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More changes to VAT reporting… Let us introduce: The Construction Services Domestic Reverse Charge!

Who will this effect? Individuals, Partnerships or Company’s supplying certain construction industry services to a VAT registered customer. Which supplies are affected? The new rules only apply to “construction services”. The definition is the same as that used in the Construction Industry Scheme (“CIS”) and so should be familiar to most businesses operating in the…Read More

There are only two certainties in life, Death and Taxes – neither of which will rank highly on peoples lists of favourite things!

Did you know that Inheritance Tax can cost families hundreds of thousands of pounds? However, with careful financial planning, this can be reduced significantly or avoided altogether. What is Inheritance Tax? When someone passes away, the value of their estate is calculated, which includes all savings, investments and property. Inheritances which are between married couples…Read More

Self Assessment Tax Returns! 31st July Deadline!

How do I pay the tax owed? You will not automatically be issued with a payslip by HMRC in advance of the payment dates on 31 January and 31 July. If you do not receive a payslip you should organise payment anyway otherwise you might incur a fine for late payment and not receiving a…Read More

HR Expert: Change in Bank Holiday!

Your client must remember that employees do not have the statutory right to time off on a Bank Holiday. Therefore, if your client’s contracts require individuals to work on Bank Holidays they can continue to enforce this, providing they guarantee enough time off in lieu (TOIL) to abide by the statutory annual leave requirements. A…Read More

HMRC cracks down on fake phone calls

HMRC has deployed new defensive controls to protect abuse of its phone lines in a bid to put an end to fraudster’s spoofing the tax authority’s most recognisable helpline numbers. The controls, created in partnership with the telecommunications industry and Ofcom, will prevent spoofing of HMRC’s most used inbound helpline numbers and are the first…Read More

HMRC is ramping up a campaign targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators!

A quarter of cases on the HMRC’s major defaulters’ list come from this sector with restaurants and takeaways making up 26% (200 of 775) of businesses ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ since the start of the publication of quarterly lists in December 2017. Recent examples include a Chinese takeaway business from…Read More

Digital record keeping requirements: Treatment of supplier statements or individual invoices!

VAT returns for those clients have historically been prepared based on the supplier statements (often a monthly summary), rather than the individual invoices.  However, the concern until now has been that the MTD requirement relating to digital record keeping of supplies received required each supply received to be recorded individually – an exceptionally onerous task. …Read More

Changes in National Minimum Wage!

As we head into Spring the latest set of employment law changes are set to come fast, with the first of these being a change in national minimum wage (NMW) rates. From 1st April 2019, the national living wage (NLW) for those aged 25 years and over will increase to £8.21 per hour. Minimum wage…Read More

References for Paying Taxes

Some tax reference numbers change each year or period, and others remain the same. So, find below a helpful guide to which references for which taxes will remain the same and which one’s you need to be aware may change: 1. Easy One’s First – Remains the Same: Personal Tax: This is always your UTR…Read More

Buy-to-let Landlord Campaign Fails to Fill £500m Tax Gap

Despite HMRC’s campaign to target underpayments of tax due on rental properties, less than 3% of estimated eligible landlords have used the let property disclosure facility, according to data from Saffery Champness, which is warning that property taxation is likely to see a greater focus as landlords come under scrutiny over their tax compliance. In…Read More

April Payslip Changes: Are you ready?

Cardens discuss five of the most frequently asked questions about payslip changes effective from 6 April 2019. 1. Who will the new payslip changes affect? The difference between an employee and a worker becomes important here. An employee is someone who works for you and has a contract of employment. Instead, you might draft in…Read More

Directors Salary from April 2019

From April 2019, we recommend directors take a monthly salary of £719. This salary ensures you receive a “qualifying year” of National Insurance Contributions towards your State Pension, but without the need to pay any contributions. This salary is also below your Personal Allowance of £12,500 for tax purposes. If you are taking a directors…Read More

Ignore all Email and Phone Scams Promising Fake HMRC Tax Refunds!

The scammers are targeting self-assessment taxpayers by email and phone, claiming they are entitled to tax refunds and asking for bank details to transfer the money. This has come just a few weeks after the self-assessment tax returns deadline on 31 January. The scam phishing emails are being sent from verio.net domain names which contain…Read More

Have you Paid your Self-Assessment Tax Bill Yet?

If you have not yet paid your balancing payment of income tax due for the year ended 5 April 2018, (which was payable by 31 January 2019), a 5% penalty will be charged by HMRC if this liability is not paid in full by 30 days after the payment date. Late payment interest will also…Read More

Pre 5th April 2019-year-end tax planning tips

The tax year end is nearly here – 5th April. Now is a great time to review your financial and tax position to make sure you have made the most of the legitimate tax planning opportunities available to you. Here are a few quick things for you to think about: • Have you made the…Read More

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