September 2019

News Posted

Grant funding for Brexit costs

18th September 2019
HMRC has announced that a £16m fund has been made available from which businesses can claim grants to cover certain costs associated with Brexit. On 31st October 2019 the UK will leave the European Union. Businesses will have to apply the same customs rules to goods moving between the EU and UK as they would...

VAT: deferral of new reverse charge for the construction industry

17th September 2019
IMPORTANT ANNOUNCEMENT FOR ALL BUSINESSES REGISTERED FOR VAT IN THE CONSTRUCTION INDUSTRY The date on which the new reverse charge was to come into force in the construction industry has been deferred by a year until 1 October 2020. Explanation of the change Industry representatives have raised concerns that some businesses in the construction sector...

Plans to accelerate capital gains tax

4th September 2019
Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Brona MacDougall finds out. Current CGT deadlines Currently, capital gains made by individuals are reported...

September Questions and Answers

3rd September 2019
Can we submit monthly VAT returns? Q. We struggle to pay our quarterly VAT returns on time because we use the VAT money for other business expenses before it becomes due. Would HMRC allow us to complete monthly returns to help our cash flow? A. Unfortunately not. A business can only submit monthly returns if...

How can a quick dividend be legally paid?

2nd September 2019
You’re one of three directors of a company which usually pays dividends once a year but one of the directors needs the money urgently. The trouble is that two of the directors are out of the UK, so how can a dividend legally be paid? Bob Johnstone provides the answers. What kind of dividend? Dividends...