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Staff Tax Tips – 23 August 2018

Staff tax tips for this week are listed below. We have added links to more detail as appropriate. We will be adding a least two posts a month under this heading so please ask your staff to add their names to our newsletter distribution list that will link to these articles.

Phishing emails

If clients ask you what to do if they have received strange emails from HMRC, generally, those emails should be ignored, and clients should never part with personal information or bank details. Latest details of genuine instructions from HMRC can be viewed here.

CGT – 30 day window to make payments on account

The government seem keen to introduce payments on account within 30 days of the disposal of affected residential property. This change will likely apply from April 2020. Link to recent update. 

Do you know how long clients need to keep their tax records?

For companies its:

6 years from the end of the last company financial year they relate to, or longer if:

  • they show a transaction that covers more than one of the company’s accounting periods
  • the company has bought something that it expects to last more than 6 years, like equipment or machinery
  • you sent your Company Tax Return late
  • HMRC has started a compliance check into your Company Tax Return.

And for the self-employed:

You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year.

 

Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.

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