01903 300230 MENU

Posts archive for October, 2018


30th October 2018

Autumn Budget 2018

Filed Under: Tax, Accounting, Business News


Income Tax

  • Personal allowance to go up to £12,500 from April 2019. It will remain the same for 2020/21 and then increase by the rate of inflation thereafter.
  • The basic rate band will be extended to £37,500 from April 2019 and again will remain the same for 2020/21 and then increase by the rate of inflation.
  • Starting rate for savings 0% band will remain at £5,000.

Capital Allowances

  • The first-year allowanced for electric charge-points will be extended by 4 years until 31 March 2023 for corporation tax and 5 April 2023 for income tax purposes.

Capital Gains Tax

  • The qualifying period for Entrepreneurs’ Relief will be extended from one year to two years. This will affect disposals on or after 6 April 2019 except where a business ceased before 29 October 2018.
  • To qualify for Entrepreneurs’ Relief on the disposal of shares in a personal company the tests will now require the claimant to have a 5% interest in both the distributable profits and the net assets of the company.
  • UK tax residents disposing of a UK residential property will be required to make a payment on account of the capital gains tax liability due on disposals on or after 6 April 2020.
  • From April 2020 the final period exemption for private residence relief will be reduced from 18 months to 9 months.
  • From April 2020 capital gains tax letting relief will be reformed so that it only applies in circumstances where the owner of the property is in ‘shared-occupancy’ with a tenant.

Miscellaneous

  • The Gift Aid Small Donations Scheme individual donation limit increases to £30.
  • The off-payroll rules that applied to workers in the public sector form April 2016 will apply to workers in the private sector from April 2020.
  • The ISA allowance has remained unchanged at £20,000.
  • The lifetime allowance for pension savings will increased to £1,055,000.
  • The VAT registration threshold for registration and deregistration will not change for a further two years and will remain at £85,000 and £83,000 respectively.

If you liked this post please share it:

25th October 2018

Making Tax Digital for VAT – What is it and does it affect me?

Filed Under: Tax, VAT


Making Tax Digital for VAT (MTDfV) will become a reality in April 2019 and all VAT registered businesses need to take steps to ensure that they are fully ready for this deadline.

The key to success is to get up to date with what MTD is all about, what its impact might be and what is required to ensure that you are going to be MTDfV compliant.

From 1st April 2019, all VAT-registered businesses with an annual VAT-able turnover above £85,000 (the current compulsory threshold) will be required to keep a digital record of their VAT transactions, as well as having to file MTD-compliant VAT returns using API enabled software.

This will mean all the business’ receipts and invoices will need to be digitally recorded and VAT returns will need to be directly submitted to HMRC from API enabled software and manual inputting will no longer be permitted.

The requirement to file VAT returns using MTD compliant software does not apply to businesses that have voluntarily registered for VAT and have a VAT-able turnover below the threshold. For the time being, these types of businesses can continue to keep manual books and records and can continue to submit VAT returns manually through their online HMRC portal, although we would recommend that these businesses look at becoming MTD compliant as the tax legislation may force them to do so as early as April 2020.

If you are a THL client, don’t worry… its all-in hand. We’ve been working on MTD for some time and we will be contacting our VAT registered clients directly over the next few months to let them know what to do to ensure a smooth transaction. We have also designed our Making Tax Digital with THL workshops which will include all the information businesses need to know.

If you are not a THL client and would like a better understanding of MTD and how it would affect you, please feel free to get in touch with us and book a space on one of our workshops.

Workshops will be starting on Monday 26th November 2018 and will be expected to last approximately 2 hours. Please see below for dates and how to secure a place.

  • Monday 26th November 2018
    • 9am to 11am                4pm to 6pm
  • Tuesday 27th November 2018
    • 9am to 11am                4pm to 6pm
  • Wednesday 28th November 2018
    • 9am to 11am                4pm to 6pm
  • Thursday 29th November 2018
    • 9am to 11am                4pm to 6pm
  • Friday 29th November 2018
    • 9am to 11am                4pm to 6pm

 *Workshops are free and available to THL clients and non-THL clients

To book please call 01903 300230 or email info@thlaccountancy.co.uk

If you liked this post please share it:

9th October 2018

Unsure on Making Tax Digital (MTD) and how it will affect your business?

Filed Under: Tax, Events, VAT


Making Tax Digital (MTD) is the biggest change to taxation since the introduction of Self-Assessment; designed to make sure the UK tax system is effective, efficient and easier for taxpayers.

From 1 April 2019, Making Tax Digital will begin for VAT-registered businesses above the threshold of £85k. Businesses will have to keep digital records and submit VAT returns using compatible software. Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.

Unsure on Making Tax Digital (MTD) and how it will affect your business?

Join us for a FREE informative bespoke workshop designed just for you, which will cover:

  • Introduction to MTD
    • What is MTD?
    • How does it apply to you?
    • Complying with MTD
  •  MTD Compatible Software
    • Software available
    • Demonstration of software
    • How software links to MTD
  • Q & A Session
    • The account teams will be on hand to answer your questions

Please contact us to book your place on one of our FREE workshops:

  • Monday 26th November           –       9am – 11am or 4pm – 6pm
  • Tuesday 27th November           –       9am – 11am or 4pm – 6pm
  • Wednesday 28th November    –        9am – 11am or 4pm – 6pm
  • Thursday 29th November        –        9am – 11am or 4pm – 6pm
  • Friday 30th November             –        9am – 11am or 4pm – 6pm

Email us at info@thlaccountancy.co.uk or phone our switchboard on 01903 300230.

If you liked this post please share it: