December 2018 Tax Tips & News

Welcome... To December's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! December 2018 · Company vans update · VAT reverse charge in the construction industry · PGLs for employers · HMRC warn of tax scams targeting university students · December questions and answers · December key tax dates PLEASE NOTE: Our offices will be closed for the Christmas and New Year holidays from 5pm on Friday 21st December 2018 until 9am on Wednesday 2nd January 2019. Wishing you a very Merry Christmas and a Happy New Year!

November 2018 Tax Tips & News

Welcome... To November's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! November 2018 · Apprenticeship levy to help smaller firms · High Income Child Benefit Charge · Making use of the trading allowance · Software requirements under MTD · November questions and answers · November key tax dates

Autumn Budget 2018

Welcome... To Autumn Budget 2018, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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! Autumn Budget 2018 · Summary · Individuals · Business · VAT · Indirect taxes · Administration and other matters

October 2018 Tax Tips & News

Welcome... To October's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! October 2018 · Class 2 NICs to remain · Help-to-Save accounts go live · VAT on holiday accommodation · HMRC launch MTD campaign · October questions and answers · October key tax dates

September 2018 Tax Tips & News

Welcome... To September's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! September 2018 · HMRC consult on BIK changes · MTD research published · VAT treatment of vouchers · OTS proposals new online PAYE platform · September questions and answers · September key tax dates

DAILY TAX TIP: ISAs on Death

DAILY TAX TIP:

ISAs on Death

It is now possible for married couples to inherit each others cash in an ISA and keep the tax breaks on death. The surviving spouse will obtain a special ISA allowance, which will allow them to put the extra amount into their own ISA equal to the value of their dead spouse’s ISA.

DAILY TAX TIP: Timing your capital asset disposals

DAILY TAX TIP: 

Timing your capital asset disposals.

The rate of Capital Gains Tax you must pay is linked to the amount of income you receive in the tax year. You may be able to reduce your capital gains tax by making sure that any gains you have (from investment property sales, share sales etc) fall into a tax year in which you have a lower level of income.

DAILY TAX TIP: Lifetime Pension Allowance.

DAILY TAX TIP: 

Lifetime Pension Allowance.

The maximum amount of money you can accumulate in a pension is called the lifetime allowance. Any excess over the limit is taxed at 55% if the excess savings are taken as a lump sum and 25% if taken as taxable income. The lifetime allowance is currently £1,030,000 for 2018/19.

#TaxTips #Accountants #WestonsuperMare #Worle

DAILY TAX TIP: Rent a Room Scheme.

DAILY TAX TIP: 

Rent a Room Scheme.

Rent-a-room relief applies to income from letting out a part of your own home. Income of up to £7,500 is completely exempt from income tax under this scheme.

DAILY TAX TIP: Use Marriage Allowance to Save £238 in Tax

DAILY TAX TIP:

Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner. This can reduce their tax by up to £238 every tax year (6 April to 5 April the next year).

To benefit as a couple, you need to earn less than your partner and have an income of £11,850 or less (2018/19). Your partner’s income must be between £11,851 and £46,350 (England & Wales) for you to be eligible.

DAILY TAX TIP: Private Lettings Relief.

DAILY TAX TIP: 

Private Lettings Relief. If you sell an investment property that was at some point your main residence, and has been let out during your period of ownership, you can look to claim private lettings relief to reduce the amount of any gain that is subject to capital gains tax. The amount you can claim is the lowest of the amount of private residence relief, £40,000 and the amount of the gain that is chargeable by reason of the letting.

DAILY TAX TIP: Crowdfunding Income is Taxable.

DAILY TAX TIP: 

Crowdfunding Income is Taxable. If you’re looking to raise some cash in order to launch a new product, fund a specific project, or finance the growth of your business, it might be that you’re considering using a crowdfunding site such as Kickstarter or Indiegogo. Whilst any income generated is taxable, you should be able to offset any business expenditure funded by the donations to leave the income effectively tax neutral.

DAILY TAX TIP: Put money aside for your tax.

DAILY TAX TIP: 

Put money aside for your tax. Open a deposit or business savings account and transfer a set percentage of all your income to ensure you can easily pay your tax bill.

August 2018 Tax Tips & News

Welcome... To August's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! August 2018 · Further MTD guidance published · Saving tax with simplified expenses · HMRC update trust registration guidance · Finance Bill 2018-19 · August questions and answers · August key tax dates

July 2018 Tax Tips & News

Welcome... To July's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! July 2018 · MTD update · EU mandatory tax disclosure rules take effect · CGT payment date under consultation · HMRC continue to face issues with TRS · July questions and answers · July key tax dates

Hillmans Accountants Launches Tax and Business Advice Surgery in Weston-super-Mare

Hillmans Accountants Launches Tax and Business Advice Surgery in Weston-super-Mare

We have just launched our new ‘Tax and Business Advice Surgery’ at our office in Worle, Weston-super-Mare.

The surgery offers free one-hour consultations for both businesses and private individuals, and provides professional, independent advice on a wide range of tax and general business planning and accounting issues.

The service is completely free to any local business owner or private individual who would like some professional tax or business advice.

June 2018 Tax Tips & News

Welcome... To June's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! June 2018 · Using tax to keep employees healthy · Investors' relief · IT contractor wins IR35 case · Corporate offences guidance updated · June questions and answers · June key tax dates

May 2018 Tax Tips & News

Welcome... To May's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! May 2018 · Use gift Aid to save tax · Diesel car supplement increase takes effect · HMRC update guidance on MSCs · When are tips taxable? · May questions and answers · May key tax dates

April 2018 Tax Tips & News

Welcome... To April's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! April 2018 · Offshore income and the RTC rule · Wales ready for tax changes · Finance Act 2018 changes affecting partnerships · NMW and NLW increases take effect · April questions and answers · April key tax dates

March 2018 Tax Tips & News

Welcome... To March's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! March 2018 · IHT: know your limit · HMRC win IR35 appeal · Tax deductions for family members' wages? · ISA limits update · March questions and answers · March key tax dates

Is Your Business GDPR Compliant?

DRGP, PRDG? Confused……then let’s unravel ‘GDPR’ for you!

GDPR is the General Data Protection Regulation which will replace the current EU Data Protection Directive in May 2018.

The GDPR targets PII (Personally Identifiable Information) and is designed to strengthen the rights and protections of individuals in what data you hold about them.

This means any information that can be directly identified to a person., is included; this includes Name, date and place of birth, National Insurance Number, etc. In short information which is unique to the individual.

Adverse Weather Conditions - Our Office Opening Hours 1st and 2nd March 2018

Due to the adverse weather conditions, our offices will be closed this afternoon and all day tomorrow (1st and 2nd March). 

In the meantime, our staff are safe and warm working from home, with our office telephone lines being diverted to our mobiles. 

Please do not hesitate to contact us on 01934 444100 or email us at info@hillmans.co.uk if you require our assistance.

Have fun in the snow! ⛄ ❄

 ❄

February 2018 Tax Tips & News

Welcome... To February's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! February 2018 · Tax-free childcare now open to under 9s · Two million couples still missing out on Marriage Allowance · HMRC clarify VAT treatment of affiliation fees for sports clubs · Latest MTD progress · February questions and answers · February key tax dates

January 2018 Tax Tips & News

Welcome... To January's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are 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 in your own specific circumstances. We're here to help! January 2018 · New Budget timetable and Spring Statement date confirmed · Fulfilment House Due Diligence Scheme · Consider a partnership · New tax bands announced in Scottish Budget · January questions and answers · January key tax dates