Tax Archives | Ellacotts | Banbury, Kettering and London

HMRC announce extension of savings tax relief for trusts and estates

30 Aug 2019 | Tax

The requirement to deduct tax at source on bank, building society and National Savings and Investments (NS&I) income was removed in 2016. Income from these sources is now paid gross. For individuals, there are allowances dependant on whether you are a basic rate...

When is a van not a van for tax purposes?

16 Aug 2019 | Tax

HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of...

The VAT domestic reverse charge affecting the construction industry

07 Aug 2019 | Tax, VAT

On 1 October, the VAT domestic reverse charge comes into effect for the building and construction industry as part of a government clamp-down on VAT fraud. The reverse charge does not change the VAT liability: it changes the way that VAT is accounted for. In future...

Important upcoming tax deadlines

01 Jun 2019 | Tax

Below are important tax deadlines that you need to be aware of: 1 September 2019 – Corporation tax for the year to 30/11/18 (unless paying quarterly) 19 September 2019 – PAYE & NIC deductions, and CIS return and tax, for the month to 5/9/19 (due 22/09...

Limitations of tax relief when you sell your home

04 Mar 2019 | Capital Gains Tax, Tax

It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices. Unfortunately, there are circumstances when this is...

How to loan money to your employees without creating tax implications

04 Mar 2019 | Paying Employees, Tax

If your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. Don’t forget that the term “employee” includes directors, and also that loans to family members may be caught. For...