Tax Tips & News

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June Tax Tips & News


Making Tax Digital takes effect from 1 April 2019. Most of you are currently working with us to ensure your accounting package is compliant. However, having the correct accounting package is the first step but there are further actions you must take to be ready to make VAT submissions in the ‘new way’:

You need to ‘sign-up’ to MTD with HMRC. This can be done via the following link: Timing is crucial as you need to ensure you file your last VAT Return the ‘old way’ and ensure the VAT payment has cleared the bank before you ‘sign-up’ to MTD and ‘switch on’ MTD within your accounting software.

You need to authorise, or ‘switch on’, your accounting software to enable a digital link to be established with HMRC. The way this is done is unique to the accounting software you are using.

If you are unsure about how to approach this, or would like our assistance in guiding you through this process, then please get in touch with your usual point of contact within GCSD.

Welcome to the GCSD Accountants Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman. If you need further assistance just let us know or send us a question for our Question and Answer Section. We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice on your own specific circumstances. We’re here to help! Free Tax & Financial Strategies Guide 2019-20 This guide is designed to help you to make the most of your business and your personal finances, by highlighting the main tax allowances & incentives and suggesting strategies that you might wish to incorporate into your own financial planning.

New NIC treatment of termination payments
The National Insurance Contributions Bill was introduced into Parliament on 25 April 2019. The Bill contains provisions designed to align the income tax and national insurance contributions (NICs) treatment of termination awards and sporting testimonials, Read More...
Making use of gift exemptions for IHT
According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax (IHT) rules surrounding such payments. Read More...
MTD for VAT: guidance updated
HMRC have published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small am Read More...
Moving into partnership
A partnership may be a simple trading vehicle enabling two or more people to own and run a business, but there are few practicalities worth considering before making the move. Whilst there are no legal formalities involved in establishing a partnership, Read More...
June questions and answers
If I take my staff away overnight for an off-site daytime business meeting and evening social function, will the costs be tax deductible for corporation tax purposes? Read More...
June Key tax dates
19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/6/2019. Read More...
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GCSD Accountants are based in Gloucestershire, offering local business owners and individuals a wide range of services. Visit our website for more information.

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