Please find below all the articles from January 2016.
1 – Due date for payment of Corporation Tax for the year ended 31 March 2015
14 – Return and payment of CT61 tax due for quarter to 31 December 2015
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/1/2016 or quarter 3 of 2014/16 for small employers
31 – Deadline for filing 2015 Self Assessment personal, partnership and trust Tax Returns – £100 first penalty for late filing even if no tax is due or tax due is paid on time
– Balancing self assessment payment due…
Q. What is our IHT position following a change of ownership?
A. In 2014, my partner and I changed the ownership status of our house from joint tenants to tenants-in-common. At that time, my share of the equity was reduced from 50% to 25% and my partner’s was, in turn, increased to 75%. Does this count as a lifetime gift for inheritance tax purposes (IHT)?
If you are married to you partner (spouse or civil partners), then the change will not count as a lifetime gift (a potentially exempt transfer…
Read MoreFrom 6 April 2016, a new type of Individual Savings Account (ISA) will be launched – the Innovative Finance ISA. This new ISAs will be able to hold peer-to-peer (P2P) loans, which often pay significantly higher returns than cash accounts. Broadly, P2P lenders act as middlemen by matching people who wish to invest cash with those who want to borrow money. From 6 April 2016, interest and gains from P2P loans will qualify for tax advantages where these loans are made through an Innovative Finance ISA.
There are currently…
Read MoreThe Van Benefit and Car and Van Fuel Benefit Order 2015 (SI 2015/1979) comes into force on 31 December 2015 and takes effect for the tax year 2016-17 and subsequent tax years. The Order contains provisions for the following:
– the cash equivalent of the van benefit will rise from £3,150 to £3,170 for 2016-17;
– the van fuel benefit will increase from £594 to £598; and
– the cash equivalent of the benefit of fuel for a car is calculated by applying the ‘appropriate percentage’ (normally calculated by reference to…
In Brief 22/15 HMRC confirm changes to the VAT Regulations 1995 to ensure that UK law is aligned with EU law following the decision of the European Court of Justice (ECJ) in the case Le Credit Lyonnais (C-388/11). The changes take effect from 1 January 2016.
In Le Credit Lyonnais, the ECJ found that the VAT Directive could not be interpreted so as to allow a company to take into account the turnover of its foreign branches when calculating how much input tax it can deduct in the member…
Read MoreAs part of a £1.3bn investment to transform HMRC into one of the most digitally advanced tax administrations in the world, HMRC have published a report and discussion paper setting out how new procedures for interacting with HMRC and paying tax will be implemented under the Making Tax Digital banner.
It is intended that by April 2016, every individual and small business will have access to their own secure digital tax account that enables them to interact with HMRC digitally. By 2020, businesses and individual taxpayers will be able…
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Morgan Hemp is pleased to see another of its team is now a fully-qualified ACCA (The Association of Chartered Certified Accountants) member.
Senior Accounts Clerk Kristopher Morgan achieved his most recent qualification at the end of last month, and his ACCA membership helps to underline Morgan Hemp’s continued growth.
The Swansea firm has been going through a steady period of expansion recently, taking on an extra three new recruits in the past few months, and they have plans to recruit further in the coming few weeks boosting both their intake…
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