Jackson Stephen Blog

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This is where we air our opinions or pass on our thoughts and comments on occasion, when the mood takes us. Usually about business matters, it must be said.

The general idea is to disprove the notion that accountants say nothing at dinner parties! We have even been known to be amusing! Read on.

Planned Corporation Tax Cut Scrapped

Prime Minister Boris Johnson announced at the CBI conference in London that the planned reduction in the Corporation Tax rate to 17 per cent from April 2020 will be scrapped for the time being.

22-Nov-2019

Making Tax Digital - Again!

Over the last 12 months businesses have been getting themselves ready for Making Tax Digital for VAT and most now have the appropriate software in place to file the returns directly with HMRC through new Making Tax Digital compatible software. Unfortunately, it doesn’t end there!

The end of the ‘soft landing’ period in April 2020 means businesses must also comply with the requirements to have digital links in place, and be ready to face penalties if they don’t!

11-Nov-2019

Collecting unpaid tax for 2018/19 through your PAYE coding

Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE.

05-Nov-2019

Diary of main tax events - November/December 2019

5-Nov-2019

Furnished holiday lettings businesses also qualify for Capital Gains Tax Relief

Furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the restriction that applies to other residential property businesses does not apply to furnished holiday lettings.

05-Nov-2019

Keep details of your director's loan account, and keep it in credit

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of directors loan account transactions is required, including dates.

5-Nov-2019

No capital allowances for equipment in a "dwelling house"

As a general rule, there are no capital allowances available for expenditure on plant and machinery in a dwelling house.

In a recent Tax Tribunal case it was decided that only equipment installed in the “common parts” of a dwelling house qualifies for tax relief. This would typically comprise a common entrance lobby, corridors, stairs or lifts and those parts of the building which do not provide any living facilities.

05-Nov-2019

Advisory Fuel Rate for Company Cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 September 2019. Where there has been a change the previous rate is shown in brackets.

07-Oct-2019

Diary of Main Tax Events - October/November 2019

7-Oct-2019

Disguised Remuneration Loan Charge Review

The Chancellor, Sajid Javid has commissioned a review of the Loan Charge to consider whether the policy is an appropriate way of dealing with disguised remuneration loan schemes used by individuals who entered directly into these schemes to avoid paying tax.

07-Oct-2019

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