The Accountancy Blog from Seagrave French

Enlightenment

Accountancy news and business views brought to you by the team at Seagrave French

HMRC Response Times – you won’t believe this!

If HMRC makes a request from you they normally set a deadline for when they expect a response. If you don’t comply they then tend to issue a formal request which incurs a hefty fine for noncompliance. But what about when you're waiting for something from them, like...

[WEBINAR] – Making Tax Digital for Income Tax – What You Need to Know

Making Tax Digital for Income Tax – What you need to know  HMRC has deferred the start of Making Tax Digital (MTD) for Income Tax, due to the Government recognising the challenges faced by many UK businesses in the wake of the pandemic. Though...

VAT green reliefs and energy efficiency

Following recent government publicity regarding the provision of grants to encourage householders to make their homes more energy efficient; together with concerns about potential risks to the gas supply and rising costs means clients are increasingly interested in...

HMRC collected £27.9bn less tax

The government saw a 4.4% decline in tax revenues over the latest financial year as a result of the pandemic. In its 2020-21 annual report, HMRC reported that it had collected £608.8bn in tax revenues, which is down from £636.7bn collected in 2019-20. The tax...

50 Tax Breaks For Employees

People often say to us, that when they’re employed the tax breaks for employees to exploit aren't as good as those available for the self-employed. That is true, but those breaks were originally intended to compensate self-employed taxpayers for the risks they take...

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New Tax Year – Optimum Remuneration Levels

The new tax year starts on Friday and so for the owner-managed business its time to sort out your remuneration for 2018/2019. Getting this right can ensure you pay as little as possible while making sure you enjoy all the benefits available. Below are the...

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Enterprise Investment Scheme

So if you’re looking to attract investment in your company, is there anything you can do to improve the chances? Well, there is a way for the investors to obtain a number of tax breaks subject to certain conditions. Let’s have a look at the tax advantages first. The...

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Making Tax Digital Is Coming Up Fast

I wasn’t sure it would ever happen, but it looks like I was wrong – MTD is coming, and all VAT registered businesses will have to be compliant by 1 June 2019, and some a soon as 1 April 2019. So if you’re not sure what you need to do, here’s a quick update. Starting...

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HMRC Looking To Apply IR35 To Private Contractors

Last year HMRC beefed up the rules where contractors to the public sector were taxed as employees while still suffering the downsides of self-employment. They now want to extend it to all contractors. Many people choose to be contractors because it suits them. They...

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Penultimate VAT Return Before MTD

We’ve just completed all our client’s VAT returns for the quarter ended 31 December 2018, filing them by 7 February. These lucky clients will be the first ones that start filing under the new rules from 1 April 2019. So they only have one more return under the old...

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How To Pay Your Tax

HMRC do not accept credit card payments anymore, and cheques can take an age to process and show up on your account, risking the chance of penalties and interest. The best way to make payments is by online banking, BACS or CHAPS. Their bank account details are HMRC...

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2019 Loan Charge Settlement

If you’ve done some remuneration planning over the last ten years, then you’ll know all about the 2019 loan charge, if you don’t, then lucky you. Having got fed up with intricate tax planning, HMRC decided to change the rules retrospectively, and a lot of ordinary...

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Assets That Can Qualify For Rollover Relief

Both the old assets you have disposed of and the new ones you have acquired must be any of the following: buildings or parts of buildings land fixed plant or machinery goodwill milk, potato or ewe and suckler cow premium quotas or payment entitlements under the single...

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One Year Out Making Tax Digital

HMRC put back the introduction of making tax digital by a year, but by April 2019 businesses with a turnover in excess of the VAT threshold [currently £85,000 pa] will need to provide their quarterly VAT information in digital form. This means that it will no longer...

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