The VAT domestic reverse charge for building and construction services comes into effect on 1 October 2019. Given the degree of change, it would be beneficial for businesses to begin planning for the reverse charge now. The reverse charge stems from the government’s need to minimise VAT fraud. The majority of lost VAT is through … Read more VAT Reverse Charge for Construction Services
Since the introduction of the new online system, grants of probate are taking up to twelve weeks to finalise. When comparing this with the usual ten day turn around, it can’t be deemed entirely successful. This issue comes as higher probate fees are soon to be introduced, with many people concerned that the new system … Read more Delays of up to 12 weeks as probate moves online
The latest NLP newsletters have been published this week. You can download the NLP Personal Tax Newsletter here and the NLP Business Newsletter here. To receive to our newsletters and get them directly into your inbox please subscribe here.
A substantial increase in probate fees was planned for April 2019, but is still making its way through Parliament, due to the pressure of other business. Here, we take a look at the probate process, and consider how the rise in fees could impact you. What is probate? Probate is the process of handling a … Read more Considering the changes to probate fees
Entrepreneurs’ Relief (ER) is a valuable tax relief for individuals seeking to dispose of their business. It can give access to a 10% rate of capital gains tax (CGT), subject to a £10 million lifetime limit. ER is potentially available to company shareholders, trustees, and owners of, or partners in, unincorporated businesses. However, important new … Read more Disposing of a business? Make sure to claim reliefs
Making Tax Digital for VAT (MTD for VAT) is now live. Businesses with a taxable turnover above the £85,000 VAT registration threshold come within the new rules, and must comply with the initiative or face enforcement action. Here, we answer some of your key MTD for VAT questions. Q: Does my business have to … Read more Making Tax Digital for VAT: are you compliant?
Chancellor brings forward apprenticeships reforms in Spring Statement Chancellor Philip Hammond delivered the 2019 Spring Statement on Wednesday 13 March and brought forward the £700 million reforms for business apprenticeships previously announced in the 2018 Autumn Budget. Mr Hammond also announced that the halving of the Apprenticeship Levy co-investment rate from 10% to 5% takes … Read more Business and Tax Round-up
From 6 April 2019, minimum employer and total contributions into pension schemes rose. Here, we review these changes and analyse the pensions auto-enrolment scheme in greater detail. Auto-enrolment: an overview Under the pensions auto-enrolment scheme, employers must automatically enrol eligible workers into a qualifying pension scheme. Employers’ duties include assessing the types of workers in … Read more Reviewing the changes to pensions auto-enrolment
The start of the new tax year brought significant changes to legislation. It is also P11D season: these need to be completed soon. Increasing minimum wage From April 2019, the National Minimum Wage (NMW) and the National Living Wage (NLW) rates increased. From 1 April 2019, the hourly rates of pay are as follows: Age … Read more New tax year, new tax rules: are you up-to-date?
Creating the perfect employee package may seem a little daunting. The typical workforce is made up of employees of different ages, who all have different needs and wants. In order to cater to them, an employer may decide to offer a selection of benefits, from which employees can choose. A suite of benefits A recent … Read more Creating the perfect employee package