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View Tax-Free Gains 2019-20 | Capital Gains Tax

Tax-Free Gains 2019-20 | Capital Gains Tax

There are still a number of sales (disposals) that a UK taxpayer can make that will not incur a charge to the UK’s Capital Gains Tax. For most of us, they are limited in extent, after all, legislators have had plenty of time to close any favourable loop-holes. Packing Up For most of us, the…

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View National Minimum Wage Rates Increased

National Minimum Wage Rates Increased

From 1 April 2019, the National Living Wage (NLW) and National Minimum Wage (NMW) hourly rates increased to: 25 and over – £8.21 21 to 24 – £7.70 18-20 – £6.15 Under 18 £4.35 Apprentices £3.90 Workers who are entitled to receive these rates as a minimum include: part-time casual labourers, for example someone hired…

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View Landlords Faced With 2020 Tax Hit

Landlords Faced With 2020 Tax Hit

HMRC are changing two important tax concessions that apply to landlords who have letting property that, as owners, they have previously occupied at some point as their home (Principal Private Residence (PPR)). Changes Happening From April 2020 The first is the reduction of the present rule that exempts the final 18 months of ownership from…

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View Employers: What Is Class 1a NIC?

Employers: What Is Class 1a NIC?

Does one or more of your employees benefit from the use of facilities provided by you? This could be a cheap loan or a company car? It is well known that you as their employer will need to inform HMRC of the amount of these benefits following the end of the tax year. National Insurance…

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View Changing The Way Construction Firms Account For VAT

Changing The Way Construction Firms Account For VAT

From October 1st this year, construction supplies between businesses under the Construction Industry Scheme (CIS) will be subject to the Domestic Reverse Charge (DRC). In a bid to ensure VAT payments are not lost within a line of invoices between sub-contractors and contractors, DRC prevents two VAT-registered persons claiming or charging for VAT. This change…

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View VIDEO: HMRC’s Digital Tax Revolution Has Started

VIDEO: HMRC’s Digital Tax Revolution Has Started

It would be unlikely, if you’re VAT registered, that you would have missed the countless articles, posters and TV adverts to let you know that Making Tax Digital for VAT has commenced as of April 1, 2019. As it stands, only four per cent of UK businesses have signed up for Making Tax Digital. This…

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View Do You Manage Your Own VAT Returns?

Do You Manage Your Own VAT Returns?

Unless you opt to register or use one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter. This is based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions of assets). There Is A…

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View Who Inherits If You Die Without A Will?

Who Inherits If You Die Without A Will?

If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent whose personal assets amount to more than £1m. In England and Wales The husband, wife…

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View Employing Family, Younger Persons or Volunteers

Employing Family, Younger Persons or Volunteers

The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business. Employing Family Members If you hire family members you must: avoid special treatment in terms of pay, promotion and working conditions make sure tax and…

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