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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CGT Letting Relief Restriction

Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence.

6-Aug-2019

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CGT Private Residence Relief Changes

Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief.

06-Aug-2019

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Company VAT Penalty Can Be A Liability Of An "Officer"

A recent case before the tax tribunal saw the liability for a late VAT registration penalty being passed on to a manager of the company.

6-Aug-2019

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Diary Of Main Tax Events August/September 2019

Diary Of Main Tax Events August/September 2019

6-Aug-2019

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IHT Relief For Businesses And Farms

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farm land during lifetime and on death.

6-Aug-2019

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Inheritance Tax To Be Simplified

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may necessitate amending your will or further planning to pass on your wealth.

6-Aug-2019

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No Tax Free CGT Uplift On Death

Although the OTS were tasked with simplifying inheritance tax, they also considered the interaction with CGT as many asset transfers potentially have both CGT and IHT implications. Currently there is no CGT on assets transferred on death and the recipient inherits the asset at its market value.

6-Aug-2019

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Off-Payroll Working Rules Going Ahead

The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage such workers.

06-Aug-2019

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The Quarter Ended 30 June 2019 Is The First Mandatory Quarterly VAT Return to Be Filed Under MTD - Don't Leave it Too late to Register!

VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 should by now have their functional compatible software in place.

28-Jun-2019

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Law-breaking employers targeted with pension compliance checks

Employers who are not complying with their automatic enrolment pension duties are being targeted with short-notice inspections

27-Jun-2019

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