HFM TAX BLOG

12.03.2019

Making Tax Digital for VAT

Making Tax Digital for VAT is almost here! As we have mentioned before in this blog, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital for VAT (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover[…..]

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05.03.2019

Loans to employees

If your business makes loans to employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term ’employee’ includes directors, and also that loans to family members may be caught. For example, the employer will have an obligation to report a beneficial loan to HMRC[…..]

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01.03.2019

Tax Return Penalty

Tax return penalty notices should have been sent out by now but HMRC has announced that it has decided to delay sending late self-assessment penalty notices due to Brexit. This could see some of the 731,186 taxpayers, who missed the deadline, paying additional penalties on top of the initial £100 late filing penalty. The letters[…..]

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12.02.2019

Tax Efficient Gifts

You can give away £3,000 worth of tax efficient gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.  You can carry any unused annual exemption forward to the next year – but only for one year. Each tax[…..]

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05.02.2019

Are you ready for the VAT filing changes?

Making Tax Digital is almost here. 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems. Accounts software providers have been working at some pace to change their software, so they[…..]

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02.01.2019

Paying Your Self-Assessment Tax Bill

Paying your Self-Assessment Tax bill is never enjoyable, and especially if you just don’t have the cash available. 31 January is the date by which any arrears of tax for 2017-18 need to be settled, together with a payment on account for 2018-19, if one is due. Those who have completed their tax returns for[…..]

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