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Government Policy

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Do I Have to Pay UK Tax on Foreign Income?

December 2019

Photo of Calculator Surrounded by Foreign Currency

We get asked this question a lot. So often in fact that we decided it’s a subject worth covering in a blog. In most cases, there is a simple answer to this question. If you are not a UK resident, you won’t need to pay tax in the UK. If you are a UK resident, […]

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Why You Shouldn’t Get a New Company Car Until April 2020

November 2019

Photo of Electric Car Charging

If you’re thinking about changing your company car/cars in the near future, you may want to wait until 6th April 2020 when some new tax rules come into effect. These new tax rules will significantly favour low and zero-emission vehicles, so if you start driving a green car from April 2020, you’ll be benefiting from […]

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Important Changes to CGT on the Sale of Property

October 2019

Photo of Country House

Capital Gains Tax (CGT) is a tax applied to the gain made of an asset you have sold. You pay tax on the gain, not the amount you sold it for, hence the name Capital Gains Tax. From 6th April 2020, any individual, trustee or personal representative that realises a capital gain from the sale or disposal […]

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Our Guide to the Domestic Reverse Charge

September 2019

Caricatures of Different Construction Workers

IMPORTANT UPDATE: HMRC announced on 6th September 2019 that the introduction of the Domestic Reverse Charge will be delayed by twelve months from 1st October 2019 to 1st October 2020. The article below has been updated to reflect this. For more information about the delay, visit the gov.uk website. The Domestic Reverse Charge (DRC) is […]

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Undisclosed Rental Income? It’s Time to Come Clean with HMRC

July 2019

HMRC'S Let Property Campaign

HMRC has been running the Let Property Campaign (LPC) since Autumn 2013, the campaign is aimed at property landlords who have failed to disclose their rental income. This campaign presents the perfect opportunity to come clean with HMRC. Essentially, HMRC will go easy on you if you disclose any previously undisclosed income under the campaign. […]

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Reverse Charge VAT for the Construction Industry

June 2019

Construction Person Writing on Paper on Top of Table

There is an important change that you need to be aware of, coming into effect on 1st October 2019. This change will affect any business that is CIS and VAT registered or that pays suppliers that are CIS and VAT registered. The new legislation is aimed at shifting the VAT liability on building and other […]

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What You Need to Do About IR35

May 2019

What You Need to Do About IR35

IR35 is a piece of tax legislation designed to combat tax avoidance by off-payroll workers who provide their services to businesses as a self-employed individual on a regular, long-term basis. In the eyes of HMRC, workers of this kind are what’s known as ‘disguised employees.’ This means that as far as HMRC are concerned, the […]

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Our Comprehensive Guide to Making Tax Digital

April 2019

Person on iPad Using MTD Software

Making Tax Digital (MTD) is the name of the Government’s ambition to change the way in which we record financial data and report this information to HMRC. It requires taxpayers to keep digital records, instead of manual ones, and communicate with HMRC using a different reporting system to that which is currently in operation. Why […]

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Budget 2018: Key Points

October 2018

https://www.astonshaw.co.uk/is-your-companys-christmas-party-tax-deductible/

The Chancellor of the Exchequer, Philip Hammond has delivered the 2018 Autumn Budget. In this blog post, we highlight the key points of his speech. Business £900m has been allocated to small businesses in the form of business rates relief. £650m has also been allocated to rejuvenate British High Streets A new digital services tax at 2% […]

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Increase in HMRC Interest Rates

August 2018

HMRC building against grey sky line

The interest charged to those making late tax payments has increased from 3% to 3.25%. Interestingly, the amount of interest that HMRC pays on top of refunds owed to taxpayers remains the same at 0.5%. The interest rate for repayments has been at 0.5% since 2009. The accountancy body ACCA says it is “simply unfair” that […]

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