News

It’s important to be up-to-date, HMRC is constantly evolving.

We continuously research and update our knowledge. As part of that, we share our insights and findings. Read our news articles; we hope you will find useful information.

If you have any questions or enquires, please don’t hesitate to get in touch.

Latest News

Making Tax Digital for VAT

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable...

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No Deal Brexit & VAT

No Deal Brexit & VAT

VAT for businesses if there’s no Brexit deal The Government has confirmed that in a no deal scenario, the UK will continue to have a VAT system that will largely mirror the existing procedure. The technical guidance published on 23 August 2018 outlines some VAT...

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GDPR compliance deadline looms

GDPR compliance deadline looms

With less than one month until the introduction of the new General Data Protection Regulation (GDPR), the Federation of Small Businesses (FSB) is warning small and medium-sized enterprises (SMEs) that time is running out for them to prepare. The business group stated...

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Making Tax Digital (MTD)

Making Tax Digital (MTD)

Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a...

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Minimum Wage Increases

Minimum Wage Increases

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on...

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Year End Tax Planning

Year End Tax Planning

With the end of the tax year looming there is still time to save tax for 2017/18. We have set out some points you may want to consider. Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a...

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Xitax Accounting Solutions

Preparation of sole traders, limited companies, partnership accounts, personal tax, corporation tax, management accounts and VAT returns.
Xitax Accounting Solutions
Xitax Accounting Solutions
Corporation Tax Rate Change
The current corporation tax rate is 19%. This rate will fall to 17% for the year beginning 1 April 2020.
Xitax Accounting Solutions
Xitax Accounting Solutions
Currently, lettings relief provides up to £40,000 of relief (£80,000 for a couple) to those who let out a property that is, or has been in the past, their main residence.

From April 2020 this relief will change and will only apply where the owner of the property is in shared occupancy with the tenant.

The final period capital gains tax exemption for owner-occupied residential property will also reduce from 18 months to 9 months.

A gain made on selling a residential property is subject to capital gains tax at 28% (18% for basic-rate taxpayers).

Contact us if you have any questions.
Xitax Accounting Solutions
Xitax Accounting Solutions
Consultation on extension of IR35 rules

HMRC has published guidance on the extension of the off-payroll working rules (also known as IR35) to the private sector, a year ahead of its implementation on 6 April 2020.

In the guidance, HMRC state that the responsibility to determine whether the off-payroll working rules apply will fall on the organisation receiving the individual's service. It outlines a four-step process which can be used to prepare for the changes, starting with identifying any individuals who are supplying their services through PSCs.

The consultation closes on 28 May and asks for responses on several matters, including the scope of the reform and its impact on non-corporate engagers; information requirements for engagers, fee payers and personal service companies (PSCs); and how to address disagreements on an individual's employment status.

The consultation also sets out HMRC's plans to provide education and support for those businesses that are affected.

XiTAX Accounting Solutions LimitedFeel free to get in touch

Email: info@xitax.co.uk
Phone: +44 (0)75 2583 1590

Address: Xitax Accounting Solutions, Pera Business Park, Nottingham Road, Melton Mowbray, Leicestershire LE13 0PB

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