According to recent press commentary, Ken Dodd married his long-time partner, Anne Jones, just two days before he died. With an estate estimated to be £7m, the executors were facing an Inheritance Tax bill of over £2m, but tying the knot means that assets transferred to Anne can now be made tax-free. Many years ago, Ken brushed off tax evasion accusations...
Making Tax Digital – a reminder for VAT registered traders
From April 2019, certain self-employed businesses will be required to file VAT returns direct to their online personal tax accounts with HMRC. Eventually, all income and allowances will be kept in the digital account that HMRC are setting up to calculate your tax liabilities. HMRC are still hedging their bets, but it is unlikely that business accounts information will need...
Muras Matters: Changes to Company Car Tax
Changes to Company Car Tax Background From 6 April 2018 the tax rates applied to company cars, based on their emission levels, will be subject to another annual increase. This year there is also an increase in the diesel supplement charge that is applied on top of these rates. These increases are part of the government’s aim to encourage individuals to...
GDPR, 75 days to go
A reminder that the General Data Protection Regulation is due to become law 25 May 2018. At the time of writing this blog, that’s 75 days to become compliant. Why should you take the GDPR seriously? Basically, because there are significant financial penalties for getting it wrong: fines of up to 4% of an organisation’s worldwide turnover. Which is why larger corporations...
Spring Statement 2018
As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties. There was very little “promised” in terms of new tax or other strategic items that we are used to in...
Muras Matters: Year End Tax Tips
Year End Tax Tips With the end of the tax year fast approaching most pre year end tax planning will have been completed or should be well under way. Of course there are still some measures which can be undertaken to improve your tax position. Here are our top five tips: Top Five Tips 1. Where possible, make full use of your personal...
Time to raid piggy banks
From the 1 March 2018, the old-style £10 notes featuring Charles Darwin, ceased to be legal tender. A recent announcement by Companies House suggests the following actions: Time is ticking for the old paper £10 banknote. We’re advising all businesses to take ‘note’, as there’s just a few days left to spend your old ‘tenners’. Figures from the Bank of England suggest...
Massive fine for making VAT payment one day late
In a recent case considered by the courts a company was fined £297,845 for being one day late in paying their VAT. The case highlights the unpredictable, and seemingly harsh outcomes of HMRC’s VAT surcharging rules. If you pay your VAT on time, whether quarterly or monthly, and you make sure that you file your VAT returns in good time, before the...
Muras Matters: Tax on Residential Property Owned by a Company
Tax on Residential Property Owned by a Company This Bulletin is aimed at limited companies who own, develop or let residential property Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property which is owned through a corporate vehicle. It was introduced in 2013 primarily to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence...
New protection for company directors from identity fraud
The Department of Business, Energy & Industrial Strategy issued the following announcement last week: Company directors are twice as likely to be victims of identity fraud, research shows New laws will allow directors to remove their personal address from the company register whilst still ensuring transparency at Companies House Protection will help to ensure the UK continues to be one of the best...