Spring Clean your Pension Scheme Accounts

pension accounts

Spring clean your accounts! Clear out the dust and cobwebs from your pension scheme accounts. It’s time to tidy up those accounts and make the most of your time and energy. For homes, spring cleaning is something of a relic. Modern heating methods don’t leave behind the accumulation of soot that used to require deep…

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Apply for more time for MTD digital links

Making Tax Digital Your accounting systems must have digital links in place for VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses). This should be for the transfer or exchange of data between software programs, products or applications used as functional compatible software. Applications should be submitted as…

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Non-Resident Capital Gains Tax (CGT) on Property

Non-UK residents will from 6 April 2019 must pay Capital Gains Tax (CGT) on the disposal of UK real estate. Prior to the legislation CGT on real estate for non-residents was only on disposals of residential property. Moving forward CGT will be applied to all UK land (including commercial). Indirect disposals The CGT will also…

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Disguised Remuneration Loan Charge April 2019

Disguised remuneration charges will apply to certain loans to directors and employees that are still outstanding after 5 April 2019. The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes. The new reporting and payment obligations came into force for employers using such schemes on 5 April 2019.…

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Tax Efficiently Pass on your Family Home

New inheritance tax rules for passing on the family home started on 6 April 2017. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient. From 6 April 2017 an additional nil rate band of up to £175,000…

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Time to Declare Your Offshore Income and Assets

HMRC are urging UK to tax payers to come forward and declare any profits earned from offshore assets. Overseas profits may be from undeclared holiday homes or oversea properties. The deadline to declare the income is 30 September 2018 under the ‘Requirement to Correct’ regulation. Those who do not make the declaration before the deadline…

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VAT Guidance Issued on Making Tax Digital (MTD)

HMRC have now issued detailed guidance on record keeping and return requirements for making tax digital. VAT Notice 700/22 clarifies that spreadsheets are an acceptable means of keeping business records, provided that a bridging software is used to link the excel documents to the Government gateway. It includes a number of suggested accounting systems that…

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HMRC Deadline Set for Disguised Remuneration Schemes

HMRC have published revised guidance on settling tax liabilities in relation to the use of disguised remuneration schemes involving Employee Benefit Trusts (EBTs) and similar arrangements. In order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019, taxpayers must register with HMRC and provide all of the required information…

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