Keep private bank accounts private

Many small businesses, including landlords, use personal bank accounts to lodge business receipts and make business payments. If traders in this situation are subject to a HMRC enquiry into their business affairs, HMRC would be entitled to request sight of all bank accounts that record business transactions even if those accounts are essentially, personal bank accounts. As many of the transactions...

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Receiving your State Pension if you live abroad

If you are about to move abroad and are already receiving a State Pension in the UK, you might like to read this article setting out some of the issues you will need to consider. If you live part of the year abroad You must choose which country you want your pension to be paid in. You cannot be paid in one...

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Brexit, the outlook for business

The political upheavals of the last week have done little to resolve the Brexit issue, the underlying political manoeuvrings or settle a growing list of issues for small businesses across the UK. Leaving aside the political considerations we now seem to be at a point where there will be a no-deal, a compromise deal (the so-called Chequers’ plan) or a no-Brexit...

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Are you looking for export opportunities?

In a recent press release, the Department for International Trade promoted its enhanced Export Opportunities service for UK companies. In a nut-shell, this lists overseas governments and companies that are looking to buy UK goods and services. On the face of it, if you are looking for a source of leads for your export marketing activities, it’s probably worth taking a look. Extracts...

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Tax Diary November/December 2018

1 November 2018 - Due date for Corporation Tax due for the year ended 31 January 2018. 19 November 2018 - PAYE and NIC deductions due for month ended 5 November 2018. (If you pay your tax electronically the due date is 22 November 2018.) 19 November 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 November...

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Fifty pound note gets new lease of life

The Treasury has confirmed that the £50 note will continue to be part of the UK’s currency, and further, that the Bank of England will reissue it as a new modern polymer note. According to Treasury sources this will help clamp down on crime. The announcement follows a public consultation and the government has confirmed that the current mix of coins...

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Childcare scheme update

The childcare voucher and directly contracted childcare schemes closed 4 October 2018. In time, these schemes will be replaced by the roll-out of the new Tax-Free Childcare: this offers parents £2,000 per year per child towards approved childcare costs. (This is extended to £4,000 for disabled children.) In a recent article HMRC confirmed the following instructions for employers: Employees who joined a...

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Reporting tips for building contractors

HMRC recently published a list of helpful reminders regarding the submission of monthly returns to HMRC. This article lists some of the points highlighted. Each month contractors must send HMRC a complete return of all payments made to subcontractors within the scheme in the preceding tax month. This is regardless of whether the subcontractors were paid: net of the standard deduction of...

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Making Tax Digital timeline

As many readers of our newsletter will be aware, HMRC is moving forwards with their digitisation of taxpayer VAT and Income Tax reporting requirements under their much publicised Making Tax Digital (MTD) initiative. We have reproduced below recent announcements made by HMRC on this issue. Mandatory filing of VAT returns using MTD compliant software will commence for all returns submitted after...

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Increase in the Annual Investment Allowance

The Annual Investment Allowance (AIA) is being increased from 1 January 2019 to £1m from the present base level set some years ago of £200,000. The increase is due to be available for two years, until 31 December 2020. At this later date, the AIA will presumably return to the £200,000 limit. The AIA is a 100% write down of qualifying...

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