Tax tips and news
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HMRC issue EA changes reminder
Newsletter issue - March 2020. HMRC have been reminding employers to get ready for changes to the Employment Allowance (EA) that take effect from the start of the new tax year on 1 April 2020. Most employers with a liability to pay employer (secondary) NIC are eligible to claim the EA, including sole traders, partnerships…Read More
Structures and buildings capital allowances
Newsletter issue - March 2020. One of the key messages regarding claims for structures and buildings capital allowances (SBAs) is that record keeping and cost segregation will be of paramount importance. In order to claim the allowance, evidence of qualifying expenditure must be produced in the form of an allowance statement, submitted to HMRC. Records…Read More
2020/21 NIC rates and thresholds confirmed
Newsletter issue - March 2020. Around 31 million taxpayers are expected to benefit from an increase in take home pay from April 2020 when the National Insurance Contributions (NIC) threshold rises from £8,632 to £9,500 per year. A typical employee will save around £104 in 2020/21, while self-employed people, who pay a lower rate, will…Read More
VAT: HMRC provide guidance on digital publications
Newsletter issue - March 2020. HMRC have published Brief 1 (2020): VAT liability of digital publications - Upper Tribunal in News Corp and Ireland Ltd, which confirms that HMRC's VAT treatment of supplies of digital newspapers and other publications has not changed. Supplies of newspapers are zero rated under UK legislation. HMRC's policy is that…Read More
March questions and answers
Newsletter issue - March 2020. Q. If I sell a buy-to-let property in July 2020, when will I have to pay the capital gains tax (CGT) arising on the sale? A. Finance Act 2019 made certain changes regarding payment of CGT, which take effect from April 2020 and broadly align the position of UK residents…Read More
March Key tax dates
Newsletter issue - March 2020. 11 - 2020 Budget 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2020Read More