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Are we seeing the end of tax-free benefits?
21/06/2017 - More...
There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free benefits provided to employees. The new rules effectively remove any Income Tax and

Gifts to a charity or your spouse
21/06/2017 - More...
There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated

How will your business be affected by Making Tax Digital?
21/06/2017 - More...
The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start next April when the

Using your own car for business purposes
21/06/2017 - More...
Employees who use their own car at work for business purposes can, under certain circumstances, be paid a tax-free allowance by their employers. This includes the use of their own van, motorcycle or bike. It is important to note that this tax-free allowance does not include journeys to and from work but for other business related mileage.

Should you be using the VAT Cash Accounting Scheme?
21/06/2017 - More...
The VAT Cash Accounting Scheme (CAS) can offer important benefits to certain small businesses. Under the standard VAT accounting scheme, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. With the CAS no VAT needs to be paid over to HMRC until the customer has paid for his goods /

Are you claiming the NIC employment allowance?
21/06/2017 - More...
For some time now, employers have been able to reduce their Class 1 NI contributions that relate to their employment of staff. The relevant relief, the employment allowance, is worth up to £3,000 per year and is available to most businesses and charities to be offset against their employer's Class 1 NIC bill. Claiming the allowance is

DVLA car scam
21/06/2017 - More...
The Driver & Vehicle Licensing Agency (DVLA) is warning the public of what appears to be a number of widespread scams targeting members of the public using emails, texts and telephone calls. These communications are supposedly sent from the DVLA and in some cases, include links to a lookalike DVLA online website. The BBC’s Watchdog

Using the trivial benefits exemption
14/06/2017 - More...
The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the benefit is defined as

Post-election comment
14/06/2017 - More...
The recent election result has certainly thrown the cat amongst the pigeons. There are already indications that the Queen’s speech and the start of Brexit negotiations may be delayed, this mainly due to extended negotiations to agree support for the Conservatives with minority groups, at present the DUP. Manifesto pledges that may be

Benefits filing deadline approaching
14/06/2017 - More...
Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year: such as company cars, loans and private medical insurance. Employers making online

VAT Flat Rate Scheme – limited cost traders
14/06/2017 - More...
The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000 (exc VAT). VAT due for each quarter is calculated as the VAT inclusive

Main Residence Nil Rate Band
14/06/2017 - More...
The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017. The RNRB is a transferable allowance, that is available to the estates of both parties in a marriage or civil

Marginal rate of Income Tax
07/06/2017 - More...
For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and £123,000 as the £11,500 tax-free personal allowance is gradually withdrawn. Taxpayers

EU Fourth Money Laundering Directive
07/06/2017 - More...
The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU will be implemented into UK law on 26 June 2017. As a result, Companies House has made changes to the current requirements about people with significant control (PSC) filings. Since the PSC rules

Welsh land transaction tax
07/06/2017 - More...
The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT legislation received Royal Assent on 24 May and is the first Act of this Assembly term. The LTT marks the first new Welsh tax in almost 800 years. The legislation is broadly based on the existing

Corporation Tax online filing
07/06/2017 - More...
Company Tax returns have to be filed using the iXBRL data standard using either HMRC's own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial software. Online Corporation Tax filing is compulsory for company tax returns. HMRC does not

Pension schemes newsletter
07/06/2017 - More...
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request the pension advice allowance from their scheme by email. HMRC has confirmed that the

Insurance Premium Tax increase
07/06/2017 - More...
Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are two rates a standard rate of 12% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. It was announced as part of the March 2017 Budget that the

VAT education exemption case
31/05/2017 - More...
A complex VAT case that examined the VAT liability of restaurant meals provided to the public, and charges for concerts and other performances organised by students as part of their further education courses at Brockenhurst College has almost reached a final conclusion. The events were offered as part of the students’ education and at a

Pensions regulator new enforcement action
31/05/2017 - More...
Automatic enrolment into workplace pensions has been rolling out across the UK since 2012. It is expected that all employers will be part of the scheme by early 2018. Employers failing to comply with their auto-enrolment duties and missing their staging date can trigger statutory notices, fixed penalties and even court action. Staging

Identifying phishing emails
31/05/2017 - More...
HMRC publishes guidance on the subject of phishing and bogus emails. The document called Genuine HM Revenue and Customs contact and recognising phishing emails includes details of emails, letters, text messages, and bogus calls used by scammers and fraudsters to get your personal information. Phishing emails are emails sent by

Inheritance Tax on wedding gifts
31/05/2017 - More...
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a timely reminder to anyone attending a wedding (or civil ceremony) this summer and planning to give a cash gift. The gift will be exempt from Inheritance Tax (IHT) once the gift is made on or shortly before the date of the wedding or civil partnership

Gift Aid donations
31/05/2017 - More...
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity. Higher rate and additional rate

Advisory fuel rates for company cars
31/05/2017 - More...
The latest advisory fuel rates became effective on 1 June 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the previous rates for up to 1 month from the date the new rates apply. The rates are as follows: Engine size Petrol – amount per mile

 

Latest News

Are we seeing the end of tax-free benefits?
21/06/2017 - More...
There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice

Gifts to a charity or your spouse
21/06/2017 - More...
There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners.

How will your business be affected by Making Tax Digital?
21/06/2017 - More...
The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and

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