IMPORTANT ANNOUNCEMENT FOR ALL BUSINESSES REGISTERED FOR VAT IN THE CONSTRUCTION INDUSTRY The date on which the new reverse charge was to come into force in the construction industry has been deferred by a year until 1 October 2020. Explanation of the change Industry representatives have raised concerns that some businesses in the construction sector...

Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Brona MacDougall finds out. Current CGT deadlines Currently, capital gains made by individuals are reported...

Can we submit monthly VAT returns? Q. We struggle to pay our quarterly VAT returns on time because we use the VAT money for other business expenses before it becomes due. Would HMRC allow us to complete monthly returns to help our cash flow? A. Unfortunately not. A business can only submit monthly returns if...

You’re one of three directors of a company which usually pays dividends once a year but one of the directors needs the money urgently. The trouble is that two of the directors are out of the UK, so how can a dividend legally be paid? Bob Johnstone provides the answers. What kind of dividend? Dividends...

There is currently a huge shift towards buying property within companies and according to recent figures, up to 80% of new buy to let mortgage applications are now for limited companies. Until 2015, there was no compelling need for most people to make this choice and mortgages for companies were much less competitive. But then...

New capital gains tax rules could cost accidental landlords thousands of pounds when they sell their former home in changes that were confirmed by HMRC. The new rules could affect over half a million landlords when they come to sell, Brona MacDougall takes a closer look at the details and the implications. Measures announced earlier...

Does the name on the invoice matter? Q. I am the finance director of a large company and have just discovered that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax...

You have identified a new business opportunity that you want to keep separate from your main business. What should you consider regarding your VAT recovery if you don’t want to register straightaway? VAT expert John Craig advises. You can voluntarily register for VAT at any time if you are either making or intend to make...

The government has published draft legislation for the new restrictions which will apply to the NI Employment Allowance (EA) from April 2020. Will your business be affected, and if so, how? Head of Payroll Joanne Gibson brings you up to date. Employment Allowance Since April 2014 most employers have been entitled to a deduction from...

HMRC has recently updated its guidance about when a payment to a charity could comprise of two different elements, with different VAT outcomes for each part. What opportunities does this create for both charities and sponsors? John Craig looks at the change and how this might affect you. HMRC’s approach to philanthropy is very clear,...