With all the present upheavals in UK politics it is reassuring that for one government department, the Treasury, it’s business as usual. Ordinarily, we would expect the next Budget to be presented to parliament in the autumn, usually November. As part of the Budget 2018, certain changes to the tax code were disclosed in advance of their expected implementation, April 2020. These...
Muras Matters: High Income Child Benefit Charge
Background The high income child benefit charge (HICBC) was introduced in January 2013 to restrict the amount of child benefit that higher earners and their partners can receive. If one partner has an adjusted net income (broadly taxable income less trading losses, gift aid and pension contributions) of more than £50,000 and the couple receive child benefit then they will have to pay back some or...
What is Goodwill?
According to the dictionary goodwill is: 1. a feeling of benevolence, approval, and kindly interest 2. (modifier) resulting from, showing, or designed to show goodwill: the government sent a goodwill mission toMoscow. 3. willingness or acquiescence 4. (Accounting & Book-keeping) accounting an intangible asset taken into account in assessing the value of anenterprise and reflecting its commercial reputation, customer connections, etc Goodwill, as discussed in...
Filing documents with Companies House
In the not too distant past, if you filed a set of accounts for a registered company with Companies House this usually involved sending the required documents using the postal system. Inevitably, this involved a certain amount of delay: initially, for the package to find its way from your location to Companies House, and then for the document to be opened...
Muras Matters: Tax Credit Renewal Deadline 31st July 2019
Background Tax Credits can be a vital lifeline for a number of taxpayers on lower income so a gap in payments, or losing them entirely, could have a big impact. One of the most common reasons for payments to be stopped is not completing the renewal forms in time for the deadline of 31st July. If a taxpayer is claiming tax credits already, they should automatically...
Recurring income
If you are in business you either buy (manufacture) or sell goods, or you deliver a service based on your personal skills. If you buy or sell goods there is no reason to believe that once you have achieved a sale to a particular person of business, they will return to buy again. Unless, what you sell will eventually “run-out” and...
Tax Diary July/August 2019
1 July 2019 - Due date for Corporation Tax due for the year ended 30 September 2018. 6 July 2019 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2019 - Pay Class 1A NICs (by the 22 July 2019 if paid electronically). 19 July 2019 - PAYE and NIC deductions due...
HMRC prevents phone fraudsters
New defensive controls recently deployed by HMRC have put an end to fraudsters spoofing the tax authority’s most recognisable helpline numbers. Fraudsters have increasingly mimicked legitimate HMRC helpline numbers (often beginning with 0300) to dupe taxpayers and steal money. Last year alone, HMRC received over 100,000 phone scam reports. The ‘spoofing’ scam worked as taxpayers would receive calls and, on checking the...
Brexit risk assessment
It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year. Whilst there will be attempts to ease customs congestion and the effects of new tariffs, now is not a good time to sit...
Reconsider cycle to work scheme
The government have recently announced that they are to extend the criteria for an approved, and therefore tax-effective, cycle-to-work scheme as part of their drive to reduce pollution and CO2 emissions in urban environments. E-bikes have an integrated motor that helps a cyclist pedal, allowing them to reach speeds of up to 15.5 mph in the UK. They are seen as...