Latest Tax Tips and News - June 2019
New NIC treatment of termination payments
Newsletter issue - June 2019 The National Insurance Contributions Bill was introduced into Parliament on 25 April 2019. The Bill contains provisions designed to align the income tax and national insurance contributions (NICs) treatment of termination awards and sporting testimonials, closing a loophole which currently allows effective tax planning. If enacted, the new rules are…Read More
Making use of gift exemptions for IHT
Newsletter issue - June 2019 According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax (IHT) rules surrounding such payments. The report entitled Lifetime Gifting: Reliefs, Exemptions, and Behaviours, reveals a significant lack of awareness of the gifting rules, liability for…Read More
MTD for VAT: guidance updated
Newsletter issue - June 2019 HMRC have published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day expenses…Read More
Moving into partnership
Newsletter issue - June 2019 A partnership may be a simple trading vehicle enabling two or more people to own and run a business, but there are few practicalities worth considering before making the move. Whilst there are no legal formalities involved in establishing a partnership, and a partnership may come into existence under an…Read More
June questions and answers
Newsletter issue - June 2019 Q. If I take my staff away overnight for an off-site daytime business meeting and evening social function, will the costs be tax deductible for corporation tax purposes? A. The costs will be allowable for the company, but a benefit-in-kind will arise on the social aspect of the trip. It…Read More
June Key tax dates
Newsletter issue - June 2019 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/6/2019.Read More