Our latest useful Tax Rates quick reference card can be found and/or downloaded by clicking the link below.
From 22 November 2017, there is an exemption for first-time buyers from SDLT on the first £300,000 when buying a home, where the total price of the property is not more than £500,000. 5% is payable on purchases between £300,000 and £500,000. However, with devolved taxes, buying a property in Scotland and Wales can bring […]
Read MoreIn 2017/18 the first £5,000 of dividends are chargeable to tax at 0% (the Dividend Allowance). From 6 April 2018 the Dividend Allowance is reduced to £2,000. Dividends received above the allowance are taxed at the following rates: 5% for basic rate taxpayers 5% for higher rate taxpayers 1% for additional rate taxpayers. Internet links: GOV.UK […]
Read MoreHMRC have announced that they have stopped thousands of taxpayers from receiving scam text messages ‘with 90 percent of the most convincing texts now halted before they reach their phones’. HMRC’s press release states: ‘Fraudsters alleging to be from HMRC send text messages to unsuspecting members of the public. In these messages they will make false […]
Read MoreHMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get […]
Read MoreThe regulations to bring into force Making Tax Digital for VAT (MTDfV) are now law, and digital VAT returns will be required from 1 April 2019. MTDfV is the first phase of HMRC’s landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Regulations have now […]
Read MoreNew data protection rules from General Data Protection Regulation (GDPR) will replace the Data Protection Act in the UK from 25 May 2018. GDPR is designed to safeguard personal data of citizens from EU member states, with particular emphasis on transparency and accountability. It applies to all businesses in the EU and non-compliance will lead […]
Read MoreThe forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC by 6 July 2018. The process of gathering the necessary information can take some time, so it is important that this process is not left to […]
Read MoreThe annual report for 2015/16 makes interesting reading in relation to HMRC. In 2015-16, the Adjudicator completed 914 investigations into complaints about HMRC and substantially or partly upheld 666 (72%) of those in favour of the complainant. By contrast, in 2014-15, 1,543 investigations were substantially or partly upheld as against 1,808 completed, showing a rate […]
Read MoreJervis & Partners is the trading name of Jervis Limited, UK company registration number 6879997
