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Tax Tips and News

Dividend allowance

Newsletter issue - August 2019. Many family-owned companies allocate dividends towards the end of their financial year and/or the tax year, which means that the impact of the reduction in the dividend allowance from £5,000 to £2,000 from 6 April 2018 is only now starting to come to light. Many other taxpayers may not become…Read More

HMRC consultation on Partial Exemption and Capital Goods Scheme

Newsletter issue - August 2019. At Spring Statement 2019, the government announced that it would launch a call for evidence exploring ways to improve the operation of Partial Exemption (PE) and the Capital Goods Scheme (CGS), following the findings of the 2017 Office of Tax Simplification (OTS) VAT review. HMRC have now published the consultation…Read More

The correct way with directors' NICs

Newsletter issue - August 2019. In certain situations the non-cumulative nature for calculating employee Class 1 National Insurance Contributions (NICs) makes it possible to manipulate earnings to reduce the overall amount payable by taking advantage of the lower rate of primary Class 1 contributions payable once the upper earnings limit has been reached. This means…Read More

Changes in accounting for VAT after prices are altered

Newsletter issue - August 2019. HMRC have published Brief 6 (2019), which explains changes to the rules on accounting for VAT, where the amount paid changes after the VAT has been accounted for to HMRC from 1 September 2019. The prices businesses charge for goods and services can be reduced after VAT has been accounted…Read More

August questions and answers

Newsletter issue - August 2019. Q. A few years ago I bought an antique chair for £3,500. I have recently been offered £8,000 for it. Will I have to pay capital gains tax if I accept the offer? A. A useful capital gains tax exemption exists for tangible moveable property (a chattel) which is not…Read More

August Key tax dates

Newsletter issue - August 2019. 2 - Deadline for PAYE settlement agreement for 2018/19 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/8/2019Read More

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