National Minimum Wage Following the changes recommended by the Low Pay Commission, the rates of National Minimum Wage (NMW) will increase with effect for pay periods starting on or after 1 April 2020. The changes are: the rate for 21 to 24 year olds will increase by 50p to £8.20 an hour the rate for 18 to 20 year olds will increase by...
Budget predictions 11 March 2020
Following the resignation of Sajid Javid last week, there has been much speculation on how this will affect the direction of the budget to be presented to parliament next month. Rishi Sunak, who replaces Sajid, is stepping into the Chancellor’s role with little experience but does seem to have “rising star” status as far as number 10 is concerned. What can we...
Breathing space for those in debt
In a recent news story published to the Government website it was announced that a new breathing space period will freeze interest, fees and enforcement for people in problem debt, with further protections for those in mental health crisis treatment. The article is reproduced below: Millions of people with problem debt, including those facing mental health problems, will be helped by the...
Tax-free gifts
There are certain gifts you can make that will not create a capital gains tax (CGT) charge, but care should be taken as there are exceptions. This article outlines some of the more common issues that need to be considered. Gifts to your spouse or civil partner Ordinarily, you will not pay CGT if you gift assets - that would normally create...
Muras Matters: Off Payroll Working in the Private Sector
Background As previously reported in Muras Matters last year the rules for off payroll working, commonly referred to as ‘IR35’, are due to be extended by HM Revenue & Customs (HMRC) to the private sector for all except small businesses from 6 April 2020. Most readers will be aware that the rules refer to the legislation which prevents individuals from providing their...
Do you have a furnished holiday lets business?
Most property owners who let property under the Furnished Holiday Let (FHL) tax rules, submit their income and expenditure details on their tax return each year. This article considers occupancy, and the need to review occupancy of FHL properties each year. If your FHL business accounts year is the end of the tax year, 31 March (5 April), we suggest that you...
Tax Diary February/March 2020
1 February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 - PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020) 19 February 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 February...
Current Advisory Fuel Rates
To assist with your calculations, see previous article, we have reproduced below the current, HMRC Advisory Fuel Rates. They are: These rates apply from 1 December 2019. Engine size Petrol - amount per mile LPG - amount per mile 1400cc or less 12 pence 8 pence 1401cc to 2000cc 14 pence 9 pence Over 2000cc 21 pence 14 pence Engine size Diesel - amount per mile 1600cc or less 9 pence 1601cc to 2000cc 11 pence Over 2000cc 14 pence Hybrid cars...
Pay-back to save tax
At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. Let’s say the following circumstances apply: list price of your car when new was £30,000 your employer pays for all your private fuel CO2 emissions are 147 g/km, and the...
Don’t fall for this scam
The Insolvency Service has issued a warning that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These approaches are always fraudulent. Official Receivers or any agent legitimately instructed to act on their behalf will never ask you to...