Inheritance Tax: Rules on gifts to loved ones ‘should be simplified’
Fewer people should have to pay tax on gifts given just before death, under proposals for a major overhaul of the inheritance tax system. Please see the link below for more information:
Summer is bringing the best out of Imperial Gardens opposite our office.
A glitch within the HMRC self assessment system has meant that some taxpayers were not informed of the amount of tax to pay on account by 31 January 2019 and this problem won’t be fixed before 31 July 2019.
In January 2019, HMRC were experiencing a number of computer errors including the omission of tax demands for payments on account (POA) for 2018/19 from some taxpayers’ statements. This problem applies to the taxpayer’s online personal tax account, as well as to paper statements of account issued by HMRC.
This problem also arose for 2017/18 where some taxpayers’ statements did not show the POA, which was due to be paid by 31 July 2018.
How many are affected?
HMRC recognises that this is a real issue. When contacted for comment on this story a Revenue spokesperson said “We are aware of an issue with payment reminders for a small number of customers. Anyone who is affected should contact us and we’ll put it right. Nobody will be charged additional interest due to this problem.”
However, judging by the number of queries on the HMRC agent forum, this is a widespread problem.
The professional tax and accountancy bodies have complained, and HMRC has apologised to those bodies, but it has made no attempt to tell the affected taxpayers what to do. HMRC has also said it can’t fix the problem of missing POA demands in time for the 31 July 2019 payment date.
HMRC has confirmed that if the demands for POA have been omitted from the taxpayer’s statement, that taxpayer will not be charged interest as long as full payment of all the tax due for 2018/19 is made by 31 January 2020.
Nearly 1.1 million businesses have yet to register for MTD, according to the results of a Freedom of Information (FOI) request sent to HMRC by cash flow service Float.
Additionally, the data suggests that only 2% of accounting firms have registered any clients for MTD, from an estimated 72,000 tax ‘agents’ nationwide.
Float said that many businesses are “still unaware of MTD or are uncertain of what action needs to be taken to become compliant.” The company added that the MTD registration process is “confusing” and that HMRC have “much more to do to alert businesses to the change in the law”.
If you are VAT registered and would like more information regarding MTD and MTD compliant software then please give us a call on 01242 370298 or email us on firstname.lastname@example.org
We are delighted to announce that we have been added to the Handpicked Accountants network, following recognition of our outstanding customer service to business owners across Cheltenham and neighbouring towns.
With over 20 years’ experience, we offer a year round accountancy service, including tax advice, bookkeeping, payroll and auditing services to small, medium and large businesses. We take pride in proactively advising each and every client to ensure they are operating efficiently, providing the necessary support along the way. Our team of chartered accountants are friendly and reliable and can advise you on how to best manage your finances.
Handpicked Accountants is a platform designed to remove the gap between business owners looking for accountancy services and highly esteemed local and national accountants known for delivering a high quality service. After working with over hundreds of accountancy firms over the years, they know what makes an accountant stand out and what to watch out for.
Handpicked Accountants have built longstanding relationships with accountants across the country so they can put you in touch with an experienced accountancy professional near you, including Cheltenham. Each accountancy firm is fully vetted to ensure they are of a high standard and can provide a dedicated service.
At Francis & Co, we use a range of accounting software including Xero, Sage, Quickbooks and Freeagent, which provide a full overview of your company accounts in one glance. You can manage invoicing and cash flow from any device, making it easy to fulfil your daily accounting tasks with the help of your accountant.
David Tattersall, Head of Client Relations at Handpicked Accountants, said, “We are really glad that Francis & Co Chartered Accountants have joined our network of reputable accountants. They are well known around the Cheltenham area for their outstanding service to owner managed businesses. I’m proud to welcome them on board. ”
You can view our profile on Handpicked Accountants here.
At the beginning of January approximately 48% of returns nationwide were still to be filed!
By the end of the month 94% of all Self Assessment Tax Returns were successfully filed on time.
We have a great view of the Giant Wheel which is opposite our office on the Promenade in Cheltenham for the ‘Light Up Cheltenham’ event!
It isn’t too late, there’s still time to complete your 2018 Tax Return before the deadline of 31 January 2019, to avoid a £100 penalty.
If you require our assistance call us on 01242 370298 or email email@example.com
Records show that as at 1st January 2019 47.9% of all the anticipated 2017/18 Income Tax Returns remain to be filed in the final month of the filing period.
That amounts to 4,541,784 Tax Returns and history has shown that approx. 50% of those Returns are going to be filed by Accountants. This has been the case since the inception of Self-Assessment, which means we are going to be incredibly busy throughout January!
There are only 24 days left! Your personal tax return needs to be submitted to HMRC by Thursday 31st January 2019. Also payment of your tax needs to be paid by this date. If you require any assistance with this, please call us on 01242 370298 or email us on firstname.lastname@example.org