Author Archives: Anna Cummings

Comments Off on Advisory Fuel Rate for Company Cars from 1 June 2019

Advisory Fuel Rate for Company Cars from 1 June 2019

Advisory Fuel Rate for Company Cars from 1 June 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets.   Engine Size Petrol Diesel LPG 1400cc or less 12p (11p)   8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p … Continued

Comments Off on Non-Compliant Employers face Auto-Enrolment Spot-Checks

Non-Compliant Employers face Auto-Enrolment Spot-Checks

Non-Compliant Employers face Auto-Enrolment Spot-Checks

Businesses that flout their workplace pension duties face being subjected to random spot-checks by the Pensions Regulator. Employers that provide details to HMRC are having that data cross-referenced by the watchdog in an attempt to identify non-compliance with auto-enrolment. The checks are designed to identify businesses that are failing to enrol eligible staff into a … Continued

Comments Off on Most Gifters are ‘Unclear on Inheritance Tax Rules’

Most Gifters are ‘Unclear on Inheritance Tax Rules’

Most Gifters are ‘Unclear on Inheritance Tax Rules’

Most people making gifts of money or assets are unaware of inheritance tax rules that might apply to them. HMRC polled 2,090 people and found that only 25% of those who recently made a gift had a working knowledge of the rules. Less than half (45%) were aware of the rules or exemptions surrounding inheritance … Continued

Comments Off on Government Urged to Introduce Stamp Duty Tax Break For Downsizing

Government Urged to Introduce Stamp Duty Tax Break For Downsizing

Government Urged to Introduce Stamp Duty Tax Break For Downsizing

The Government is facing calls to announce a stamp duty holiday for homeowners who seek to downsize. Saga polled 2,000 people over the age of 50 and found that 73% would support a tax break to help them move into a smaller property. Almost three-quarters (70%) said their motivation for downsizing was because their current … Continued

Comments Off on Small Business Owners Hit Out at ‘Unfair’ UK Tax System

Small Business Owners Hit Out at ‘Unfair’ UK Tax System

Small Business Owners Hit Out at ‘Unfair’ UK Tax System

Most small business owners in the UK do not think the tax system treats their business fairly, according to the British Chambers of Commerce (BCC). In a survey of 1,000 firms, 58% of SME owners said they think the UK tax system is unfair, with different tax rules applying to different types of business. More … Continued

Comments Off on HMRC Announces Delay to Probate Fee Increase

HMRC Announces Delay to Probate Fee Increase

HMRC Announces Delay to Probate Fee Increase

Changes to probate fees – due to take effect last month – have been delayed as Parliament wrangles to resolve the Brexit stalemate. Bereaved families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000. That system was … Continued

Comments Off on First VAT-registered Businesses enter into Making Tax Digital

First VAT-registered Businesses enter into Making Tax Digital

First VAT-registered Businesses enter into Making Tax Digital

More than a million VAT-registered businesses have now been mandated into the Government’s Making Tax Digital (MTD) programme, which came into force on 1 April 2019. Under the scheme, businesses that are registered for VAT with a turnover of more than £85,000 are required to keep digital records and submit their VAT returns using MTD-compatible … Continued

Comments Off on Landlords Feeling the Pinch as Tax Measures Begin to Bite

Landlords Feeling the Pinch as Tax Measures Begin to Bite

Landlords Feeling the Pinch as Tax Measures Begin to Bite

Most buy-to-let landlords saw their tax bills increase in 2017/18, suggesting the effects of changes to mortgage interest relief were beginning to be felt one year after they were introduced. In a survey by Paragon, 58% of landlords said their tax bill for 2017/18 was higher than a year before, with an average annual increase … Continued

Comments Off on Registering for Making Tax Digital for VAT

Registering for Making Tax Digital for VAT

Registering for Making Tax Digital for VAT

MTD zero-hour is here. The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. Software soft landing One concession made by HMRC is around the links between individual … Continued

Comments Off on Apprenticeship ‘Starts’ Fall by a Quarter

Apprenticeship ‘Starts’ Fall by a Quarter

Apprenticeship ‘Starts’ Fall by a Quarter

The number of people starting apprenticeships has fallen by 26% since the Government’s reforms to the apprenticeship system, according to a report from the National Audit Office (NAO). In April 2017, the Department for Education (DfE) introduced several changes to the apprenticeships scheme, including a levy on large employers and a co-funding requirement from smaller … Continued