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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Making Tax Digital (MTD)

MTD is being implemented in stages, with VAT registered businesses being the first to be affected.

This means that all VAT registered businesses with a VAT quarter beginning on or after 1 April 2019 must submit their VAT returns through MTD compliant software.

18-Sep-2018

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The Window is Closing

Do you have undeclared, or under-declared, UK tax liabilities involving income, or assets, outside the UK?

If so you have one last chance to disclose these to HMRC before a new, and more severe, penalty regime kicks in.

18-Sep-2018

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Advisory Fuel Rates for Company Cars

HMRC has published the latest advisory fuel rates for company car users effective from 1 September 2018, which also sees the introduction of the advisory electricity rate for electric cars at 4p per mile.

29-Aug-2018

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​ The Key to Unlocking a Recovery of Input Tax Remains a VAT Invoice.

It has always been the case that if you wish to recover any input tax you need a VAT invoice to be able to demonstrate that your supplier has accounted for output tax on the supply and a recent Court of Appeal case has underlined this well known fact.

20-Aug-2018

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Claim to Relief From Inheritance Tax Successful for Holiday Letting Arrangement

The First Tier Tribunal (FTT) has ruled in favour of a holiday letting business and allowed Business Property Relief (BPR) for IHT purposes, after other important cases which have denied BPR to holiday lets.

20-Aug-2018

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HMRC to Speed up CGT Payments for Residential Property Sales

Under current rules, UK resident individuals who dispose of chargeable assets must disclose the transactions on their self-assessment tax return due by 31st January following the tax year of disposal and pay the capital gains tax (CGT) by this date. For CGT purposes the date of disposal is the date on which an unconditional contract for sale is exchanged.

20-Aug-2018

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Inheritance Tax and Capital Gains Tax Relief for Woodland Owners

​HMRC have recently published new guidance explaining the Inheritance Tax and Capital Gains Tax relief which exist for owners of woodland.

20-Aug-2018

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Relaxation of Entrepreneurs’ Relief on Dilution of Holdings

In Spring 2018, the Government published a consultation on the details of its proposal to relax the qualifying conditions of Entrepreneurs’ Relief (“ER”) in specific circumstances and they have now published draft legislation on the matter which is to be included in the Finance Bill 2018-19, potentially giving effect from 6 April 2019.

20-Aug-2018

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Diary of Main Tax Events August/September 2018

Diary of main tax events - August/September 2018

14-Aug-2018

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Rules for "Rent a Room" Relief to be Tightened up From 6 April 2019

HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is let.

14-Aug-2018

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