Blogs from Larking Gowen

If you’re compulsorily VAT registered, from 1 April 2019, your business must comply with new Making Tax Digital for VAT rules or potentially face fines of up to 15% of your annual VAT bill under the default surcharge regime.

Read on to find out what you should be doing now to prepare for the transition.

HMRC are introducing a new legal ‘requirement to correct’ undeclared UK tax liabilities on offshore matters or transfers by 30 September 2018.  If you have something to declare to HMRC then don’t wait.  Act on it now by either getting in contact with us, or getting in contact with HMRC directly. 

Charities are associated with giving, but most also actively trade. Charities have no general exemption from tax and pay some taxes at the same rate as businesses. However, there are specific measures that reduce the burden, especially for tax on profits (corporation tax).

How can charities make sure that the right structures are in place to achieve efficient tax compliance?

Capital gains tax (CGT) gets reported on your self-assessment tax return for the year. The filing deadline and due date for payment is 31 January following the end of the tax year. So, with the deadline following standard self-assessment procedures, why are so many non-residents being hit with late filing penalties?

It’s a question I’m sure many farmers ask themselves at some point … should I consider doing something different? If you love farming then I’m sure the answer is a quick and confident no, but should it be?

For many years farm business owners have enjoyed a regime of capital taxes that have been extremely helpful in terms of planning for family succession. Wealth is largely protected on death with holdover relief to defer capital gains tax (CGT) to allow lifetime gifts to be made, or 100% relief for agricultural property and business property.

There are many sayings about managing cash in a business – “cash is king” and “turnover is vanity; profit is sanity; cash is reality” to name but two. With many farms and rural businesses diversifying, how can you be sure which part of the business is contributing to the cash inflow?

As one tax tear ends and another begins, there are employment tax issues that employers need to be thinking about. My previous blog covered reporting requirements for employment related securities. In this blog, I’ll look at some changes in legislation.