This is our Tax Briefing on the Autumn 2018 Budget
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Do you have overseas income of gains?
HMRC is writing to taxpayers who may own assets overseas or have a source of offshore income. These assets could be anything from a Jersey bank account to an overseas holiday let, or more seriously trusts or companies registered overseas
Reclaim SDLT, LTT or LBTT
If you have acquired a new home since 1 April 2016 you should be aware of the 3% stamp duty land tax (SDLT) supplement which applies to purchases of second and additional homes
PAYE income tax calculations
Every year HMRC reconciles taxpayers’ tax liabilities to the tax reported as paid for the individual via PAYE.
VAT option to tax
Commercial properties which are more than three years old will not have VAT attached to their sale or rent unless the owner or leaseholder has opted to apply it. This is called the “option to tax”.
As a contractor did you have a loan ‘scheme’?
Contractors working through their own companies from 2000 onwards may have been told by their employment agency that it was tax efficient to accept payment for their services structured as a loan.
Have you received a pension lump sum?
If you have taken a lump sum from your pension fund you may have had excess tax deducted by the pension company, but you can reclaim it.
Have you paid someone to take your rubbish to a landfill?
As an ordinary business you may think that landfill tax is someone else’s problem.
Do you have a company electric car?
Electric cars are creating a buzz in environmentally-conscious companies, and not just because of the noise they make. They are cheap to run and the price of many models is coming down.
Penalties for late PAYE returns
All payroll payments and deductions must be reported to HMRC under real time information (RTI).
Making Tax Digital: What, when and how
If your business is VAT registered, and the turnover for the last year has exceeded £85,000, you should soon receive a letter from HMRC stating that you must comply with the making tax digital (MTD) rules from April 2019.
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