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  • Tips & Advice Tax - Making the transition from cash accounting
    As a landlord you can prepare your tax accounts either on a cash basis or using the normal accounting rules (the accruals basis). If you change methods you must make transitional adjustments. What’s involved?
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  • Tips & Advice Tax - Latest IR35 guidance from HMRC
    HMRC’s guidance on the new IR35 regime for the private sector is light on information for contractors. If you’re a contractor personally providing services, what steps should you take before the new regime applies?
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  • Tips & Advice Tax - The latest HMRC fuel rates
    The latest HMRC fuel rates..New rates. HMRC updated its advisory fuel rates (AFRs) from 1 September 2019 for fuel costs when using company cars. If you wish you can continue to use the old rates (shown in brackets in the table below) for mileage payments up to 30 September 2019. Engine size Electric per mile Petrol per mile LPG per mile Diesel per mile Up to 1,400cc - 12p (12p) 8p (8p) - 1,401cc to 2,000cc - 14p (15p) 10p (9p) - Up to 1,600cc - - - 10p (10p) 1,601cc to 2,000cc - - - 11p (12p) Over...
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  • Tips & Advice Tax - Construction industry reverse charge reversed
    Construction industry reverse charge reversed..Reverse charge reversed. Just days after HMRC finally got around to issuing proper information and guidance about the VAT reverse charge for the construction industry, the government announced that the controversial scheme is to be delayed. Deferred not scrapped. The government has said that the start of the reverse charge scheme is to be put back until 1 October 2020. VAT experts and the movers and shakers in the construction industry have been pushing for a delay...
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  • Tips & Advice Tax - Can you now claim “investors’ relief”?
    A few years ago you bought shares in a new company on the recommendation of a friend. It’s done rather well and you’ve received an offer to buy your shares. If you sell, will you be entitled to investors’ relief on the capital gain you make?
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  • Tips & Advice Tax - How to enhance tax and NI-free termination payments
    New rules will apply to employment termination payments from 6 April 2020 meaning that some settlements will be subject to NI as well as tax. With this in mind, how can you improve the tax and NI efficiency of a termination settlement?
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  • Tips & Advice Tax - Paying a director off the record
    You’ve engaged the services of a non-executive director (NED) who has experience in growing companies. She says she’s freelance and has asked for her fees to be paid free of tax and NI. Is that OK or do you run the risk of trouble with HMRC?
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  • Tips & Advice Tax - Directors’ loans - is a book entry better than cash?
    As a shareholder if you owe your company money it might result in an extra tax charge. This can be avoided by clearing the debt with a simple book entry or as a transfer of the cash required, but which is the best option?
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  • Tips & Advice Tax - Pension penalties - are you at risk?
    HMRC is apparently clueless about the number of individuals it’s penalised because they were unaware of the possible consequences of accessing their pension savings. What steps should you take to avoid being fined?
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  • Tips & Advice Tax - Accessing capital growth tax efficiently
    Your company is well enough established that you can consider withdrawing some of the accumulated capital. What are your options for doing this and which is the most tax efficient?
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