December 2018 E-Newsletter

Hello and welcome to our latest e-newsletter

At MI Accountants and Tax Advisers we not only want your business to grow, but we like to legitimately help you reduce your tax bill.

This e-newsletter provides you with a flavour of some of the ways in which we can provide the very best tax advice, as well as providing you with headline information that could affect your tax position.

Should you require more information or help about any of these articles, then call us on 0203 755 2863

The end of the VAT Return as we know it

Making Tax Digital (MTD) for VAT is designed to transform the UK VAT system. HMRCs aim is to make the VAT system more efficient and simpler for taxpayers and advisers alike.

This is just one aspect of MTD, there are many others. So it's very important that your are prepared for the ongoing changes that HMRC are implementing. Some useful information from HMRC is HERE

Get in touch with us to find out how this new regime is going to effect you and your business.

The VAT Question - What if there's a 'no deal' BREXIT

HMRC has published guidance entitled VAT for businesses if there’s no Brexit deal

This guidance does point out that a scenario of the UK leaving the EU without an agreement "remains unlikely" but who knows what's going to happen over the next few months!.

There are no surprises in the information as much of the guidance simply states the consequences for any country of being outside the the EU for VAT purposes.

Clearly there will be lots of questions to answer so at MI Accountants we are always here to help.

Take a look at the HMRC Guidance HERE or alternatively call us

The Tax Return Deadline is looming !

Once again the Self-Assessment deadline is just around the corner. Please make sure you have everything ready to avoid penalties, or worse still an HMRC enquiry.

Therefore it's important that:

  • Your Self-Assessment return is correct.
  • You file it on time.
  • All records are retained for the appropriate period of time.

Don't forget that you can pay your self assessment bill through your PAYE tax code as long as all these apply:

  • You owe less than £3,000 on your tax bill
  • You already pay tax through PAYE, for example you're an employee or you get a company pension
  • you submit your tax return electronically by 30 December

At MI Accountants we have a wide range of advice when it comes to your tax liabilities. Not only that, we can negotiate with the HMRC if you get into difficulties.

We are here to help, so why not give us a call on 0203 490 5130 or email info@miaccountants.com

Pension Freedoms - Beware of the Tax Implications

As you know Pension Freedoms were introduced in April 2015 to give investors greater freedom over how they access their retirement funds.

However, in some cases, the new legislation seems to have given investors the impression that they can just go ahead on their own and fully en-cash their plans without considering the tax consequences.

We would always advocate taking professional advice BEFORE doing anything with your pension funds especially as the tax implications can be onerous.

As always, the devil is in the detail, and Here's a Great Article Which Provides More Info