An overhaul of IR35 tax rules for contractors in the private sector comes into force from 6 April 2020 when off-payroll working is extended to medium and large businesses, and LLPs. Overhaul of IR35 As from 6th April 2020 the rules for off-payroll working will be extended to the private sector. This will bring contractors … Read more Overhaul of IR35 due 2020
What is Marriage Allowance? Marriage Allowance lets people with income of £12,500 or less, transfer up to £1,250 of their Personal Allowance to their husband, wife or civil partner – if their income is higher. This reduces their tax by up to £250 for the 2020/21 tax year. Who is Eligable? In England and Wales you … Read more Marriage Allowance
Self Assessments online filing HM Revenue & Customs are thanking all customers who filed their Self Assessment tax returns by the 31st January deadline. A record breaking 11.1 million returns were received including 10.4 million online Self Assessment returns. About 11.7 million customers were required to file their 2018 to 2019 tax returns by 11.59pm … Read more Online Self Assessments
How you set up a business depends on what kind of business you. It could be a Sole Trader, Partnership or a Limited company. Setting up as a Sole Trader If any of the following apply then you should register as a sole trader with HMRC: Earned more than £1000 from self employment between 6th … Read more How to Set Up a Business
What is the Construction Industry Scheme? The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work. Registering as a Contractor under the scheme You must register as a contractor under the Construction Industry scheme (CIS) if you: Pay subcontractors to do construction work If your business spends … Read more Construction Industry Scheme
HMRC have issued an update to help VAT registered businesses that trade with Europe prepare for when the UK leaves on the 31st January 2020. 31st January 2020 After the 31st January the UK will no longer be part of the European Union. There will be an implementation period that will last until 31st December … Read more VAT registered businesses
What is Self assessment? Self assessment is the system HM Revenue and Customs use to collect Income tax from people who are not eligible to have it deducted at source. This could be due to self-employment, a second income from property or pension payments to name but a few. If you are self employed or … Read more Self Assessment Deadlines
In the tax year 2018/19 around 460,000 requests were made to HMRC for refunds on overpaid income tax, according to an FOI request by the insurance company Royal London. The repayment values totalling £5.1billion made to individuals, made up of refunds made to individuals and for personal pension contributions and although individual taxpayers were refunded … Read more HMRC faces requests for income tax refunds
General Election 2019 With the upcoming election and the campaigns in full swing how much attention has been given to Labour’s proposals for SME’s? Labour’s proposals for SME’s include: Increasing dividend tax from 7.5% to 20% where the income is lower than 50k Increasing Corporation tax from 19% to 21% where profits are less than … Read more Labour’s proposals for SME’s
It is reported that we are seeing Highest UK Taxes since 1950’s with a staggering 7% increase. In the 1950s taxes accounted for just under a third of GDP at 27.5% which was £5.8bn, since then tax revenue rose to £627.9bn in 2018-19. This is forecast to rise in 2019-20 to £757bn, equivalent to a … Read more Highest UK taxes since 1950’s
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