Tax E-News

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No Deal Brexit - What about VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario.

Welcome CGT Entrepreneurs’ Relief Change For Shareholders

In the December 2018 newsletter we alerted you to important changes to CGT entrepreneurs’ relief included in the latest Finance Bill that could have the effect of denying the relief to certain employee shareholders.

Corporation Tax Relief Back For Acquired Goodwill

A further late change to the Finance Bill will re-introduce relief for acquired goodwill on the acquisition of businesses with eligible intellectual property from 1 April 2019.

Termination Payment Changes Delayed To 2020

HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020.

Don’t Be Late In Paying Your Personal Tax Bill

Individual’s 2017/18 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2019.

Diary of main tax events

February / March 2019

New year resolutions to save tax

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

Pension planning

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings.

Increased capital allowances start 1 January 2019

The Chancellor announced a temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery to £1 million from 1 January 2019.

New capital allowance for commercial buildings

The Autumn 2018 Budget announced a new 2% straight line tax deduction for the cost of construction or renovation of commercial buildings and structures.

Capital allowance on high CO2 cars and assets in special rate pool reduces to 6%

One of the other capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just 6% per annum reducing balance from April 2019.

Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 December 2018.

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