Tax Tips & News

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17/06/2019

June Tax Tips & News

Welcome to Davies Tracey’s Tax Tips & News, designed to keep you one step ahead of the taxman. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and as such, this month’s news and tips include:

Plus… scroll down to our standard content:

  • Question and Answer section (click here to send us a question for next time)
  • Key tax dates

This month we also wanted to take the opportunity to remind clients who aren’t already taking advantage of our DTprotect service of its benefits.

We’ve recently helped a client through a 18 month long investigation by HMRC, following the goodwill value of their business being called into question.  As well as saving the client over £4,000 of professional fees that were incurred as a result of the investigation, we helped them to avoid the need to attend what could have been stressful meetings with HMRC, instead answering ongoing questions on their behalf, allowing them to maintain focus on their current and future business plans. The investigation was unexpected, lengthy, and particularly worrying as HMRC were withholding associated refunds while the case was ongoing. Now resolved (in the client’s favour), the team involved here at Davies Tracey are more convinced than ever of the need for Tax Investigation Fee Protection.

You can find out more on (and sign-up to) this service online here. If you have any queries on this or any issues covered below, please talk to us in person. We’re here to help – on 01642 606003.

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...
 
About Us

Davies Tracey Accountants are based in Tees Valley, offering local business owners and individuals a wide range of services. All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website daviestracey.co.uk for more information.

 

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