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We are approaching the end of the calendar year, goodbye 2019, and the end of the of the current tax year, 2019-20, will draw to a close 5 April 2020. Add to this self-assessment deadlines, Brexit changes, election results and will we – won’t we – have a budget speech any time soon, and it’s clear that the outlook for businesses,...

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Muras Matters: Christmas Seasonal Workers and Auto Enrolment

Background During the traditional run up to Christmas, many employers will take on seasonal workers, and as with other staff, these temporary workers must be assessed to determine if they qualify for automatic enrolment into a workplace pension. Detail When employing seasonal or temporary staff it is necessary for an employer to assess each employee individually every time they are paid to determine whether they need to...

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The benefits of Furnished Holiday Lets

Most buy-to-let property is let on short leases to a single tenant. The income from rents is treated as a property business, but a number of reliefs available to other trading businesses are not available to buy-to-let landlords. However, if these same properties were let as Furnished Holiday Let (FHLs) property, more advantageous tax benefits may apply. If you let properties that...

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Muras Matters: Retrospective Tax Law Change

Background The machinery of the tax system is largely contained in a law which is now almost 50 years old – the Taxes Management Act 1970 (TMA 1970) – and was written before the automation of many of HM Revenue & Customs (HMRC) functions. This includes the rules surrounding the issuing of a notice to file a tax return and the issuing of automatic penalties. The...

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Higher National Living Wage rates

Businesses that have a significant number of workers who are paid at the National Minimum Wage or National Living Wage (NLW) rates should probably read the recent independent report that suggests rates of NLW could rise, as internationally, there is evident that realistic rises have little impact on employment levels but do have a positive impact on the take home...

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Employing someone at home

Believe it or not, HMRC will consider you are the employer of a nanny, housekeeper, gardener or anyone else who works in your home if both the following criteria apply: you hire them, and they are not self-employed or paid through an agency. If these criteria do apply this means you have certain responsibilities, like meeting the employee’s rights and deducting the right...

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Tax Diary November/December 2019

1 November 2019 - Due date for Corporation Tax due for the year ended 31 January 2019. 19 November 2019 - PAYE and NIC deductions due for the month ended 5 November 2019. (If you pay your tax electronically the due date is 22 November 2019.) 19 November 2019 - Filing deadline for the CIS300 monthly return for the month ended 5...

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Selling shares?

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments you may need to pay tax on include: shares that are not in an ISA or PEP units in a unit trust certain bonds (not including Premium Bonds and Qualifying Corporate Bonds). CGT will not...

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Working after State Pension age

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for example: the job requires certain physical abilities (e.g. in the construction industry) or the job has an age limit set by law (e.g. the fire...

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Gifts and Inheritance Tax

When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied. However, in most cases you will not need to open your cheque book as there are a number of exemptions that may cover your intended gifts. The current gift exemptions are reproduced below. You can give away £3,000...

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