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Change of address

31/10/2018

With effect from 1st December 2018, Wilson Bott accountants are relocating to Wythall Business Centre, May Lane, Hollywood, Birmingham B47 5PD. Our other contact details are unchanged and we look forward to continuing to provide our friendly and professional service from our new premises....

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Are you ready for Making Tax Digital?

30/05/2018

Making Tax Digital for Business is due to begin in April 2019. While this might seem a long way away, it does mean that any business which has a turnover above the VAT threshold (currently £85,000) will need to have appropriate software for their finance records. You will no longer be able to use a manual VAT system or the Government...

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This is the year for Auto-enrolment

02/03/2017

2017 is the year when virtually all businesses will become part of the Automatic enrolment scheme for workplace pensions. Employers who fail to comply with their auto-enrolment duties and miss their Staging Date can trigger statutory notices, fixed penalties and even court action. By the end of 2016 nearly 10,000 fixed penalty notices...

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VAT on property service charges

12/12/2018

A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra Statutory Concession (ESC) 3.18 VAT: exemption for all domestic service charges may be applied. The ESC was introduced in February 1994 to enable the same VAT...

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Are you ready for VAT filing changes April 2019?

12/12/2018

The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only), and provide their VAT return information to HMRC through MTD compatible software. The...

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Is your income approaching £100,000?

12/12/2018

For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain tax reliefs such as trading losses and certain charitable donations and pension contributions....

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Qualifying for VAT special schemes

12/12/2018

There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting scheme. The turnover levels for joining and leaving these schemes vary. The flat rate scheme is open to businesses that expect their annual taxable turnover in the next 12 months...

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When is lettings relief available?

12/12/2018

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out, the entitlement to relief may be affected. Home owners that let all or part of their house may not...

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How the £1,000 trading allowance works

12/12/2018

There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This is known as the trading allowance. The income raised from these kinds of ventures is usually supplemental to a taxpayer’s main income, but this is not always the case. The exemption from tax applies to taxpayers...

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Citizens’ rights in the event of a no deal Brexit

11/12/2018

The government has published a policy paper on what might happen to EU citizens in the UK and UK nationals in the EU, in the event of a “no deal” Brexit. The government has confirmed that those EU citizens and their family members who are resident in the UK by 29 March 2019 will have their rights protected, i.e. they will be able to...

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Could you claim expenses and an early tax refund?

05/12/2018

HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter specifically identifies workers including nurses, hairdressers, construction workers and those in retail and food that have to dip into their own pockets to pay for...

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X-factor VAT bonus

05/12/2018

The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of the single are going to two children’s charities; Together for Short Lives and Shooting Star Chase Children’s Hospice. Both charities provide support...

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Employing someone to work in your home

05/12/2018

When you employ someone to work in your home, it is your responsibility to ensure you meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed or paid through an agency. If you...

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UK VAT claims by non-EU businesses

05/12/2018

The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other countries' rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never by reclaimed on a...

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HMRC writes to taxpayers in Wales

05/12/2018

HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the non-savings and non-dividend income of those defined as Welsh taxpayers and WRIT taxpayers will receive a new tax code, starting with C for Cymru. A proportion of the...

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Taxation of termination payments

05/12/2018

In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the 2017 Budget, the government further announced that this change would be delayed for a year with the changes set to come into force from April 2019. A further delay...

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Who can or cannot claim the Employment Allowance

05/12/2018

The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process. An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. Eligible employers that have not...

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When you can utilise overlap relief

05/12/2018

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 March and 5 April. However, overlap profits can arise where a business year end date is not coterminous with the end of the tax year. Overlap profits can happen...

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Contact us

Wythall Business Centre, May Lane, Hollywood
Birmingham, B47 5PD

0121 474 2683

info@wilsonbott.co.uk

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