Tax E-News Ipswich : Simply Accounts & Tax Limited

Be patient and plan ahead!

Patience is out of fashion in the modern world. It tends to suggest passivity, tolerance and even resignation. We believe now more than ever; patience is vital for effective business performance!

Apply for more time for MTD digital links

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension.

Gifts to charity

Where possible, higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment.

Time for an electric company car?

The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21.

Customer retention strategies

Without customers your business simply would not exist. Some businesses are so focused on winning new customers that they often neglect to put any effort into retaining the customers they already have! Winning new customers is often far more expensive than retaining existing ones.

Diary of main tax events

January/February/March 2020

Diary of main tax events

November/December 2019

When will budget day be now?

It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now?

Apply for more time for MTD digital links

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension.

Government funding to help you prepare for customs changes

£16m in new government funding is now available to help businesses train staff in making customs declarations, and to help businesses who support others who trade goods to invest in IT.

No capital allowances for equipment in a “dwelling house”

As a general rule, there are no capital allowances available for expenditure on plant and machinery in a dwelling house.

Collecting unpaid tax for 2018/19 through your PAYE coding

Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE.