We have listed below a number of issues that you will need to consider if directors or employees use a car for business purposes. Essentially, if the car is owned by the business any private use of the vehicle will trigger a tax charge for the driver (car user) and a possible NIC bill for …
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Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers. Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT. Making Tax Digital (MTD) first compliant return due on the 7th of August 2019, from that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
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Paying tax if you are self-employed
If you are a sole trader or an individual member of a partnership you will likely be subject to income tax, and possibly National Insurance, on your earnings. Unfortunately, tax being taxing, earnings for tax purposes may not be the same as the monthly drawings you take from your business. For example, you may decide …
Disposing of a UK residential property?
UK readers who are anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply would be advised to consider the changes to the reporting and payment of this CGT charge from 6 April 2020. The general rule will be that for relevant disposals on or after this date …