Keep up to date with the latest news and information from UHY Torgersens in Sunderland, Newcastle and Jarrow.
November Q&A: Voluntary VAT registration, gifting for IHT purposes and CIS
November 15, 2018
Alison Henshaw answers your questions on:the advantages of voluntarily registering for VAT, gifting for IHT purposes, and deducting tax from sub-contractors’ wages.
VAT on holiday accommodation
November 8, 2018
Letting of residential accommodation is generally exempt from VAT. However, this exemption does not apply to holiday accommodation (including furnished and non-furnished holiday lettings).
The Budget 2018
November 8, 2018
Now that the dust is settling on the October 29th Budget announcement, we take stock of its economic context and its potential effects on taxpayers and SMEs.
October Q&A: Private residence relief, IHT on gifts and the taxation of a non-UK resident’s company
October 19, 2018
Q: I would like to give a close friend a wedding gift of £15,000. What are the inheritance tax implications of making a gift of this type? A: The cash gift is likely to qualify as a potentially exempt transfer (PET), meaning that
An inspector calls – part two: HMRC is upping its game under increasing political pressure to reduce the ‘tax gap’
October 15, 2018
MTD, in providing more information, could lead to an increase in in-depth investigations. So small businesses will have to be more vigilant and attentive to the accuracy of their accounting records as they clearly are going to be more susceptible to being investigated. It is worth noting that the most common reasons why HMRC may start an enquiry are as follows:
An inspector calls – part one: HMRC is upping its game under increasing political pressure to reduce the ‘tax gap’
October 8, 2018
Attitudes are changing. There was a time when those who managed to reduce their tax bill were silently applauded by some members of the community. The years of austerity though, have generated a spirit of outrage; the public at large now links tax evasion and avoidance with a worsening in public services, particularly those provided by the NHS.
HMRC research shows positive attitudes towards MTD
September 28, 2018
HMRC have published Making Tax Digital Research - Attitudes, Behaviour and Engagement, which reports on research undertaken to help HMRC understand how individual customers and agents respond to the core principles of MTD.
The benefits of cloud accounting – data backup and security
September 17, 2018
In the last of our series of blogs about the features and benefits of cloud accounting, we consider a key aspect for all businesses – the security of the online system and how data is backed.
September Q&A: Paying tax on a state pension, NIC deductions on seasonal employment and IHT relief on a parent’s property
September 6, 2018
In this month’s Q&A we look at paying tax on state retirement pension, NIC deductions on seasonal employment and IHT relief on a parent’s property.