Up-to-date articles, insights and news from our office and the wider accountancy industry. Learn how changes in tax regulations and working practices might be affecting you.
IR35 Private Sector Deferment As you may be aware that the government has now postponed the IR35 to the Private sector until next year in response to COVID-19. Close to the time, we would let you know if there are any further changes. For more information, please click the link below: https://www.gov.uk/government/news/off-payroll-working-rules-reforms-postponed-until-2021 The Government Support
Are you ready for the new VAT Reverse Charge for Construction Industry? The new domestic reverse charge being introduced From O1 October 2020., the aim is to prevent VAT fraud in the building and construction industry sectors. The changes will result in business making payment for construction services now responsible for self-accounting for VAT return.
Probate, Inheritance Tax and Residence Nil Rate Band Before submitting probate application to the probate office, Executor and personal representative of the deceased will have to complete Inheritance Tax return application forms to HMRC. When completing the Inheritance Tax Return application, you can claim relief on Residence Nil Rate Band (RNRB). RNRB was introduced by
Your IR35 position HMRC implemented new rules in April 2017. These changed how contractors were able to offset expenses against earnings to lower their tax exposure. Here, we summarise what this meant for people working in the public or private sector. IR35 and the Public Sector The IR35/public sector rules were enacted in the Finance Act
How to save tax on rental income with careful tax planning Whether letting out one property or a hundred, individuals operating a home rental business have to pay tax on rental income received. This is 20% for basic rate taxpayers, and 40% tax if you fall into the higher rate tax band. Furthermore, with recent changes
Are you ready for making tax digital (MTD)? MTD is a new government initiative being introduced from 01 April 2019. It is aimed at streamlining the tax returns and taxation process by making all taxpayers’ records digital and online. HMRC is slowly moving to a system where taxpayers will not be able to file online