Tax Diary March/April 2020
1 March 2020 - Due date for Corporation Tax due for the year ended 31 May 2019. 2 March 2020 – Self assessment tax for 2019/19 paid after this date will incur a 5% surcharge. 19 March 2020 - Read more..
Employer toolkit for EU Settlement Scheme published
Following Brexit, the government has published an updated toolkit for employers on how to support their employees who are EU citizens (including EEA and Swiss citizens) to apply to stay in the UK. The Read more..
Change to the off-payroll working rules
As part of a review into changes to the operation of the off-payroll working rules (IR35), HMRC has announced that the changes will only apply to payments made for services provided on or after 6 Read more..
Could you claim the marriage allowance?
If you are entitled to the marriage allowance and have not yet applied, you could receive a payment of up to £1,150 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples Read more..
Budget date re-confirmed
After a tumultuous few days in politics, it has been confirmed by the new Chancellor of the Exchequer, Rishi Sunak that the Budget will take place as planned on Wednesday 11 March 2020. There has Read more..
Tax if you return to the UK
There are tax implications that you will need to consider if you previously left the UK to live abroad and are now returning to live and work in the UK or are considering such a move. In most cases, Read more..
Rent a room relief 2019-20
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April Read more..
Student and postgraduate loans
If you have a student loan, have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins Read more..
PAYE payment dates
This article is a reminder to payroll staff about the electronic PAYE payment dates. The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically, Read more..
New bandings for electric vehicles
From 6 April 2020, the car and car fuel benefit calculations are changing with the introduction of 11 new bands for ultra-low emission vehicles (ULEVs) including a separate zero emissions band. If a Read more..
IHT tenants in common or joint tenants?
As a general rule, Inheritance Tax (IHT) is collected from a person's estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally Read more..
A reminder – badges of trade
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side-line to a Read more..
Breathing space to help those in debt
HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from creditor Read more..
Scottish Income Tax rates announced 2020-21
Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay. This is Read more..
Still time to utilise annual tax-free allowance
We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that Read more..