1 June 2019 - Due date for Corporation Tax due for the year ended 31 August 2018. 19 June 2019 - PAYE and NIC deductions due for month ended 5 June 2019. (If you pay your tax electronically the due date is 22 June 2019) 19 June 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 June...
Mileage rates and tax relief
If your employer asks you to use your own car or van to undertake a journey on their behalf, you may be entitled to a payment from your employer to cover your petrol and wear and tear costs. Let’s say that your employer pays you 35p per mile. You may feel that this is an adequate sum to cover your costs,...
Muras Matters: Company Cars Changes to Advisory Fuel Rates
This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) have changed their advisory fuel rates for company cars with effect from 1 June 2019. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Brexit – don\’t take your eye off this ball
There is no doubt that many of us are heartily tired of the drawn-out Brexit debate, and yet we should not ignore this topic completely. Opinion seems to be hardening for the so-called “hard” Brexit: where we leave at the end of October 2019 with no agreement. Ignoring the political arguments, this would have an impact if you are in business...
Adventures in trade
Readers are reminded that if you profit from a hobby – sell what you produce on a regular basis – you may attract the attention of HMRC. If your annual sales (income before any costs are deducted) are below £1,000 you will pay no tax as you can claim exemption under the tax-free trading income allowance. If your annual gross income...
Keeping an eye on the competition
If your competitor is a company, there is quite a lot of information you can obtain free of charge. For example, from the Gov.uk website you can obtain the following details: company information, for example registered address and date of incorporation current and resigned officers document images mortgage charge data previous company names insolvency information You can also set up free email alerts to tell you when...
The new State Pension
Prior to April 2016, men born before 6 April 1951 and women born before 6 April 1953, qualified for a basic State Pension and an Additional State Pension. If you were born after these dates you will qualify for the New State Pension and will no longer be eligible for the Additional State Pension (unless you inherit the Additional State Pension...
Tax-free gains 2019-20
There are still a number of sales (disposals) that a UK taxpayer can make that will not incur a charge to the UK’s Capital Gains Tax. For most of us they are limited in extent, after all legislators have had plenty of time to close any favourable loop-holes. For most of us, the major tax-free gain remains the sale of our...
HMRC and the National Minimum Wage rates
Readers are reminded that from 1 April 2019, the National Living Wage (NLW) and National Minimum Wage (NMW) hourly rates increased to: 25 and over - £8.21 21 to 24 - £7.70 18-20 - £6.15 Under 18 £4.35 Apprentices £3.90 Workers who are entitled to receive these rates as a minimum include: part-time casual labourers, for example someone hired for one day agency workers workers and homeworkers paid by the...
Landlords faced with another tax hit next year
From April 2020, HMRC are changing two important tax concessions that apply to landlords letting property that they as owners have previously occupied at some point as their home (Principal Private Residence (PPR)). The first is the reduction of the present rule that exempts the final 18 months of ownership from any Capital Gains Tax (CGT) charge. From April 2020 it...