Article Database - Tips & Advice Tax: Year 20, issue 12

 
Understanding and minimising VAT surcharges Publication date: 17.03.2020
Article database » VAT » Surcharge
If you’re late submitting your VAT return or paying what you owe, HMRC can fine you. However, financial penalties won’t always apply and if they do they can be mitigated. What steps can you take to minimise them?
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Student loan scheme information for employers Publication date: 17.03.2020
Article database » PAYE » Student loans
If you employ more than a few staff, the chances are that at least one of them will have a student loan. As their employer you’re responsible for collecting repayments, the arrangements for which are increasingly complex. What do you need to know?
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Compensating an employee - is it a taxable benefit? Publication date: 17.03.2020
Article database » Expenses » Reimbursed to employee
When an employee’s car was damaged in our subscriber’s car park the company paid to have it repaired. The question is should the payment be taxed and, if so, as earnings or as a benefit in kind?
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New advisory fuel rates Publication date: 17.03.2020
Article database » Cars » Advisory fuel rates
New advisory fuel rates..New rates. HMRC has updated its advisory fuel rates (AFRs) for fuel costs for company cars from 1 March 2020. However, you can use the old rates (shown in brackets in the table below) until 31 March 2020. Employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for...
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When can selling your home trigger a tax bill? Publication date: 17.03.2020
Article database » Capital gains tax » Private residence relief
From April 2020 if you sell your home changes to capital gains tax private residence relief (PRR) mean that you’re at greater risk of being hit with HMRC penalties. Why, and what are the must-know PRR rules?
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Preparing for year-end PAYE Publication date: 17.03.2020
Article database » PAYE » End-of-year procedure
HMRC has issued its last-minute advice for employers about submitting their final PAYE reports for 2019/20 and preparing for 2020/21. What’s the full story?
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The final word on the IR35 private sector rules Publication date: 17.03.2020
Article database » Employees » Employment status
The government has published its review on how to make a “smooth and successful” start to the upcoming IR35 changes. The report confirms much of what has already been said, but what other points should you be aware of?
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Auto-enrolment threshold changes for 2020/21 Publication date: 17.03.2020
Article database » Pensions » Auto enrolment
Auto-enrolment threshold changes for 2020/21..New thresholds. The government has set the bands and thresholds for workplace pensions. These apply for paydays on or after 6 April 2020. For employees between 22 and 74 where you pay at the rate of: £6,240 per year, they are entitled to join your workplace pension and contribute to it but they do not have...
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Tax pros and cons of an informal company wind-up Publication date: 17.03.2020
Article database » Companies » Winding up
You and your fellow shareholders have decided to shut down your company. After all the debts are paid you’ll share out the company’s assets. How can you use a special tax break to minimise the resulting tax bills?
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Last updated: 31.03.2020
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