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ALL UK TAXPAYERS RECOMMENDED TO OPEN A PERSONAL TAX ACCOUNT (PTA) WITH HMRC
05-06-2019

The personal tax account (PTA) is effectively Making Tax Digital for individuals. Ultimately, HMRC’s intention is to develop a full range of services to allow taxpayers to self-serve without having to contact HMRC by phone or post.


For more information, please click on the article title.


To open a Personal Tax Account (PTA) click here.


AVISORY FUEL RATES FOR COMPANY CAR USERS FROM 1 JUNE 2019
03-06-2019

The advisory fuel rates apply from 1 June 2019 have increased by 1p per mile in most categories reflecting the increase in petrol and diesel prices over the last quarter. The previous rates, effective March 2019, can be used for up to one month from the date the new rates apply.

The rates only apply in the following circumstances:

  • reimburse employees for business travel in their company cars; or
  • require employees to repay the cost of fuel used for private travel.

These rates cannot be used in any other circumstances. If the rates are used, it is not necessary to apply for a dispensation to cover the payments made.

The advisory electricity rate for fully electric cars is 4p per mile. Electricity is not a fuel for car fuel benefit purposes.

When employees are reimbursed for business travel in their company cars, HMRC will accept there is no taxable profit and no Class 1A national Insurance to pay.


Advisory fuel rates from 1 June 2019

Engine size

Petrol - amount per mile

LPG - amount per mile

1400cc or less

12p

8p

1401cc to 2000cc

15p

9p

Over 2000cc

22p

14p

 

Engine size

Diesel - amount per mile

1600cc or less

10p

1601cc to 2000cc

12p

Over 2000cc

14p

Hybrid cars are treated as either petrol or diesel cars for this purpose.

HMRC reviews rates quarterly on 1 March, 1 June, 1 September and 1 December.

To view the HMRC web site click here.


TAX RETURN FILING DEADLINES - JUNE 2019 TO AUGUST 2019
02-06-2019

The key HMRC filing deadlines from June to August 2019 including deadline for corporation tax first quarterly instalment payments for £20m turnover companies, forms P46(Car) for quarter ended 5 April, P60 payroll reporting to employees and confirmation statements showing benefits that have had tax collected through payroll in 2018/19 - click on title

TAX PLANNING FOR OWNERS OF INVESTMENT PROPERTY
16-05-2019

From 6 April 2020 significant changes are coming into effect for individuals selling investment property.  These are:
  1. A CGT return will be required to be submitted within 30 days of completion and the Capital Gains Tax (CGT) paid; and
  2. If  the  property being sold is residential and has been your Principal Private Residence (PPR), the reliefs currently available are significantly reducing.

Start planning now!!  Please click on title for further detail.

EMPLOYER BENEFITS - GOOD & BAD
15-05-2019

Employers providing benefits to to directors and staff should consider the following items and the tax implications.  Some benefits may be better than others.  Electric cars will be substantially advantageous from 2020/21.

Click on title for detail.

HMRC TAX-FREE ALLOWANCES ON PROPERTY AND TRADING INCOME
10-05-2019

HMRC has updated its guidance on "Tax-free allowances on property and trading income".  For details click here.

TAX FREE CHILDCARE AND HOW IT CAN REDUCE PARENTAL COSTS
09-05-2019

Tax-Free Childcare is a government scheme available to working parents, including the self-employed, with children aged 0 to 11.
Eligible parents can get up to £2,000 per child per year towards qualifying childcare. For clients with 2 children, it could mean a £4,000 saving per year on the family’s budget.
Parents can use it on a wide range of registered childcare, including:
•    childminders
•    nurseries
•    breakfast clubs, after school clubs and holiday clubs.
For disabled children, the scheme is available up to the age of 16 with a maximum government contribution of £4,000 per child per year.
To find out more information and how to apply visit here

CHANGES TO REDUNDANCY PAYMENTS
29-04-2019

Rules set to come into force in 2020 will align the income tax and national insurance contributions (NICs) on termination awards and sporting testimonials, closing a current loophole, which allows effective tax planning.  For official guidance click here.

NEW BENEFIT-IN-KIND (BIK) CAR RATES FROM 2020-2021
24-04-2019

The tax treatment for low emision cars is reducing dramatically from 2020-2021.
For mor information on car benefits click here

CO2 emissions
 Electric Range Appropriate percentage
Petrol Hybrid Diesel Hybrid
g/Km Miles % %
0 All (Pure Electric) 2% 2%
0 to 50 130 or more 2% 6%
0 to 50 70 to 120 5% 9%
0 to 50 40 to 69 8% 12%
0 to 50 30 to 39 12% 16%
0 to 50 Less than 30 14% 18%

EU EAA & SWISS CITIZENS CITIZENS LIVING IN THE UK
17-04-2019

If you’re currently an EU, EEA or Swiss citizen living in the UK, you and your family will need to apply to the EU Settlement Scheme to protect the rights you currently have in the UK.

Irish citizens or those with valid indefinite leave do not need to apply.

Applications are open until 30 June 2021.

It’s free to apply.



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