Hot Topic: Working off-payroll

From 6 April 2020, a change to the off-payroll (IR35) rules is expected. Draft legislation has already been published and further HMRC guidance is expected. The new rules will affect you if you work via your own personal service company (PSC), and off-payroll workers should be aware that their clients are likely to investigate the… Continue reading Hot Topic: Working off-payroll

Changes to Capital Gains Tax Private Residence and Letting Reliefs

Who is likely to be affected? Individuals who own one or more residential properties that they have lived in as their main residence at any time. What are the main changes? This measure makes a number of changes to Capital Gains Tax, Principal Private Residence Relief (PPRR) where individuals have more than one residence.  Change… Continue reading Changes to Capital Gains Tax Private Residence and Letting Reliefs

VAT Changes in Construction – POSTPONED!

Just 11 days ago I blogged about the new rules for VAT and construction services….. Well, HMRC have actually listened to businesses and construction industry representatives who have been saying that the changes have come in too soon and businesses just aren’t ready - on top of Making Tax Digital and impending (or not?!) Brexit,… Continue reading VAT Changes in Construction – POSTPONED!

VAT – The New Reverse Charge on Building and Construction

If you are a VAT registered CIS (Construction Industry Scheme) contractor or subcontractor, the way you deal with VAT is changing from 1 October 2019.  Under the new rules, you will not charge VAT to your customers, therefore will not receive payment of the VAT, and will not pay the VAT to HMRC.  It will… Continue reading VAT – The New Reverse Charge on Building and Construction

VAT Domestic Reverse Charge for Building and Construction Services

From 1 October 2019 a new VAT reverse charge comes into effect for building and construction services, where payments are required to be reported under the Construction Industry Scheme.  Broadly it means that when a business receives a supply of building and construction services for onward sale, the recipient of the services (the contractor) accounts… Continue reading VAT Domestic Reverse Charge for Building and Construction Services

Why is an Accountant Good for my Small Business?

Accountants can sometimes be seen as too expensive, or a luxury only needed for bigger companies, but there are a number of ways in which accountants are helpful for even the smallest of businesses. Saving Tax I was speaking to a business owner recently who had prepared his own accounts and tax return for a… Continue reading Why is an Accountant Good for my Small Business?

MTD – now you have the compliant software what do you need to do next?

Now that you have filed the last VAT return under the old system and have Making Tax Digital (MTD) compliant software (or have arranged temporary bridging software) the next considerations are when to register with HMRC – even though you are already VAT registered you still need to register for MTD (timing)how to register (Step… Continue reading MTD – now you have the compliant software what do you need to do next?