Pearson May Blog

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Reporting benefits and expenses provided

May 1, 2019

As we have now passed the end of another tax year, attention may well be increasingly focussed on the completion of Tax Returns for the year
ended 5 April 2019 and annual accounts for those businesses with a March (or 5th April) year end. However, businesses shouldn’t forget that
there is a more pressing deadline for completion of forms P11D ‘Expenses and Benefits’ in respect of the year ended 5 April 2019. These forms,
together with the annual Employer Declaration form P11D(b), must be submitted to HM Revenue & Customs (HMRC) by 6 July 2019 and a copy
of the form P11D must be passed to the employee in question by the same date.

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The new Tax Year

April 1, 2019

Although Brexit continues to dominate most of the headlines at the moment, the start of the new financial year on 6 April always bring with
it a number of changes to various tax thresholds, some of which may make the headlines and others which may not, but all of which will be
important to most taxpayers and employers alike. I have summarised five such changes below:

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The end of the Tax Year

March 1, 2019

As the end of another tax year approaches, a post Brexit agreement has still to be reached with the EU. Consequently, the implications of Brexit
on the UK taxation system in the longer term are yet to be determined. However, the 2018/19 tax year itself has seen relatively few changes
to the taxation system and even a reversal of policy.

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Tax Return Deadline

January 10, 2019

Chancellor Philip Hammond has delivered his second Autumn Budget, exactly five months before Britain is due to leave the European H M
As I am sure most people are aware, 31 January 2019 is the online filing deadline in respect of Tax Returns for the year ended 5 April 2018.

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The let property campaign and undeclared lettings income

December 1, 2018

Chancellor Philip Hammond has delivered his second Autumn Budget, exactly five months before Britain is due to leave the European H M
Revenue and Customs (HMRC) introduced the Let Property Campaign nearly five years ago. At that time, it was expected to last eighteen
months; however, at the time of writing no end date has been set. Campaigns such as the Let Property Campaign generate revenue quickly and
ensure future tax for HMRC by bringing previously non-compliant individuals into the taxation system.

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The Autumn Budget

November 1, 2018

Chancellor Philip Hammond has delivered his second Autumn Budget, exactly five months before Britain is due to leave the European
Union. The Chancellor was in bullish mood, asserting that the era of austerity is ‘finally coming to an end’ after a ‘long, hard journey’.
However, he maintained that UK debt remains too high and highlighted the importance of continuing to reduce debt and borrowing.

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Don't get caught out by scams

October 1, 2018

As many people are filing their Tax Returns around this time of year, fraudsters can try to take advantage of this by attempting to
contact taxpayers asking them to disclose personal information about their tax affairs or bank details etc.

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Making Tax Digital - Are you ready?

September 1, 2018

You may have heard in the news about the Government’s plans to phase in its Making Tax Digital (MTD) system. According to HM Revenue
& Customs (HMRC), approximately £4bn per year is lost in simple VAT mistakes alone and it hopes that the introduction of MTD will assist
in reducing the errors made and thereby reduce the tax lost. Over the coming years, it is anticipated that all the main taxes will move
towards a fully digital tax system in what will represent one of the most fundamental changes to the tax system for decades.

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