Following the Conservative Party’s win and a budget date now set for 11 March, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more likely to go ahead. The key tax measures “in limbo” until legislated in Finance Act 2020 are: – Extending the “off-payroll” working rules to […]
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 received […]
There is still time to consider your tax affairs before the end of the tax year on 5th April. You might want to consider increasing your pension savings before 5 April 2020 as the unused annual pension allowance is lost after three years, and for those looking to do some inheritance tax planning it would […]
The environment, wellbeing, mental health and technology look set to be some of the big business trends in 2020. As we move into 2020, businesses will have to adapt in a world that places greater emphasis on sustainable business practices. People will want to work for firms that take care of their employees in terms […]
Date What’s Due 1/01 Corporation tax payment for year to 31/3/19 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/20 (due 22/01 if you pay electronically) 31/01 Deadline for Self-Assessment tax return for 2018/19 if filed online. Also the due date for 2018/19 balancing […]
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. Engine Size Petrol Diesel LPG 1400cc or less 12p 8p 1600cc or less 9p (10p) 1401cc to 2000cc 14p 9p (10p) 1601 to 2000cc […]
19/12/19 PAYE & NIC deductions, and CIS return and tax, for month to 5/12/19 (due 22/12 if you pay electronically) 30/12/19 Deadline for filing 2018/19 tax return online in order to request that HMRC collect outstanding tax via the 2020/21 PAYE code 1/1/20 Corporation tax for year to 31/03/2019 unless quarterly instalments […]
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 to be […]
Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example, where an individual makes a £20 cash donation to charity, the charity is able to reclaim a further £5 from HMRC making […]
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. […]
