New rules tighten reporting period for capital gains on residential property
The rules regarding reporting a capital gain on a residential property are changing, in particular the deadlines for reporting the gain are getting shorter. Anyone anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply are advised to consider the changes to the reporting and payment of this […]
Small Business Guide: Sole Trader vs Limited Company
You have decided to take the big leap of faith and start your own business, the next question is how this should be structured. Should you trade in your personal name or through a limited company? Follow the link below to read our guide on the key accounting and tax implications. Sole trader vs Limited […]
3.3m sole traders to have ‘no pension by 2028’
More than three million self-employed people could be left without a pension in the next 10 years, according to a recent report. The warning came from the Association of Independent Professionals and the Self-Employed (IPSE). It made the claim based on the growth of freelancers over the last decade, and the number of those who […]
Government launches ‘Get ready for Brexit’ website
Ever since the referendum under David Cameron’s Conservative Goverment back in June 2016 the topic of Brexit hasn’t been far from the front pages. As we move ever closer to the 31 October 2019 deadline for Britain to leave the EU the Government have launch a dedicated ‘Get ready for Brexit’ website to help both […]
Delays to R&D tax credit claims
Businesses have been experiencing “significant delays” to their research and development (R&D) tax credit claims in recent months. R&D relief is available to companies that work on innovative projects in science and technology, with the aim of making an advance in their field. For more information please see our dedicated R&D page here. HMRC aims […]
HMRC publishes new IR35 guidance
New guidance has been published on the HMRC website, covering changes to the off-payroll working rules known as IR35 which will come into effect next year. From 6 April 2020, medium and large-sized businesses will be responsible for deciding the employment status of workers they enter a contract with. For every contract a business agrees […]
VAT reverse charge ‘should be delayed’
A major change to VAT in the construction industry could cause significant disruption to businesses unless it’s delayed, the Chartered Institute of Taxation (CIOT) has warned. The VAT domestic reverse charge is set to come into effect on 1 October 2019, and will apply to VAT-registered businesses that supply or receive specified services under the […]
Help-to-buy ISA closing date approaches
First-time buyers have around four months left to open a help-to-buy ISA, before the scheme closes to new applicants on 30 November 2019. The help-to-buy ISA allows people to receive a 25% government bonus on savings they use to buy their first home, up to a maximum of £3,000. According to the most recent Treasury […]
Private sector contractors warned about tax rises
Sole traders and the self employed who work with the private sector will have to pay increased tax after the government said it would continue with plans to level the playing field between employees and those in the gig economy.
