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Tax Diary June/July 2018

17 May, 2018

1 June 2018 - Due date for Corporation Tax due for the year ended 31 August 2017.

19 June 2018 - PAYE and NIC deductions due for month ended 5 June 2018. (If you pay your tax electronically the due date is 22 June 2018)

19 June 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 June 2018.

19 June 2018 - CIS tax deducted for the month ended 5 June 2018 is payable by today.

1 July 2018 - Due date for Corporation Tax due for the year ended 30 September 2017.

More warnings to beware of bogus tax refund scams

16 May, 2018

Fraudsters are taking advantage of taxpayers who may be due a tax refund following the end of the 2017-18 tax year. HMRC is currently processing tax refunds, but the fraudsters are trying to get one step ahead. They do this by sending out scam emails and SMS-messages claiming to be from HMRC. Usually the messages include a click-through link to a replica of the HMRC website where the fraudsters then try and steal the credit or debit card details of unwitting taxpayers.

Pay and expenses for volunteers

16 May, 2018

There are many rewarding opportunities for volunteering available across the UK. It is a popular misconception that only young people volunteer, however, people of all ages volunteer for numerous roles in a wide range of charitable and other sectors.

There is no official minimum or maximum age for volunteering. However, the following points should be taken into account:

NMW and LW enforcement measures

16 May, 2018

A new press release has revealed that in 2017-18, HMRC investigators identified £15.6 million in back pay that is owed to over 200,000 of the UK’s lowest paid workers. This was an increase from £10.9 million for over 98,000 workers in the previous year. The launch of an online complaints service in January 2017 is thought to have been partially responsible for the increase as HMRC encourages underpaid workers to make a complaint online.

When might you be due a tax refund?

16 May, 2018

HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim.

According to HMRC you may be able to claim a refund if you:

Can a builder charge 5% VAT for their services?

16 May, 2018

Whilst the majority of businesses charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions that businesses should be aware. There are actually three separate VAT rates, the standard rate of 20%, the reduced rate of 5% and a zero rate. The reduced rate of VAT applies to the supply of certain goods and services.

Responding to a County Court claim

16 May, 2018

It is important that any correspondence received from the County Court is dealt with promptly. This should include taking proper legal advice when appropriate.

Usually, a creditor asks the County Court to make a county court judgment (CCJ) against a person who is refusing to pay their bill. The CCJ rules apply to court orders in England and Wales. There are different court system process in Scotland and Northern Ireland.

Pensions Regulator to seize assets

14 May, 2018

The Pensions Regulator (TPR) has announced that employers who refuse to pay workplace pension fines could have their assets seized to pay their debts.

When do you pay tax on lodger’s rents?

09 May, 2018

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home within certain limits to pay no tax on the lodger’s rents. The limit increased to a generous £7,500 from 6 April 2016 and remains unchanged for 2018-19.

The relief applies to the letting of furnished accommodation and was traditionally used when one bedroom in a home was rented out to a lodger for an extended period. However, the relief can also be used when rooms in your house are rented out online for short-term lets.

Stamp duty land tax for first time buyers

09 May, 2018

New figures published by the government have revealed that 69,000 first-time home buyers have benefited from the recent changes to the Stamp Duty Land Tax (SDLT) rules. Under rules that came into effect on 22 November 2017, SDLT has been abolished for first time buyers making a purchase of up to £300,000.

Child Benefit claw-back

09 May, 2018

The High Income Child Benefit charge came into force in January 2013 and applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely.

If you or your partner have exceeded the £50,000 threshold during the last tax year (2017-18) then you must take action. Where both partners have an income that exceeds £50,000, the charge applies to the partner with the highest income.

Employers can claim back VAT from mileage claims

09 May, 2018

HMRC operates a simplification measure that allows businesses to claim back VAT from mileage claims using a standardised scale charge to value fuel costs for private use. The scale charge is a fixed amount based on a vehicles CO2 rating.

Most businesses, particularly small and medium sized businesses, which do not keep detailed mileage records covering all journeys, use the road fuel scale charges scheme. This measure saves business car users the chore of keeping detailed records of actual private mileage.

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