Tax Tips and News
MTD pilot opens to all
Newsletter issue - February 2019.The Making Tax Digital (MTD) pilot has been opened up to all businesses that will be mandated from April 2019 (i.e., the first VAT accounting period starting on or after 1 April 2019) to use compatible software to submit information directly to HMRC. The pilot was opened at the end of…Read More
Maximising the benefit of Gift Aid donations
Newsletter issue - February 2019.The government's Gift Aid scheme aims to maximise the value of donations made to charities whilst allowing most UK taxpayers to benefit from tax relief on the gift. Since the scheme allows payments to be related to a previous year, the end of the tax year is a good time to…Read More
The 'section 455 charge'
Newsletter issue - February 2019.For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director's loan account. At the end of an accounting period, if the director owes the company money (i.e. the account is considered overdrawn), and the company is close (broadly, one that is controlled…Read More
FTT examines juicy VAT case
Newsletter issue - February 2019.The First Tier Tribunal (FTT) were recently called upon to examine whether fruit and vegetable juices sold as meal replacements were beverages and therefore standard-rated for VAT. The case (The Core (Swindon) Ltd [2019] TC 06874) concerned a juice bar and health café which supplied juice cleanse programmes (JCPs) consisting of…Read More
February questions and answers
Newsletter issue - February 2019. Q. I recently sold my main residence and down-sized to a smaller property. Unfortunately, because of current economic conditions, the sale price of the house was £30,000 less than I originally paid for it many years ago. Can I offset this loss against income from my business and reduce my…Read More
February key tax dates
Newsletter issue - February 2019.2 - Last day for car change notifications in the quarter to 5 January - Use P46 Car 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/2/2019 28 - First 5% penalty surcharge on any 2017/18 outstanding tax due on 31 January 2019 still unpaid - Talk…Read More