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45
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Mistake on VAT return

Q. I have realised that I made a mistake on my most recent VAT return. What do I need to do to put things right?    A. You can make adjustments to correct errors on past return... more


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Giving cash gifts to children

Q. I would like to give my daughter a gift of £5,000 cash. What are the inheritance tax implications of this gift?  A. The inheritance tax (IHT) annual exemption enables a pers... more

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40
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Starting my own business

Q. I intend to start my own business later this year but have yet to decide whether to trade through a limited company straight away. I will need to make a substantial initial investment in the bus... more


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Business owners: Choosing your year end – (date to which you make up your accounts)

Q. I have been running my own business since 1 September 2018 and now wish to complete my 2018/19 tax return. I have not incurred any capital expenditure and my turnover is less than the current VA... more

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45
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Purchasing a new house

Q. I am in the process of purchasing a new house that I will use as my main residence. I will sell my current main residence as soon as I buy the new house. I also own several other rental properti... more

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43
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Off-site daytime business meetings

Q. If I take my staff away overnight for an off-site daytime business meeting and evening social function, will the costs be tax deductible for corporation tax purposes?  A. The cost... more


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Moving into partnership

Moving into partnership A partnership may be a simple trading vehicle enabling two or more people to own and run a business, but there are a few practicalities worth considering before making t... more

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43
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MTD for VAT: guidance updated

MTD for VAT: guidance updated HMRC have published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how ... more

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42
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Summary on making use of gift exemptions....

Summary on making use of gift exemptions for IHT According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax... more


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New NIC treatment of termination payments to align with Income Tax

New NIC treatment of termination payments to align with Income Tax The National Insurance Contributions Bill was introduced into Parliament on 25 April 2019. The Bill contains provisions design... more


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Rent-a-room tax break remains

Rent-a-room tax break remains HMRC's rent-a-room scheme currently allows individuals to receive up to £7,500 of gross income from renting out spare rooms in their only or main home wi... more


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VAT Flat rate scheme

VAT Flat rate scheme The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT experts would argue that the scheme is n... more


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Taxpayer wins IR35 challenge

Taxpayer wins IR35 challenge HMRC have recently lost another high-profile IR35 case. Kaye Adams, the presenter of ITV's Loose Women programme, has successfully challenged HMRC on her employ... more

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39
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Minimum workplace pension contributions rise

Minimum workplace pension contributions rise The minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme increased with effect from 6 Ap... more


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NMW and NLW increases take effect

NMW and NLW increases take effect New rates for the National Minimum Wage (NMW) and National Living Wage (NLW) (aged 25 and over) apply from 1 April 2019, and employers must ensure that they im... more