Making Tax Digital Until a recent announcement, landlords were going to be drawn into the requirement to upload quarterly details about their property businesses to HMRC under the Making Tax Digital obligations. The date that did apply was April 2018 or April 2019 depending on the level of your rental income. We are now told that the only MTD filings required before...
Excessive credit card charges to be axed
The government is unveiling new rules that will mean card-charging in Britain - where people can be charged 20% extra for purchases like a flight just for paying with a credit card - will come to an end in January 2018. ‘Surcharging’ is common practice across the country - with businesses ranging from takeaway apps to global airlines charging people to...
Muras Matters: HMRC Disclosure Campaigns
HMRC Disclosure Campaigns Background HM Revenue & Customs (“HMRC”) have launched a number of “campaigns” over recent years to give taxpayers the opportunity to come forward and declare any undisclosed income and tax that they might owe. Each campaign has targeted a specific group of taxpayers or a particular type of activity. Most campaigns have now closed however HMRC have recently updated their...
Finance Bill No2 2017
To accommodate the May 2017 election, the government rolled-over items in the Mach 2017 budget for consideration later this year. HMRC have now confirmed that these “in abeyance” items from the March budget will be reconsidered when parliament reconvenes after the summer recess. Those items deferred that were due to be effective from April 2017, will still apply from that date. The...
Making Tax Digital – common sense prevails
Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe. Until last week, we were facing radical changes to the tax system to accommodate this objective. Businesses (including landlords) were to be required to upload summarised accounts data...
Muras Matters: Making Tax Digital Delayed
Making Tax Digital Delayed Background It has been well publicised that the government and HM Revenue & Customs have been planning to introduce the quarterly reporting of accounting information for small businesses and sole traders from April 2018. Following widespread opposition from MPs, in particular the influential Treasury Committee, businesses and professional bodies regarding the pace of change the roll out of...
Muras Matters: Self Assessment Tax Due July 2017
Self Assessment Tax Due July 2017 Tax due July 2017 Taxpayers registered under Self Assessment will need to make their second payment on account for 2016/17 by the deadline of 31 July 2017. This second payment on account is based on 50% of an individual’s combined Self Assessment tax and class 4 NIC liability for the 2015/16 tax year. There can be beneficial cash...
Tax payments due 31 July 2017
If you are self-employed, or registered for self-assessment, we are approaching “that” time of the year: your second instalment on account for 2016-17, is due for payment at the end of the month, 31 July 2017. Any payment due will be based on your self-assessment liability for the previous tax year (2015-16) so it is worth underlining that this is a...
Life in the Cloud
There seems to be a trend supporting the movement of our computer software and data to the “cloud”. Not the fluffy white variety, but servers that are based off-site. Even our tax system is pushing us in that direction. If and when the government’s objective to Make Tax Digital is finally realised, each of us registered to pay tax in the...
What is tax free these days
Surprisingly, there is quite a lot. As long as you are resident in the UK for tax purposes you will probably qualify for the following tax reliefs and allowances for the 2017-18 tax year: The first £11,500 of your personal taxable income is free of income tax, although you will pay 12% NIC on earnings above £8,164 per year. The first £5,000...