HM Revenue & Customs have extended the rules that previously applied to non UK residents in respect of UK residential property to UK commercial property also. This change to the rules means that from April 2019 all UK property disposals made by non-resident individual, whether directly or potentially indirectly through a company or trust, require…
Author Archives: Lindsay Farrer
22
Mar
Mar
Have you used your 2018/19 £11,700 annual capital gains exemption? Consider selling shares where the gain is less than £11,700 before 6 April 2019. In addition, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your…
20
Mar
Mar
“We don’t save the numbers to our computer. Where do they go? Are they safe? How do they get from my laptop to my phone? Everything’s paperless. I’m telling you, the cloud is witchcraft!” Just when we thought we’d heard it all… No, the cloud isn’t black magic. But it is more than a little…
19
Mar
Mar
The amounts that employers and workers will be required to pay into workplace pensions are due to increase from 6 April unless the worker opts out. The new limits will be 5% from the worker and 3% from the employer. The total minimum contribution will, therefore, increase from the current 5% overall to 8%. In…
13
Mar
Mar
With so much uncertainty around what Brexit will mean, planning for a “No Deal” scenario seems sensible right now. Businesses that buy and sell from the EU should have contingency plans in place which need to be flexible to cope with a variety of possible outcomes. If a ‘No Deal’ happens after March 2019, here…
13
Mar
Mar
For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the…
12
Mar
Mar
Your maximum annual investment in ISAs for 2018/19 is £20,000. Your investment needs to be made before 6 April 2019. In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2018/19 tax year, you can invest £4,260 into a Junior ISA for any child under…
08
Mar
Mar
Arrangements have been announced by the government regarding the movement of goods to and from the EU. A simplified import and export system has been implemented by HMRC – in the event of a ‘no deal’ scenario – as a mechanism to ensure that goods move to and from the UK, with a reduced administrative…
07
Mar
Mar
The Good News: A New Structures and Building Allowance From 29 October 2018 HMRC has reintroduced a tax relief for the construction costs of structures and buildings called the Structures and Buildings Allowance (SBA). The relief is available on new non-residential structures and buildings or renovations/conversions of existing buildings. The relief will be at an…
Business News, Employees
HMRC publish updated benchmark scale rates for employees worldwide travel expenses from 6 April 2019
04
Mar
Mar
Employers can reimburse employees who travel abroad for business purposes for their accommodation and subsistence expenses by making scale rate payments. The tables cover a wide range of countries and regions within countries. These were last updated in 2014 What the tables contain For most countries, there are benchmark rates for the larger cities as well as…
