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Cash basis option for landlords

09 Jan, 2019

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and you can stay in the scheme until your business turnover reaches £300,000.

Changes to a building after the VAT option to tax

09 Jan, 2019

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate.

Register a company and register for tax

09 Jan, 2019

A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company Registration Service was announced as part of the Small Business, Enterprise and Employment Act 2015 to help reduce administrative burdens and came into effect last year. However, there remain many new companies who have not used this service.

Check if your Holiday let property is qualifying

09 Jan, 2019

The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes.

In order to qualify as a furnished holiday letting, the following criteria need to be met:

New 'global' pound coin

09 Jan, 2019

HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of the 12-sided £1 coin replacing the older coins. The coins are expected to feature images celebrating the heritage of these territories, with their history and culture pictured on the reverse side.

Automatic enrolment for the self-employed?

09 Jan, 2019

The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension savings for the employed has helped highlight that pension savings for the self-employed are lagging behind those achieved for the employed. In fact, government research has shown that only around 14% of self-employed people were saving into a pension in 2016-17.

Genuine messages from HMRC

09 Jan, 2019

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages and telephone contacts from HMRC.

Did you file your tax return Christmas Day?

02 Jan, 2019

A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are expected to complete a 2017-18 self assessment tax return this year.

Don’t forget to pay your tax at the end of the month

02 Jan, 2019

The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31 January 2019 is also the payment date for any Capital Gains Tax due in relation to the 2017-18 tax year and the due date for the first payment on account for 2018-19.

Paying young people and children

02 Jan, 2019

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members.

Guidance published for employers on new payslip legislation

02 Jan, 2019

New legislation comes into force from 6 April 2019 which requires all employers to provide an itemised payslip to all workers, i.e. not just to employees, and to show hours on payslips where the pay varies by the amount of time worked.

The government has now published guidance to help employers with the new rules on showing the hours on payslips, which includes several useful example case studies. The guidance is non-statutory and has no legal effect on the interpretation of the legislation, but it will assist employers to better understand it.

Guidance for employers on new payslip legislation

02 Jan, 2019

New legislation comes into force from 6 April 2019 which requires all employers to provide an itemised payslip to all workers, i.e. not just to employees, and to show hours on payslips where the pay varies by the amount of time worked.

The government has now published guidance to help employers with the new rules on showing the hours on payslips, which includes several useful example case studies. The guidance is non-statutory and has no legal effect on the interpretation of the legislation, but it will assist employers to better understand it.

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