Tax tips and news
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Capital allowances SBA update
Newsletter issue - July 2019. HM Treasury and HMRC have recently published a summary and response document relating to the consultation on a new capital allowance for structures and buildings (SBA). Broadly, the SBA allows businesses that invest in new builds or renovations on or after 29 October 2018, to claim tax relief at 2%…Read More
HMRC clarify VAT zero-rating of transport of disabled passengers
Newsletter issue - July 2019 HMRC have issued Brief 3 (2019), which aims to clarify that the Department's policy on the scope of the VAT zero rate for transport services has not changed following the Upper Tribunal (UT) decision in Jigsaw Medical Services Ltd (2018) UKUT 0222. In this case, the UT heard an appeal…Read More
Tax-free childcare - don't miss out!
Newsletter issue - July 2019 HMRC are currently running a campaign to remind people that they could get up to £2,000 per child, per year, towards childcare costs. Broadly, eligible parents/guardians may receive government top-ups of £2 for every £8 that they pay into a tax-free childcare account, up to a maximum of £2,000 per…Read More
Tax-efficient remuneration with pension contributions
Newsletter issue - July 2019. Tax relief is generally available on pension contributions at the taxpayer's highest rate of income tax paid, meaning that basic rate taxpayers get relief on contributions at 20%, higher rate taxpayers at 40%, and additional rate taxpayers at 45%. In Scotland, income tax is banded differently, and pension tax relief…Read More
July questions and answers
Newsletter issue - July 2019. Q. If my husband and I give our house to my children but continue to live in it, will inheritance tax be chargeable on the property when we die? A. The inheritance tax residence nil rate band (RNRB), which is currently being phased, is designed to help people in your…Read More
July Key tax dates
Newsletter issue - July 2019. 5 - Deadline for PAYE settlement agreement for 2018/19 6 - Deadline for 2018/19 forms P11D and P11D(b) to be submitted and copies of P11D to be issued to relevant employees Deadline for employers to report share incentives for 2018/19 14 - Return and Payment of CT61 tax due for…Read More