay in 2018.

Read The Full Article Here

Outsourcing Payroll

Payroll l

Does it make sense for your business?

Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll.

Read The Full Article Here

December 2018 Tax Insider

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Included in this month’s article:
– Annual investment allowance to rise to £1m
– Small retailers get business rates boost
– IR35 reforms to be extended to the private sector
– Higher-rate earners hit by national insurance rise

Read the full article here

Planning your estate: wills

Law l

Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend.
Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones.

Read the full article here

VQOTW: VAT VOUCHER CHANGES

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My clients own a hair and beauty salon and have recently started to issue their own gift vouchers. I understand that the VAT treatment depends on the type of voucher, and also that there have been some recent changes. Please, could you clarify?

HR EXPERT: WRONGLY CLASSED AS SELF-EMPLOYED

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My client has heard several stories in the news about ‘workers’ being owed compensation after being wrongly classed as ‘self-employed’. How can they be sure they have got the employment status of their own staff correct?

VQOTW: SALE OF BUSINESS ASSETS

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My client is changing his business policy with respect to vehicles so that in future vehicles will be leased on contract-hire instead of owned by the company. Several employees are interested in buying the old vehicles. Will he need to charge VAT on the sale of those vehicles to the employees?

Deregistering for VAT

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These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

Starting a business

Businesses l

Britain is a nation of fearless entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16, while Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

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