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Shared parental leave and pay

18/09/2019 – The shared parental leave and pay rules offer working parents far greater choice as to how they share the care of their child and take time off work during the first year of their child’s life. The rules apply equally for children that have been adopted. There are various work and pay criteria that must be met in order to be … More...

Reporting changes that affect Child Benefits

18/09/2019 – You must notify HMRC of certain changes to family life. For example, a change in your child’s or your family’s circumstances. This is to ensure that the correct amount of Child Benefit is paid in respect of your children. You must tell HMRC if your child: starts paid work for 24 hours a week or more will live away from … More...

Tax relief for private pension contributions

18/09/2019 – You can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is also a facility to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There is also a … More...

Don’t miss your company accounts filing deadline

18/09/2019 – Companies House has issued a press release to remind companies to keep on top of their filing responsibilities. The end of this month, 30 September 2019, marks a common deadline for many companies who will need to file their company accounts with a 31 December 2018 year-end date. Last year, a total of 25,049 companies failed to meet the … More...

IHT and lifetime transfers

18/09/2019 – There are special rules concerning the liability to IHT of a transfer made during a person's lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve … More...

Income excluded from a UK property business

18/09/2019 – HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be … More...

VAT Agricultural Flat Rate Scheme

18/09/2019 – Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT agricultural flat rate scheme is a variant of the flat rate scheme specifically designed for farmers and other activities relating to agricultural production (such as horticulture). Farmers cannot join this scheme if the value … More...

Loan charge review launched

18/09/2019 – The Treasury has announced that Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit Office (NAO), will lead an independent review of the loan charge. This announcement gives some hope to many people affected by the contentious loan charge. This review will consider concerns raised by MPs … More...

Paper Self-Assessment return deadline

18/09/2019 – The 2018-19 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2019. Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2020. We would … More...

New checker tool to help businesses prepare for Brexit

12/09/2019 – The government has launched a “Get ready for Brexit” public information campaign to help ensure businesses are ready when the UK leaves the EU on (currently) 31 October 2019. As part of the campaign, a new checker tool will help businesses to prepare for Brexit, particularly if they import or export, deal with personal data or … More...

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