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QuickBooks or Xero for Making Tax Digital

30/10/2018

Making Tax Digital (MTD) is expected to affect most tax payers at some stage. MTD is a Government initiative designed to transform tax administration and inevitably means change is coming Any business that is VAT registered and has a taxable turnover of £85k or more will need to submit VAT returns using commercial software...

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Flexible accounts department and financial director service

07/08/2018

As your business grows and develops, Astrum can provide you with an experienced accounts and finance team on a flexible basis; in essence, Astrum can be your very own accounts department as and when you need it. We provide services like these to a range of businesses from small, single director companies to multi-million pound...

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Child Benefit penalties under review

07/11/2018

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It 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. HMRC has confirmed that it...

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VAT reverse charge construction industry

07/11/2018

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge will only apply to supplies of specified construction services to other...

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Business rates support for the High Street

07/11/2018

The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a real threat to their existence as footfall continues to be impacted. The growing use of online shopping has caused many large retailers to close down or reduce the number of stores they run, especially in smaller towns...

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Entrepreneurs’ relief changes

07/11/2018

In the Budget, the Chancellor, Philip Hammond announced two changes to the way Entrepreneurs’ Relief (ER) will operate. ER applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard...

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Digital Services Tax

07/11/2018

One of the more surprising announcements in the recent Budget was the introduction of a new 2% Digital Services Tax (DST) from April 2020. This tax is intended to ensure that the major social media, search engine and online retailers are subject to a 2% tax on revenues generated from the participation of UK users in the use of their...

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Using software to make Income Tax updates

07/11/2018

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start in April 2019 for VAT...

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Tax Diary November/December 2018

05/11/2018

1 November 2018 - Due date for Corporation Tax due for the year ended 31 January 2018. 19 November 2018 - PAYE and NIC deductions due for month ended 5 November 2018. (If you pay your tax electronically the due date is 22 November 2018.) 19 November 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 November...

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Autumn Budget 2018 – Income Tax Rates & Allowances

31/10/2018

The Chancellor has confirmed that from 2019-20 the personal allowance will increase to £12,500 (an increase from the current £11,850 allowance) and the basic rate limit to £37,500. As a result, the higher rate threshold will increase to £50,000 from April 2019. These increases deliver on the government’s manifesto commitment to increase...

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Autumn Budget 2018 - Minimum wage increases

31/10/2018

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2019. The NLW first came into effect on 1 April 2016, and is the minimum hourly rate that must be paid to those aged 25 or over. From 1 April 2019 the National Living...

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Autumn Budget 2018 – Annual Investment Allowance

31/10/2018

The Chancellor’s announcement of a temporary five-fold increase in the Annual Investment Allowance (AIA) will be welcomed by many small and medium sized businesses looking to incur significant capital expenditure on plant and machinery. The Annual Investment Allowance (AIA) was permanently set at £200,000 for all qualifying expenditure...

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Autumn Budget 2018 – Private Residence Relief

31/10/2018

As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as a main family residence. This relief from CGT is commonly known as Private Residence Relief. Conversely, an investment property that has never been used as a main residence will not qualify. Two changes to the way Private Residence Relief...

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Autumn Budget 2018 - VAT registration and deregistration thresholds

31/10/2018

The Chancellor confirmed in his Budget speech that the taxable turnover threshold that determines whether businesses should be registered for VAT, will be frozen at £85,000 for a further 2 years from 1 April 2020 until 31 March 2022. The taxable turnover threshold that determines whether businesses can apply for deregistration will also...

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Autumn Budget 2018 - Air Passenger Duty

31/10/2018

Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of Air Passenger Duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first class). Currently, band A (short-haul) ranges from £13 for a standard class journey and...

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Autumn Budget 2018 - Alcohol and Tobacco Duty

31/10/2018

As part of the Budget measures the Chancellor announced that the duty rates on beers, spirits and most ciders will be frozen at the current rates. These measures mean that a bottle of whisky will be £1.54 less and a pint of beer 14p less than if the rates had increased as expected based on the duty escalator. However, the Chancellor did...

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Self assessment deadline reminder

31/10/2018

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax return, with 10.7 million of these taxpayers doing so on time. The deadline for submitting 2017-18 self assessment tax returns online is...

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Autumn Budget statement

29/10/2018

Autumn Budget 2018 The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was an expectation that these declarations and indicators would herald a relaxation of fiscal policy, the Chancellor is mindful of the potential...

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