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New Stamp Duty surcharge announced
20/02/2019
A new consultation has been launched by HM Treasury together with HMRC seeking views on the design of a new 1% Stamp Duty Land Tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland. This move was first mooted in the Budget 2018. The consultation closes for comments on 6 May 2019. The Read more...


Edinburgh makes a case for UK’s first tourist tax
20/02/2019
The City of Edinburgh Council is seeking permission to introduce a tourist tax. After an extensive consultation, the members of Edinburgh Council have agreed to submit proposals to the Scottish Government. The City Council voted in favour of the proposal by a margin of 43 to 15. The Scottish government, that had previously been against Read more...


Did you get your Brexit update letter from HMRC?
20/02/2019
HMRC has now written to over 145,000 VAT-registered businesses across the UK with a Brexit update. The letters explain changes to customs, excise and VAT in the event that the UK leaves the EU without a deal, and what businesses can do to prepare. There are a number of different versions of the letters some of which are specific to the Read more...


Election to treat property as main residence
20/02/2019
There are a number of issues that owners of more than one home should be aware of. An individual, married couple or those in a civil partnership can only benefit from CGT on one property at a time. However, it is possible to choose, by election, which property is treated as a main residence and therefore benefits from a CGT exemption when Read more...


Joint ventures and VAT
20/02/2019
A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their own separate identities. The parties to the joint venture usually bring together different resources and areas of expertise to help fulfil a specific project or business activity. HMRC’s published guidance on how a joint venture is Read more...


Filing deadlines for company accounts
20/02/2019
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21 months after the date the company was registered with Companies House. Annual accounts must be submitted 9 months after the company’s Read more...


Did you miss the self-assessment deadline?
20/02/2019
Are you among the 700,000 taxpayers that missed the 31 January 2019 filing deadline for your 2017-18 self-assessment returns? If you missed the filing deadline then you will be charged a £100 fixed penalty if your return is up to 3 months late, regardless of whether you owed tax or not. If you do not file and pay before 1 May 2019 then Read more...


Finance Bill receives Royal Assent
20/02/2019
The Finance (No.3) Bill 2017-19 received Royal Assent (later than originally planned) on 12 February 2019 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament known as Finance Act 2019. The Act contains the legislation for many of the tax measures announced by the government at Autumn Budget Read more...


Gifts out of disposable income
13/02/2019
There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give unlimited individual gifts of up to £250 per person during the tax year, but only if you haven’t used another exemption on the same person. Read more...


What work is covered by the CIS scheme?
13/02/2019
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. Under the scheme, contractors deduct money from subcontractors' payments and pass it to HMRC. Contractors Read more...



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