Entries by Mani Kauren

Insider April 2019

Government consults on new stamp duty surcharge The Government is considering introducing a new stamp duty surcharge, which is designed to clamp down on overseas wealth being used to buy homes in England. Ministers have expressed concerns that affluent foreign investors, particularly those buying properties in London, have been driving up house prices for domestic […]

Registering For Making Tax Digital For VAT

MTD zero-hour is here. The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for […]

Spring Statement 2019

INTRODUCTION Once again, Chancellor Philip Hammond has demonstrated his commitment to the principle of the Spring Statement as a low-key event, at least in terms of tax and public spending announcements. With none of the pomp and circumstance of the Autumn Budget, Hammond stuck in large part to summarising key points from the updated economic […]

Insider March 2019

HMRC error hits early-paying self-assessment taxpayers HMRC admitted an error which saw hundreds of early-paying taxpayers wrongly issued with late-payment notices before the deadline for self-assessment tax returns. The deadline for 2017/18 self-assessment submissions and any tax owed came and went at midnight on 31 January 2019, with £100 penalties in place for not filing […]

Preparing Businesses For Leaving The EU

What can your firm do before 29 March 2019? As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business. What is certain is that it will bring change […]

The Politics of Tax Breaks

How did we end up with such a complex system of tax reliefs? If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills. Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy, however. There are too […]

Tax Card 2019/20

TAXABLE INCOME TAX BANDS AND RATES   2019/20 2018/19 Starting rate* of 0% on savings up to £5,000 £5,000 Basic-rate band £37,500 £34,500 Higher-rate band £37,501 to £150,000 £34,501 to £150,000 Additional-rate band Over £150,000 Over £150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Dividend ordinary rate 7.5% 7.5% Dividend […]

Insider February 2019

Auto-enrolment fines rise 146% Fines issued to employers that fail to comply with their auto-enrolment responsibilities have more than doubled over the last two years, a report from the Pensions Regulator shows. In 2017/18, there were 36,137 fines issued to employers for not complying with the requirements of auto-enrolment – up from 14,707 such penalties […]

The Risks of a Tax Investigation

Will HMRC come knocking on your door? It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce. The likelihood of HMRC swooping to investigate your business’s […]

Changes To Probate in 2019

Controversial fee increase set to take place from April. From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount. This is because of a proposed change to the fees families must pay to administer the estate of […]