Asif, Author at PMA Accountants

Making use of the trading allowance

Asif2018-11-09T23:27:45+00:00November 18th, 2018|Categories: Blog, HMRC, Self Employment|Tags: BLOG, HMRC, Self Employment, Trading Allowance|

Making use of the trading allowance The introduction of the new trading and property allowances for 2017/18 onwards mean that those with low levels of income from these sources may not need to report it to HMRC. The trading allowance is £1,000 for 2017/18 and 2018/19. Broadly, those with trading income of less than £1,000 a year, no longer need to report it to HMRC. This may be particularly useful for people with casual or small part time earnings from self-employment, for example, someone who up-cycles old furniture for resale on eBay or similar. Where the trading income is [...]

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High Income Child Benefit Charge

Asif2018-11-09T23:28:44+00:00November 16th, 2018|Categories: Blog, Taxation|Tags: BLOG, HICBC|

High Income Child Benefit Charge The High Income Child Benefit Charge (HICBC) is a tax charge which applies where the 'adjusted net income' of a taxpayer or their partner is more than £50,000 in a tax year, and they or their partner receive child benefit. The charge is equal to one per cent of a family's Child Benefit for every extra £100 of income that is over £50,000 each year. If an individual's income is over £60,000, the charge will equal the total amount of the Child Benefit. Importantly, the charge does not only apply to the recipient [...]

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How do I apply for Gross Payment Status? – CIS contractors

Asif2018-11-01T23:59:28+00:00November 14th, 2018|Categories: Blog, Taxation|Tags: BLOG, CIS, Construction Industry, Gross Payment Status, HMRC|

How do I apply for Gross Payment Status? – CIS contractors If you have a CIS registered limited company, obtaining gross payment status will allow you to be paid a gross amount rather than being taxed at 20% (CIS registered) or 30% (non-CIS registered). Having gross payment status is beneficial in that you can receive your gross income into your limited company without any deductions made. This means your income is not taxed at source and you only need to pay tax on a quarterly basis. Gross payment status is a level within CIS registration and is the [...]

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Apprenticeship levy to help smaller firms

Asif2018-11-09T23:19:44+00:00November 12th, 2018|Categories: Blog|Tags: Apprenticeship Levy, BLOG|

Apprenticeship levy to help smaller firms In a bid to make apprenticeship schemes more accessible, the Treasury has raised the amount of the apprentice levy that larger companies can transfer to smaller firms in their supply chain from 10% to 25%. The change, which was announced by Chancellor Phillip Hammond at the Conservative Party conference, aims to provide additional flexibility for businesses so they can take full advantage of the benefits of employing apprentices, and to help as many people as possible find the right training to equip them for the new economy. An extra £90 million of [...]

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VAT on holiday accommodation

Asif2018-11-02T00:00:58+00:00November 8th, 2018|Categories: Articles & Guides, Blog, VAT|Tags: BLOG, Holiday Accommodation, VAT|

VAT on holiday accommodation Letting of residential accommodation is generally an exempt supply for VAT purposes. However this exemption does not apply to holiday accommodation (includes furnished and non-furnished holiday lettings. The definition of 'holiday accommodation' for these purposes includes property that is advertised or held out as holiday accommodation and those consider suitable for holiday or leisure use. It is not restricted to periods of letting or availability. Supplies of holiday accommodation are therefore taxable supplies and should be standard-rated, which means that if the rental income goes above the VAT registration threshold (currently £85,000 per year), [...]

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HMRC launch MTD campaign

Asif2018-10-30T00:25:02+00:00November 4th, 2018|Categories: Blog, HMRC, MTD|Tags: BLOG, HMRC, MTD|

HMRC launch MTD campaign According to recent research undertaken by the Institute of Chartered Accountants in England and Wales (ICAEW), over 40% of businesses that will be affected by Making Tax Digital (MTD) for VAT are not yet aware of it. With only six months to go until MTD goes live for some businesses in April 2019, HMRC have only recently launched a major communications campaign to try and build awareness amongst small businesses. The ICAEW survey also shows that although there has been a significant increase in the number of businesses now using accounting software, a quarter [...]

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AUTUMN BUDGET 2018

Asif2018-11-02T00:32:06+00:00October 31st, 2018|Categories: Budget Reports|Tags: 2018, AUTUMN BUDGET, BLOG, BUSINESS, HMRC, INDIVIDUALS, VAT|

AUTUMN BUDGET 2018 SUMMARY There was wide-ranging speculation in the run up to this year's Budget, with experts predicting that, whilst Brexit and ending austerity would be the most prominent features, Chancellor Phillip Hammond would also take the opportunity to make changes in other areas such as pension contributions tax relief and the tax regime for digital-only businesses. As is usually the case, some of the predictions (in particular those relating to austerity, Brexit and digital-only businesses) proved to be correct, but it will be of great relief to many individuals that the Budget did not include proposals [...]

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October Questions and Answers

Asif2018-10-30T00:34:36+00:00October 31st, 2018|Categories: Questions & Answers|Tags: Capital Gains, Gifts, IHT|

October Questions and Answers Q. I bought my house in 1998 and I lived in it until 2000 when my employer required me to work in Spain. I returned to live in the house in 2005 and have lived there until now. I have never owned any other properties. Will I qualify for full private residence relief for capital gains tax purposes when I sell my home? A. Based on the information provide, you should be entitled to full relief. The qualifying periods of absence are: a) absences for whatever reason, totalling not more than 3 years in all [...]

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Help-to-Save accounts go live

Asif2018-10-29T23:20:48+00:00October 29th, 2018|Categories: Personal Finance|Tags: BLOG, Help To Save, HMRC, Personal Finance|

Help-to-Save accounts go live Many people on low incomes who wish to build up a savings pot can now register for a government-incentivised Help-to-Save account. The launch of the new account follows an eight-month trial, with over 45,000 customers who deposited over £3 million. The new scheme is easy to use, flexible and secure, will help those on low incomes build up a 'rainy day' fund, and encourage savings behaviours and habits. How much is saved and when is up to the account holder, and they don't need to pay in every month to get a bonus. The scheme, [...]

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Class 2 NICs to remain

Asif2018-10-30T00:29:27+00:00October 20th, 2018|Categories: Articles & Guides, Blog, HMRC, Self Employment|Tags: BLOG, Class 2 NIC, HMRC, NIC, Self Employment|

Class 2 NICs to remain Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992. Former Chancellor, George Osborne, made proposals to abolish Class 2 NICs and reform the system for paying Class 4 NICs. The proposals were designed to simplify the tax system for the self-employed and offer them more equal access to contributory benefits. However, the Treasury recently announced that [...]

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