Jackson Stephen Blog

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.

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Sounds Like An Employee Ownership Trust (EOT)

You might have seen recent news articles reporting that Julian Richer has sold 60% of his Richer Sounds audio equipment chain to an employee-owned trust. Mr Richer has said he plans to stay involved with the business, but would leave the day-to-day running to the management board.

20-May-2019

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VAT - Domestic Reverse Charge In The Construction Industry From 1 October 2019

​The introduction of the Construction Services Domestic Reverse Charge (CSDRC) from 1 October 2019 was announced in the Autumn Budget of 2017 in response to an increasing incidence of ‘missing trader’ fraud committed by subcontractors that provide labour for the construction industry.

15-May-2019

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Don’t Forget to Register With HMRC for Making Tax Digital!

Over the last few months, businesses have been getting ready for Making Tax Digital and now most businesses have their functional compatible software in place.

09-May-2019

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"Rent a Room" Relief to Continue for Airbnb Landlords

Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent.

01-May-2019

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Extracting Profit From The Family Company

​The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set against the employers NIC on directors’ salaries.

01-May-2019

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Possible Changes to CGT Private Residence Relief

The government is currently consulting on important changes to private residence relief that are likely to be introduced from 6 April 2020.

01-May-2019

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Are you protected in the event of a Tax Investigation?

HMRC activity is more focused and better targeted than ever before. Investigations are intrusive, costly and time consuming. In 2017/18 HMRC collected £30.3bn through compliance activity.

02-Apr-2019

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Diary of Main Tax Events April/May 2019

Diary of Main Tax Events April/May 2019

1-Apr-2019

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Disguised Remuneration Loan Charge Starts April 2019

This new charge will apply to certain loans to directors and employees that are still outstanding at 5 April 2019 and new arrangements put in place after that date.

The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes adjudged by HMRC and the courts to be tax avoidance and liable to PAYE and National Insurance Contributions.

01-Apr-2019

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Scottish Income Tax Rates 2019/20

The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. It has been confirmed that the 5-band structure and tax rates (19%, 20%, 21%, 41% and 46%) will remain the same for 2019/20. The thresholds for lower tax rates will rise in line with inflation and the higher rate threshold has been frozen.

01-Apr-2019

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