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Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Current CGT deadlines Currently, capital gains made by individuals are reported through self-assessment. This means,
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Correctly recording transactions in your business records is always important but especially so for expenditure on buildings and equipment. How can accurate bookkeeping save you tax? Bookkeeping trouble spot Even a small business records thousands of financial transactions every year. Most will be straightforward so that even a novice bookkeeper won’t have trouble allocating them
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Government has published draft legislation for the new restrictions which will apply to the NI employment allowance (EA) from April 2020. Will your business be affected, and if so, how? Employment allowance (EA). Since April 2014 most employers have been entitled to a deduction from their Class 1 NI bill currently worth £3,000 per year. In
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Whilst off-payroll working is a hot topic at the moment, withholding tax from subcontractors in the constructionindustry has been with us for many years. But what are the rules you need to be familiar with? The basics The construction industry scheme (CIS) requires that all payments made by contractors to subcontractors must take account of the subcontractor’s tax
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A major change to the way VAT applies to the construction industry is just three months away. Will you be affected and how should you prepare for it? Reverse charge. From 1 October 2019 a reverse charge for VAT will apply to building and construction services. It will affect you if your business makes or receives
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The way VAT is accounted for in the construction industry will change from 1 October 2019. Draft legislation has been published, along with a variety of guidance notes, explanatory documents and policy papers. In this article we will work through the new announcements and draw out some of the issues that businesses and their advisers