Budget 2020 Report

Budget 2020 Report

Here is our March 2020 Budget Report, designed to bring you up to date with the tax changes from the Budget announced on 11th March 2020. CloudBook Accountants cover the UK online and locally in Warrington, Newcastle & Sunderland. Using the latest technology, we...
Budget 2020: Main Tax Changes

Budget 2020: Main Tax Changes

Here are the main tax changes from the Budget 2020. For a full report emailed to you tomorrow, sign up to our newsletter here: 1. NHS to get whatever it needs for #coronavirus 2. SSP available to all those who self-isolate from day 1 and similar help for self-employed...

Making Tax Digital for Business: update

In July, the Government confirmed that the Summer Finance Bill would be published in September, with the measures dropped from the pre-election Finance Bill being reintroduced in more or less the same form, from the initially planned commencement dates. Clauses...

Double glazing salesmen was self-employed

Employment status tax cases often make the headlines in the professional press and the June 2017 case of Tomlinson was no exception. In this case, the First-tier Tribunal found that a double glazing salesman (Mr Malcolm Tomlinson) was self-employed and not an employee...

Paying Class 2 NICs

Whether or not Class 2 National Insurance Contributions (NICs) can be paid depends on whether an individual falls within the definition of a ‘self-employed earner’ for NIC purposes, and if so, whether profits are in excess of the existing small profits...

New anti-money laundering regulations take effect

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Pay) Regulations 2017 (SI 2017/692) took effect from 26 June 2017 and replace the previous 2007 Regulations with new statutory requirements for systems and procedures. Broadly, the...

Paying voluntary NICs

There are various reasons as to why gaps may arise in an individual’s national insurance contributions (NIC) record, for example, because that person has been on low earnings for several years, they have been living abroad, or because they have been unemployed...

SDLT on second homes

Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125,000. Current rates of SDLT on individual and additional properties are as follows: Purchase price up to £125,000 – SDLT rate...

Switching to the cash basis

Many small, unincorporated businesses choose to use the ‘cash basis’ for working out taxable income. Under this method, participants will be taxed on the basis of the cash that passes through their books, rather than having to undertake complex and...

Mileage rates for electric and hybrid cars

Some confusion has been reported over how businesses should calculate mileage expenses rates for electric and hybrid company cars. This confusion has arisen largely because HMRC’s advisory fuel rates, or approved mileage allowance payments, only cover petrol and...