Article Database - Tips & Advice Tax: Year 20, issue 05

MTDfV - are you ready for the next step? Publication date: 27.11.2019
Article database » VAT » Making tax digital
Making Tax Digital for VAT became compulsory in April 2019 which means another important digital deadline is looming. What is it?
HMRC’s new guidance on cryptoassets and business taxes Publication date: 27.11.2019
Article database » Finance » Currency transactions
Until now, HMRC’s guidance on the tax consequences of using or trading in cryptoassets, such as digital currencies like Bitcoin, was mainly aimed at individuals. It’s now published new guidance for businesses. What’s the full story?
Cash basis accounts - are they worth the effort? Publication date: 27.11.2019
Article database » Accounts » Cash basis
HMRC allows some unincorporated businesses to base their tax bills on profits calculated using the cash basis. How can you turn this administrative simplification into a tax and NI saving?
Inventive ways to use trivial benefits Publication date: 27.11.2019
Article database » Benefits » Trivial
Despite the tax and NI exemption for trivial benefits being more than three years old, business owners are sometimes mystified about when and how they can use it, especially for themselves. How can you get the most from it?
Tax rate trap on sale of land Publication date: 27.11.2019
Article database » Property » Capital gains tax
Our subscriber received his 2018/19 tax bill from HMRC which is higher than expected. The difference is extra capital gains tax relating to the sale of land. HMRC says it’s because the tax rate for this is 28% and not 20%. Is this correct?
Can you “maintain” your family at HMRC’s expense? Publication date: 27.11.2019
Article database » Inheritance tax » Exemption
Giving away your wealth to members of your family reduces your estate for inheritance tax purposes, but only after seven years. However, it’s possible to achieve the same result without the wait. What steps do you need to take?
Maximise your VAT claim for road fuel Publication date: 27.11.2019
Article database » Cars » Private use
If your business pays for fuel for work and private journeys, there are different methods to work out the VAT reclaimable. There are further complications if your business is partially exempt. Which method should you use to maximise your claim?
VAT groups expanded Publication date: 27.11.2019
Article database » VAT » Groups
VAT groups expanded..VAT groups. The Finance Act 2019 included legislation to allow non-corporate businesses to be included in a VAT group. When the rules were drafted it was believed this change would take effect from 1 April 2019. However, it was delayed until an “appointed day”. Secondary legislation was recently passed naming the appointed day...
HMRC agrees to tax simplification Publication date: 27.11.2019
Article database » PAYE » RTI
HMRC agrees to tax simplification..Recommendations. Several ideas put forward by the Office of Tax Simplification (OTS) to make life easier for small businesses have recently been accepted by HMRC. The resulting changes will mainly affect businesses with fewer than ten employees and an annual turnover below £2 million. Changes ahead. HMRC has agreed...

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Last updated: 10.12.2019

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