January 2020

Go to YouTube for MTD4VAT advice

HMRC has posted a number of short videos on YouTube to help agents and their clients understand the Making Tax Digital for VAT regulations. Most VAT-registered businesses with a taxable turnover above £85,000 are required to keep digital VAT records and submit VAT returns under Making Tax Digital rules, using compatible software. HMRC’s YouTube channel videos includes advice on the

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Warning to Windows 7 users

People using the Windows 7 operating system on their PC are being warned that they need to upgrade as Microsoft has stopped issuing ‘fix-its’ for the ageing system. The decade-old OS still drives about a third of devices using Windows globally, but on 14 January this year the firm stopped providing patches to fix any problems. Industry experts say users

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Parental bereavement leave and pay get green light

From 6 April, working parents who suffer the loss of a child aged under 18 will be entitled to two weeks’ paid leave The Parental Bereavement Leave and Pay Regulations, known as ‘Jacks Law’ in memory of Jack Herd, whose mother campaigned on the issue, will implement a right to at least two weeks’ leave if a working parent loses

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Insolvencies among young women up 24% in 2019

The number of insolvencies among young women aged 18 – 24 jumped 24% last year, rising to 3,930 in 2018, up from 3,175 in 2017, according to research by UHY Hacker Young. Insolvencies amongst women in this age group are growing faster than any other demographic group. All individual insolvencies increased at a slower 17% over the same period, rising

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Corporate landlord tax rules to change in April

From April 2020, non-resident corporate landlords will be taxed under corporation tax instead of income tax rules. HMRC is currently contacting those with UK properties to allocate them a corporate tax reference. While the change is likely to reduce the tax rate from 20% income tax rate to the current 19% corporation tax, the rules on interest and other deductions

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Property sellers warned of ‘seismic’ shift in tax rules

The Chartered Institute of Taxation (CIOT) is alerting property owners with taxable gains on their residential properties to plan for a ‘seismic change’ in how tax is paid. From 6 April 2020, UK residents who sell a residential property that gives rise to a capital gains tax (CGT) liability must send a new standalone online return to HMRC and pay

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IR35: changes ahead for off-payroll workers

People working ‘off-payroll’ via a limited or personal services company (PSC) need to be aware of imminent changes to the rules, accountancy firm UHY Hacker Young is warning. From 6 April, the updated IR35 regulations come into effect. They aim to create fairness between those who are directly employed or via a PSC so that income tax and NIC payments

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Should your clients be paying the data protection fee?

All organisations and sole traders processing personal information are now required to pay an annual data protection fee of between £40 and £2,900 to the Information Commissioner’s Office (ICO) unless they are exempt. The data protection fee is used to fund the ICO’s data protection work. The ICO are currently carrying out a campaign to contact companies who have not

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New legislation aims to tackle late payments

New legislation aiming to tackle the scourge of late payments and strengthen the powers of the Small Business Commissioner was introduced to Parliament this week. The Private Members Bill has the stated aim of “curbing the problem once and for all”. Labour peer Lord Mendelsohn, who introduced the bill in the House of Lords, said: “Late payment is crippling small

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