Tax tips and news
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HMRC reaffirm income tax charge on winding up
Newsletter issue - March 2019.HMRC have published Spotlight 47, which provides guidance on tax avoidance schemes that try to avoid the income tax charge on distributions when a company is being wound up. In recent years, HMRC have endeavoured to prevent schemes being used by shareholders to take advantage of more favourable capital gains tax…Read More
Checking directors' expenses
Newsletter issue - March 2019.As 31 March approaches, many companies will be getting ready to tie up tax matters for their financial year-end. Now is a time to ensure that everything is in order regarding directors' expenses and review loan account record-keeping procedures. This is particularly so as HMRC report that they commonly find errors…Read More
Voluntary disclosures
Newsletter issue - March 2019.HMRC have updated their online guidance on disclosing unpaid tax to include information on authorising an agent to deal with a disclosure made through the Digital Disclosure Service (DDS). The DDS gives individuals and companies a chance to bring their affairs up to date in a simple, straightforward way. Anyone who…Read More
Spring Statement 2019
Spring Statement 2019 Summary Chancellor Philip Hammond has delivered his 2019 Spring Statement to the House of Commons. A supporting Written Ministerial Statement (WMS) provides more detail on some of the announcements in the Spring Statement, and sets out details of other forthcoming government policies. Mr Hammond opened his Statement by acknowledging that the most…Read More
Employer responsibilities for tips
Newsletter issue - March 2019.The tax and NIC treatment of tips will depend on how they are paid to the recipient. Cash tips handed to an employee, or say, left on the table at a restaurant and retained by the employee, are not subject to tax and NICs under PAYE, so there is not responsibility…Read More
March questions and answers
Newsletter issue - March 2019. Q. My wife and I own various assets - some are held in individual names and others are held jointly. We are wondering whether we should 'equalise' the value of our assets so as to reduce potential liability to capital gains tax at a future date. A. As a general…Read More
March key tax dates
Newsletter issue - March 2019. 13 - Spring Statement 2019 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2019Read More