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April 2020 private sector IR35 changes – what happens now?

The IR35 ‘off-payroll’ rules will be extended to the private sector from April 2020 onwards, directly affecting a large number of contractors. What exactly does this mean, and what can contractors and clients do to prepare in advance? What does IR35 private sector reform mean? The Intermediaries Legislation (IR35) has been around since 2000 –…Read More

Property Tax Changes – April 2020

As we see the Brexit process continue, there will no doubt be some changes along the way. From a tax point of view, here are the certainties that we know of to be coming into play from April 2020: Currently, the last 18 months of ownership of a residential property are ignored if a home…Read More

Is Your Child Looking to Start Work or Are You Looking to Employ a Young Adult?

Know your rights and obligations with this set by step guide.. Minimum ages children can work: Part-time work The youngest age a child can work part-time is 13, except children involved in areas like: television theatre modelling Children working in these areas will need a performance licence. Full-time work Children can only start full-time work…Read More

Pensions

It’s often a surprise to know that our pension savings don’t sit in a big safe waiting for us to retire. Pension providers actually invest our savings in companies. Making us investors.  They do this (fingers crossed) to earn profits they can pass on to you for your retirement. But the risk is our money could – right…Read More

VAT: Domestic reverse charge for building and construction services

Update – In a short briefing on gov.uk, the government announced it would be putting the introduction of the domestic reverse charge for construction services on standstill for a period of 12 months until 1 October 2020. The domestic reverse charge (referred to as the reverse charge) is a major change to the way VAT…Read More

Businesses Urged to Register for Making Tax Digital Before August

Businesses with an annual turnover above £85,000 are being urged by HM Revenue and Customs (HMRC) to sign up to Making Tax Digital before the 7 August VAT filing date. Many of the 1.2 million businesses affected by the MTD rules, which became law for VAT periods starting on or after 1 April, will be…Read More

Financial News

Current money matters and financial news on the Internet. 12th June 2019: FCA: Credit clampdown to save customers up to £60m The Financial Conduct Authority says it will save customers up to £60m a year through a clampdown on “buy now pay later” credit. New rules will be in force by 12 November and cover…Read More

How Much Will You Need to Retire?

Many people overestimate how much they’ll need to live on in retirement, thinking that they’ll spend the equivalent of their wages. The common perception is that you’ll need between half and two-thirds of the final salary you had when you were working, after tax, to maintain your lifestyle once you retire.  But is that really…Read More

No Safe Havens 2019

HMRC recognises that the majority of customers pay the right tax at the right time and are committed to helping them do so as easily as possible. However, some make mistakes, or fail to get up-to-date advice and become non-compliant. Others are not aware that they should, for example, account for income from a rental…Read More

“When is the Best Time to Change my Accountant?”

At C-Bas, we often get asked “When is the best time to change my Accountant?” And the answer is NOW! With over 40 years in accountancy and taxation affairs, here are the top reasons businesses will look to us for their accounts: To Help with Business Strategy – At C-bas, we help you figure out…Read More

MTD: Xero Launches Complimentary Tools for Accountants and their Clients

With five days to go before one of the biggest changes to the UK’s tax system, Xero goes live with free, fully-integrated functions for Making Tax Digital-ready products. Xero, the cloud accounting platform has today announced that its Making Tax Digital for VAT (MTD) functionality is live, ahead of the biggest change in the UK’s…Read More

Are you Entitled to Marriage Allowance?

Marriage Allowance lets you transfer £1,250 of your Personal Allowance to your husband, wife or civil partner. To benefit as a couple, the lower earner must have an income below £12,500 with the higher earner earning between £12,501 and £50,000. This will then reduce the high earner’s tax bill by up to £250 in the…Read More

Getting Ready for Making Tax Digital: MTD pilot opens to all

The Making Tax Digital (MTD) pilot has been opened up to all businesses that will be mandated from April 2019 (i.e., the first VAT accounting period starting on or after 1 April 2019) to use compatible software to submit information directly to HMRC. The pilot was opened at the end of 2018 to partnerships and…Read More

Company Vans Update

A charge to income tax will generally arise if a company van is made available, by reason of the employment, to an employee or to a member of his or her family or household. It must be made available without a transfer of ownership from the employer to the employee. Since 2016/17, when the £8,500 earnings…Read More

VAT Reverse Charge in the Construction Industry

Autumn Budget 2018 announced a new measure, designed to counter fraud in the construction industry, which has seen gangs of criminal traders artificially extending the chain of supply of labour services, then failing to account for all the output VAT due to HMRC by collecting the VAT on the supplies (sales) and then going “missing”…Read More