News

Page 5 Image

CIS Domestic Reverse Charge for VAT - Changes Deferred until 1 October 2020

HMRC have announced that the start date for the CIS Domestic Reverse Charge for VAT has been deferred for 12 months. The new legislation regarding the treatment of VAT in the construction industry will now take effect from 1 October 2020. If you are a contractor or sub-contractor in the construction industry, the new rules may be relevant to your business. We have set out guidelines below about the changes to ensure that you are ready before they are implemented next year. If you have any further questions, please don’t hesitate to contact...

Read article
Page 2 - Image 1

Digital Services Tax

From April 2020, the government will introduce a new 2% tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users. However, this only applies when the group’s worldwide revenues from these digital activities are more than £500m and more than £25m of these revenues are derived from UK users. Jesse Norman, Financial Secretary to the Treasury and Paymaster General, said: ‘The UK has always sought to lead in finding an international solution to taxing the digital economy. Thi...

Read article
Page 2 - Image 3

Insolvency Hierarchy Changes

From 6 April 2020, insolvency legislation will be amended to move HMRC up the creditor hierarchy for the distribution of assets in the event of insolvency. HMRC will be made a secondary preferential creditor in respect of certain tax debts held by a business (this includes individuals and partnerships) on behalf of their customers and employees. This includes VAT, PAYE income tax and CIS deductions. The rules will remain unchanged for taxes owed by businesses themselves, such as corporation tax and employer National Insurance contributions....

Read article
Adobestock 111453587

PAYE Late Filing and Late Payment Penalties

HMRC has confirmed that it will continue its risk-based approach to payroll Real Time Information (RTI) late filing and late payment penalties this tax year. Rather than late filing and late payment penalties being issued automatically, HMRC will continue to issue them on a risk-assessed basis during 2019/20. HMRC has also confirmed that penalties for 2019/20 will be issued from September 2019. The August issue of the Employer Bulletin confirms: ‘HMRC will not charge penalties automatically for 2019/20, provided a Full Payment Submi...

Read article
Page 4 Image

Private Residence Relief Changes

The government published draft legislation for the next Finance Bill including draft clauses on the changes to Private Residence Relief (PRR). The draft legislation is subject to consultation which closed on 5 September 2019. Following consultation this Spring, changes are proposed to the Private Residence Relief (PRR) regime from April 2020. For properties that have not been occupied throughout the period of ownership, available deductions for capital gains tax purposes will be limited as follows: • The final period exemption will be r...

Read article
Winchester Staff Exam Success Rothmans Pin28

Staff Success

STAFF SUCCESS We would like to acknowledge the achievements of the below members of staff, for their hard work and dedication to their studies. The Partners are delighted with the results and would like to congratulate you on your efforts!   Chandlers Ford: Elizabeth Potts ACA Certificate level exams: Accounting, Assurance, Principles of Taxation, Management Information Ryan Page ACA Certificate level exams: Business & Finance, Management Information, Law Tom Yates AAT Level 4 exams: Management Accounting: Dec...

Read article
Menu