Sajid Javid confirms next Budget will be held on Wednesday 11th March 2020.

The Chancellor of the Exchequer, Sajid Javid, announced that The Budget will take place on Wednesday 11 March 2020. The Chancellor of the Exchequer, Sajid Javid, said: “People across the country have told us that they want change. We’ve listened and will now deliver.” “With this Budget we will unleash Britain’s potential – uniting our...

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 means more tax to pay on dividends on 31 January each year. If you are a higher rate taxpayer and...

ADVISORY FUEL RATE FOR JANUARY 2020

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2019. Where there has been a change the previous rate is shown in brackets.     Note that for hybrid cars you must use the petrol or diesel rate.   You can continue to use the previous rates...

NEW YEAR’S RESOLUTIONS TO SAVE TAX

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. What new year’s resolutions to save tax should you make?   An obvious tax planning point would be to maximise your ISA...

THE ELECTION RESULTS AND TAX

Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”?  More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS? Let’s talk about the election results and tax.  We are still awaiting the date of...

GET ON YOUR BIKE! USING THE CYCLE TO WORK SCHEME

The government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the cycle to work scheme has been removed. This will apply where the employer uses a firm authorized by the Financial Conduct Authority (FCA) to hire out cycles to employees who use them to commute to work....

GIFTS FOR STAFF AT CHRISTMAS UP TO £50

  Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. The rules were brought in as a simplification measure so that certain benefits in kind do not now need...

ELECTION TAX PROPOSALS

  MORE MONEY FOR NHS? The various political parties have all made bold promises in the run up to the General Election about increased spending if elected, particularly extra money for the NHS. Although many of the spending pledges will be funded out of increased borrowing, the parties have assumed that they can persuade voters...

COLLECTING UNPAID TAX FOR 2018/19 THROUGH YOUR PAYE CODING

Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before...

APPLY FOR MORE TIME FOR MTD DIGITAL LINKS

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use MTD digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension....