Tax Diary May/June 2019

1 May 2019 – Due date for Corporation Tax due for the year ended 30 July 2018. 19 May 2019 – PAYE and NIC deductions due for month ended 5 May 2019. (If you pay your tax electronically the due date is 22 May 2019) 19 May 2019 – Filing deadline for the CIS300 monthly […]

Do not forget the payslips

If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019. If you distribute P60s and then discover that changes need to be made you will need to give employees a replacement […]

Income Tax – regional differences

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales. At present, the only regional variations under the control of the Scottish or Welsh governments are the rates of Income Tax charged. For 2019-20, […]

Can you change a will after death?

On the face of it, this sounds implausible. How can you change your will if you have died? In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death. Any change must be completed within two years of the death. The circumstances that […]

Expenses you can set-off against rental income

The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property. An example set out on the Gov.uk website illustrates the point: If you buy a new vacuum cleaner for your own home, […]

Do you manage your own VAT returns?

Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions of assets). There is a problem with […]