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CARRY BACK OF CHARITY DONATIONS

My client’s 2017/18 net income is just over £100,000 and their personal allowance is being tapered. Is there anything that can be done now? Your client can make a qualifying gift aid donation before their 2017/18 tax return is submitted and treat the gift aid donation as being made in the 2017/18 tax year. Although[…] Read more »

What should I do about an error I accidently made on my latest VAT return?

You can adjust your current VAT account to correct errors on past returns if the error: was below the reporting threshold (in broad terms this is less than £10,000, or up to 1% of your box 6 figure (up to a maximum of £50,000); was not deliberate; and relates to an accounting period that ended[…] Read more »

How do changes in the Entrepreneurs relief conditions following the budget affect me and when do they come into force?

The first key change was the definition of a personal company for Entrepreneurs’ Relief. Previously, a personal company was defined as one in which the shareholder: is an office holder, director or employee of the company or group company; and holds at least 5% of the ordinary share capital and of the voting rights of[…] Read more »

Estate of a deceased person

I need to register an Estate of a deceased person with HMRC but cannot find any relevant online forms. How do I register? The law has not changed but unfortunately, HMRC has continually changed its administration procedures regarding estates. The law (Section 7 Taxes Management Act 1970) requires the personal representatives to notify liability within[…] Read more »

Residential Property Letting – Finance Cost Restriction

My client is a basic rate taxpayer with a small profit on their rental property. They also have employment income that is covered by their personal allowance, in addition, dividends have been voted from their limited company to utilise their basic rate band. On completing their self-assessment tax return for the year ended 5 April[…] Read more »

Tax deductions for subcontractors operating within the construction industry scheme (CIS)

Q. I am a builder. I have recently started operating the construction industry scheme (CIS) although it is still quite new to me. I have recently taken on two labourers, both of whom are registered with HMRC as subcontractors. One of the subcontractors worked for me 3 months ago, the other has never worked for[…] Read more »

DON’T FORGET THERE MAY BE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019.[…] Read more »

CHECK YOUR NATIONAL INSURANCE CONTRIBUTION HISTORY

In order to maximise entitlement to full State Benefits a full contribution record is required.  For example full State Pension entitlement requires 35 years contributions. It is possible to check your National Insurance record online to see: what you’ve paid, up to the start of the current tax year (6 April 2018) any National Insurance[…] Read more »

Recharged expenses, disbursements, and VAT thereon

Q. My client is an IT consultant, operating through a VAT registered UK company. He is supplying consultancy services to another UK IT business. He has incurred hotel, travel and meal expenses, and is charging these on to the company he is supplying. Can he treat these as disbursements, and therefore not charge any VAT[…] Read more »

Class 2 was about to be abolished but this has now changed

Class 2 national insurance contributions are payable by the self-employed. Contributions are payable at a flat weekly rate and entitle the contributor to short-term contributions based employment and support allowance, maternity allowance, widowed parent’s allowance, state pension, and bereavement benefits. The current weekly for 2018/19 is £2.95 and is based on whether profits are at[…] Read more »


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