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Q. Did my extended leave constitute a cessation of trade? I have been the sole director of a trading limited company for many years. Last year, I decided to take a long holiday and travelled around the world with my wife – indeed, we got on so well that we stayed away for around 12 months! Whilst I was away the company continued to collect outstanding payments, but it received no other income. I have now taken on another director/shareholder (50%) and company trading has resumed. Should I…

HMRC Brief 4/2016 entitled VAT MOSS – simplifications for businesses trading below the VAT registration threshold, outlines simplifications available to businesses trading below the UK’s VAT registration threshold (currently £l;82,000) that make supplies of digital services (telecommunications, broadcasting or electronically supplied services) to consumers in other EU member states. Some simplifications are already in place and Brief 4/2016 announces two new areas of help for the smallest businesses.

Businesses need to determine where their customer is located. There are specific rules in place for certain types of transactions (see…

Proposals to bring in higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties are expected to be finalised in time for the forthcoming Spring Budget on 16 March 2016.

SDLT is paid on the purchase of residential property in increasing portions of the property price above £l;125,000. Current rates are as follows:

– SDLT for a property with Purchase price of up to £l;125,000 is currently 0% with a proposed additional charge of 3%.
– SDLT on the next £l;125,000 of the Purchase price is currently…

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…

From 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…