Checking your NIC records
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an
Business Advice
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Maximum AIA calculations for split accounting periods
The recent, and temporary, increase in the AIA to £1m from 1 January 2019 creates computational issues if a trader's accounting period straddles this date. The following example published by HMRC
Who pays Income Tax in Scotland?
According to HMRC, individuals pay Scottish Income Tax if they live in Scotland. Care should be taken when considering the phrase "live in Scotland". In particular, you may also pay Scottish Income
Brexit – what the UK government has advised business owners to do
The Brexit uncertainties continue. To help businesses consider their options HMRC has published more information for UK businesses that buy or sell goods from or to the EU. We have copied in below
Sooner is better than later
This week we pass the filing deadline (31 January 2019) for the 2017-18 Self Assessment tax returns. A surprising number of taxpayers are still content to deal with this annual chore at the last
What is taxable when you sell a commercial vehicle or other equipment?
When you purchase a van or other equipment that qualifies for tax relief, the cost of the asset is reduced - for tax purposes - by the amount of any Capital Allowance you claim. Consequently, if you
Charities – reducing input VAT
Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced rate (5%) or the ‘zero rate’ on some goods and services. Charities pays
Government outlines new proposals to protect pregnant women and new parents against redundancy
The government has launched a consultation seeking views on new proposals to extend redundancy protection for pregnant women and new parents. As the law currently stands, employees who are placed at
Welsh rates of Income Tax
The Welsh Government has confirmed that the proposed Welsh Government Budget has been ratified and that the new Welsh rates of Income Tax (WRIT) will be set at 10p for 2019-20. This means that the
Changes to lettings relief and other exemptions April 2020
Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private residence. The