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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 on 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
Offshore income and the RTC rule top
HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders.

Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive. Income is considered 'offshore income' if it comes from a territory outside the United Kingdom. It includes:
Read More
 
Wales ready for tax changes top
Finance Act 2018 changes affecting partnerships top
The Welsh Government and the National Assembly for Wales take responsibility for some of the taxes paid in Wales in April 2018.

Three taxes in Wales are affected by the partial devolvement:

- Stamp duty land tax;
- Landfill tax; and
- Income tax.
Read More
Finance Act 2018, which received Royal Assent on 15 March 2018, enacts several changes affecting the taxation of partnerships, most of which apply for the 2018-19 tax year onwards. The changes will be relevant to general and limited partnerships, Limited Liability Partnerships (LLPs) carrying on business with a view to profit, and foreign entities classified as partnerships for UK tax purposes.

Although HMRC believe there will be little impact for most partnerships, it will be important for partnership structures to review the rules and assess their likely impact.
Read More
 
NMW and NLW increases take effect top
New rates for the National Minimum Wage (NMW) and National Living Wage (NLW) (aged 25 and over) apply from 1 April 2018, and employers must ensure that they implement them accordingly. The rates are as follows:

- 25 and over - £7.83 per hour;
- 21 - to 24-year-olds - £7.38 an hour;
- 18 - to 20-year-olds - £5.90 an hour;
- under 18s - £4.20 an hour; and
- Apprentice rate - £3.70 an hour.
Read More
 
April questions and answers top
April key tax dates top
Q. I have traded through a two-man partnership for many years, but my partner has recently announced that he has decided to leave. I intend to continue trading as a sole trader. We have agreed an outgoing payment, which includes amounts for various items but mainly consists of plant and machinery. What is the position regarding capital allowances? Answer

Q. I own a property in the UK that is rented out but I live and work in Italy. The taxable profit from the rental property is less than £10,000. Will I have to pay UK tax on this property income? Answer

Q. I am hoping to start my own business very soon, but I am not sure whether I should incorporate straight away or not. The business will require a substantial capital investment, so it is likely that it will make a loss in the first, and maybe even second, year of trading. Are the loss relief rules better for sole traders or companies in the early years of trading? Answer
5 - End of 2017/18 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA's

6 - Start of the 2018/19 tax year

14 - Return and payment of CT61 tax due for quarter to 31 March 2018

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/4/2018 or quarter 4 of 2017/18 for small employers. Interest will run on any unpaid PAYE/NIC for the tax year 2017/18

30 - Additional daily penalties of £10 per day up to a maximum of £900 for failing to file self-assessment tax return due on 31 January 2018

 
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

All new client consultations are provided free of charge and without obligation.
 
About Us top
Stead Robinson Accountants are based in HOLMFIRTH, Working together to deliver you an exceptional service so you can get what you want from your business and achieve your goals.

All our clients are entitled to a tailored service that suits you and your business, fixed fees, work delivered on time, and unlimited phone support... and that's not all. Our team go that extra mile and pride ourselves on being more than your box standard accountants yet accounts who are passionate and dedicated to you and your business.

Call us on 01484 665023 or Visit http://www.steadrobinson.co.uk/ to find out what we can do for you today!

 

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