Pearson May Blog

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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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Rent a room relief

July 3, 2018

The rent-a-room scheme was first introduced by the Government in 1992 to encourage individuals to take in lodgers by offering them favourable
income tax treatment on the rental income received.

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Don't get caught out by Capital Gains Tax

June 3, 2018

Most readers have probably heard of Capital Gains Tax (CGT) but how much do you know about the situations in which CGT is charged? You
could be forgiven for thinking that CGT is only payable when you sell an asset which is chargeable to CGT (e.g. a rental property) and realise a
‘profit’ on the sale. But did you know that CGT can also be payable when you make a gift of an asset to, say, a family member? You are not alone
if this comes as a surprise to you and it is therefore worth examining some such situations that may give rise to an unexpected CGT liability.

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Reporting benefits & expenses provided to employees

May 3, 2018

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 2018 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 2018. These
forms, together with the annual Employer Declaration form P11D(b), must be submitted to HM Revenue & Customs (HMRC) by 6 July 2018
and a copy of the form P11D must be passed to the employee in question by the same date.

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Tax and financial changes for 2018/19

April 3, 2018

It is usually the case around this time of year that various tax changes hit the headlines, with the new “Sugar Tax” seeming to be flavour of the tax year
this time round! The start of the new financial year on 6 April does indeed usually bring with it a number of changes in various thresholds. But what
are the main changes which you need to be aware of? I have summarised five key changes below which will affect most taxpayers and employers.

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