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Aug 29

SMEs fear further cuts to dividend allowance

Philip Hammond has been urged not to further slash the tax-free dividend allowance for directors and investors in the autumn Budget. The chancellor first cut the dividend allowance from £5,000 to £2,000 a year in the 2017 Budget, but the Federation of Small Businesses is concerned the Treasury may order further cuts to help plug the funding gap for the NHS. Removing the allowance completely would net the Treasury an extra £1.3bn by 2022, the FSB estimates, on top of the £2.6bn it forecast it would gain from the original cut. “We need to back small businesses and their shareholders – not clobber them with a secret tax grab,” said FSB chairman Mike Cherry.

Source:   The Daily Telegraph (28/08/2018)

 

 

 

 

Aug 29

Businesses cautiously welcome no-deal guidance

Adam Marshall, director general of the British Chambers of Commerce, has welcomed the Government’s decision to publish its no-deal strategy documents, although he said preparation should have happened “far earlier”. Allie Renison, Head of Europe and Trade Policy for the Institute of Directors, said the government needs to ensure the no-deal information “trickles down to all businesses in the supply chain, particularly to smaller firms which are typically less resourced, and are less likely to have made preparations so far”. Federation of Small Businesses chair Mike Cherry agreed that smaller firms are most vulnerable, saying: “If you are a small business that trades with the EU or employs someone from the EU, or if you a self-employed EU citizen working in the UK, you need easily accessible information that will explain how a sudden Brexit will impact you and your business while providing practical steps to soften this impact.”

Source:   The Independent (23/08/2018)

 

 

Aug 29

"Grossly unfair" HMRC lifts late payment interest rate

HMRC has raised the rate it charges people and businesses for late tax payments by 0.35 percentage points to 3.25%. The move follows the Bank of England’s latest quarter-point rate rise to 0.75%. The repayment interest rate - the rate HMRC levies on top of sums it owes to taxpayers - has remained at 0.5% since 2009. Tom Selby, a senior analyst at investment platform AJ Bell, said: “It seems grossly unfair for HMRC to increase the late payment rate for those who owe it money without doing the same thing when it owes other people money”.

Source:   The Times (23/08/2018)

 

Aug 3

August 2018 Blog

 Our newsletter this month includes: details of HMRC’s proposed points-based penalty system, an outline of changes to the rent-a-room-relief, a few pointers to when Capital Gains Tax may be payable and a strategy to ask a government department to sell property.

Our next newsletter will be published on Thursday, 6th September 2018.

 

 

Aug 3

Tax Diary August/September 2018 TAX DIARY

1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.

19 August 2018 - PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018)

19 August 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2018.

19 August 2018 - CIS tax deducted for the month ended 5 August 2018 is payable by today.

1 September 2018 - Due date for Corporation Tax due for the year ended 30 November 2017.

19 September 2018 - PAYE and NIC deductions due for month ended 5 September 2018. (If you pay your tax electronically the due date is 22 September 2018)

19 September 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 September 2018.

19 September 2018 - CIS tax deducted for the month ended 5 September 2018 is payable by today.

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Aug 3

Ask the government to sell property GENERAL

 UK residents can ask for publicly owned land and buildings to be sold if they think that the property is vacant or underused.

You will need to track down the owner of the land and ask for the property to be sold. Your application will not entitle you to purchase the land, the owners may want to consider other offers.

The government department that owns the land will not sell if:

  • the land or buildings aren’t safe for your proposed use, for example if they’re part of a port, army barracks or on a flood plain,
  • they have plans for the land, such as for a railway or road,
  • the cost of selling wouldn’t be good value for the taxpayer, for example if moving to another site would cost more than the value of the property.

You will receive a letter telling you the result of your application.

Initially, you could contact the Government Property Unit This email address is being protected from spambots. You need JavaScript enabled to view it. to start the ball rolling.

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