Self assessment deadline approaching – 31st Jan 2020

Happy New Year ! Get 2020 off to a good start by making sure you submit your Tax Return by 31st January 2020. The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in… Continue reading Self assessment deadline approaching – 31st Jan 2020

Christa Ackroyd loses IR35 appeal

Former BBC presenter Christa Ackroyd has lost her appeal against a ruling that she was an employee, not a freelance contractor, when she worked for the BBC via a personal service company. The IR35 rules in broad terms mean that those working via a personal service company have to consider whether, if the services were… Continue reading Christa Ackroyd loses IR35 appeal

HMRC countdown: file your tax return

With less than 100 days until the self assessment tax return deadline of 31 January 2020, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. HMRC report that last year more than 2,000 people submitted their tax returns on Christmas Day. Taxpayers should consider submitting their… Continue reading HMRC countdown: file your tax return

Time to switch to an Electric Company Car ?

Big benefits are coming from 6th April 2020 for company car drivers choosing a pure electric vehicle – there will be NO benefit in kind and so NO income tax on the car or fuel to pay in 2020/21 ! This is as a result of the changes to company car tax rates announced for… Continue reading Time to switch to an Electric Company Car ?

HMRC collects record amounts of IHT

The government has announced that HMRC collected a record sum of £5.4 billion in inheritance tax (IHT) during the 2018/19 tax year. The increase comes on the back of a 15% rise in the number of estates liable for IHT. Between 2015/16 and 2016/17, the number of estates paying IHT rose by 3,600 to 28,100.… Continue reading HMRC collects record amounts of IHT

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

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?