Tax Diary August/September 2018

Aug 13, 2018

1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.

19 August 2018 - PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018)

19 August 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2018.

19 August 2018 - CIS tax deducted for the…

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Undeclared offshore assets

Aug 09, 2018

From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the Common Reporting Standard (CRS). CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received.

The most common reasons for declaring offshore tax are in…

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Work from home?

Aug 07, 2018

We are often quizzed by clients who are contemplating working from home: what are the tax consequences? And in particular, will I have to pay capital gains tax?

Capital gains tax

Generally speaking, if your business use is limited to allocating space for a home office, then as long as there is duality of use, no capital gains tax complications should arise when you…

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Planning for early losses

Aug 02, 2018

If you are setting up a new business, you may discover that establishing a profitable base takes time. If your pre-trading planning discloses an initial loss making period, you may want to take advice about the business structure you adopt.

For example, if you set up the business as a company, the early year’s losses can only be carried forward to set off against future profits.

Alternatively,…

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Are you missing out on tax credits?

Jul 31, 2018

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled.

According to a recent announcement by HMRC, many parents do not realise that they need…

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Are you missing out on tax credits?

Jul 31, 2018

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled.

According to a recent announcement by HMRC, many parents do not realise that they need…

Read more

Are you missing out on tax credits?

Jul 31, 2018

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled.

According to a recent announcement by HMRC, many parents do not realise that they need…

Read more

Are you missing out on tax credits?

Jul 31, 2018

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled.

According to a recent announcement by HMRC, many parents do not realise that they need…

Read more

Are you missing out on tax credits?

Jul 31, 2018

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled.

According to a recent announcement by HMRC, many parents do not realise that they need…

Read more

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