Anna’s Accountancy Alerts – Week 7 – 18th May 2020 To 24th May 2020

financial

Using The Stock Market Fall To Your (Tax) Advantage

If your share portfolio value has fallen significantly, now could be a good time to pass on some of the investments to your adult children to save capital gains tax on the transfer. There could also be an inheritance tax saving if you die within seven years of making the transfer.

Reclaiming VAT On Your Home Phone Bill

You can reclaim VAT on the proportion of an employee’s home phone bill that is estimated to relate to business use. The employee must submit an expenses claim detailing the expense along with the phone bill.

Construction Industry Scheme (CIS) – Filing Dates And Refunds

 Limited company subcontractors can off-set CIS deductions suffered against tax and National Insurance payments due for their employees, and CIS deductions from their subcontractors. This should be done monthly (or quarterly, as appropriate) and the calculation should be shown on the company’s monthly Employer Payment Summary (EPS) return. At the end of the tax year, when HMRC have  received the company’s final EPS and Full Payment Submission (FPS), any excess CIS deductions that cannot be set off may be refunded or set against any Corporation Tax or VAT due. Companies must keep a record of the amounts off-set against their PAYE bill.

It can take 40 working days for repayments to be made.

A repayment can be claimed online if the company has a Government Gateway user ID and password. If you do not have a user ID, you can create one when you claim online.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.