Non-resident Corporate Landlords (companies) will start paying corporation tax rather than income tax on their profits from 6 April 2020. HMRC has released new guidance concerning this change. Key points to note from the guidance are that: HMRC is automatically registering non-resident landlords for corporation tax and issuing a corporation tax unique taxpayer reference (UTR). Companies […]
16
Feb
Feb
What is Let Property Campaign? HMRC’s Let Property Campaign gives an opportunity to landlords to bring their tax affairs up to date.Let property campaign is basically for the property landlords who have failed to disclose rental income. Let property campaign:A Voluntary disclosure: The landlords are supposed to tell HM Revenue and Customs (HMRC) about the […]
14
Feb
Feb
IR35 self-employed tax reforms may damage the U.K’s economy HM Revenue and Customs announced a slight delay to IR35 off-payroll working rule reforms. What is IR35? IR35 refers to the United Kingdom’s anti-avoidance tax legislation designed to tax disguised employment at a rate similar to employment. IR35 self-employed tax changes will come into effect […]
BDO has recently revealed the football finance directors report for the year 2019. This accountancy firm interviewed the football finance directors to better understand the financial health and operations of football clubs across the English football leagues. This report also gives an insight into the top priorities and concerns of these football clubs. Moreover, the […]
17
Aug
Aug
Capital gains tax revenue hit a record new high of £8.8bn for the 2017-18 tax year, as 281,000 taxpayers paid a bill for selling valuables. Revenue from capital gains tax (CGT) increased 14% compared with 2016-17. The bulk of the bill was paid by high earners who made gains of £1m or more, though these […]
07
Aug
Aug
VAT registration for a business becomes mandatory if its vatable turnover crosses the VAT registration threshold which is, at the moment, £85,000. Most of the businesses believe that the period which they should consider to calculate this turnover is their financial year. Meaning if the financial period of their business is July to June, the […]
24
Jul
Jul
Almost all PAYE workers are entitled to 5.6 weeks as paid holiday per year. This includes agency workers, irregular workers and zero-hour workers. Moreover, Part time workers are also entitled to holiday prorated. Besides basic pay, overtime should also be included in the calculation of holiday entitlement. There are different types of overtime, Guaranteed overtime, […]
15
May
May
An accountant from Northampton who confessed deceiving renowned names, including singer Rita Ora and rugby player matt Davison, out of more than three million pounds is now behind bars. Andrew Munday, from Northamptonshire, used the money to buy luxury houses, watches and an executive lounge membership at Tottenham Hotspur football club. He previously pleaded guilty […]
29
Mar
Mar
New National Minimum Wage Requirements applicable from April 2018 As you may already be aware that every April new hourly rates are applicable for the National Living Wage, applicable to persons aged 25 and above and the National Minimum Wage, applicable to persons to school leaving age. Following are the detail of the changes to […]
29
Mar
Mar
New deemed domicile rules for inheritance tax Date: 07/02/2018 HMRC has published a guidance detailing new deemed domicile rules for inheritance tax (IHT). The new rules will apply from 6 April 2017. Guidance also include changes to the number of years of residence needed in the UK for deemed domicile rules to apply and the […]
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