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Blog | Able Accountants Birmingham

Wondering what the significant accountancy dates you have to look forward to? You’ve come to the right place. In this regular blog post we guide you through all that is coming up on the accounting horizon, so you need never miss out on the big dates on your calendar.

New Advisory Fuel Rates for Company Car Users

Each December HMRC reviews the recommended rates for fuel used in company cars and this December has been no different. The latest advisory fuel rates (AFR) are published as they pertain to company car users.

The new rates are effective from 1st December, 2018, but the previous rates can continue to be used for another month, at the most, from the date that the new rate comes into force.

Cleared Payment Deadline for VAT Return

This is the deadline on the 7th December by which HMRC should be in receipt of your cleared funds for your VAT Return filing for the period ending with the 31st October, 2018. Don’t be late with this as penalties can apply.

Deductions for PAYE, student loans and CIS

Wednesday 19th December is one is for employers who make deduct PAYE contributions from salaries of their employees. It also applies to contractors who have engaged and paid subcontractors under CIS.

This is the update due for the month running up to the 5th December that necessitate the payment of contributions for HMRC of income tax, national insurance and student loans. Under the CIS contractors are obliged to make the relevant contributions of tax deductions from the pay of subcontractors to the HMRC.

If you normally make your payment electronically, the deadline for payment to have cleared is Friday 21st of December, 2018. You can also arrange a “Faster Payment” for funds to clear by Saturday 22nd December. Don’t forget that you are liable for interest if the payment is overdue and penalties may also apply.

Electronic Payment Deadline for PAYE, NICs and CIS

If you’re using the “Faster Payment” facility to submit your remittance to HMRC for PAYE, NICs and CIS to HMRC, the date the funds need to have cleared is 22nd December.

Deadline for Employees Completing 2017/2018 Self Assessment Tax Return

This deadline of Sunday 30th December specifically applies to employees who complete an online self assessment tax return. If an underpayment has occurred, the employee can ask HMRC to collect the outstanding balance with an adjustment to their tax code for 2019/2020.

That’s everything for December! Have a spectacular festive season and check in with again soon for updates and news for the new year.

Scottish Budget - Key Points

Many of you will be interested in learning the latest from the Scottish Budget, the draft of which Finance Secretary Derek Mackay delivered on 12th December. Amongst the announcements were those about new bands for income tax and Land and Buildings Transaction Tax changes.

Income Tax

With its devolved powers the Scottish government can set the rates and bands of income tax for Scottish resident taxpayers. Here are the income tax rates and bands for 2019/2020 that will be under consideration by Parliament.

2018/19

2019/20

Name of Band

Rate

Over £11,850 - £13,850

Over £12,500 - £14,549

Starter Rate

19%

Over £13,850 - £24,000

Over £14,549 - £24,944

Scottish Basic Rate

20%

Over £24,000 - £43,430

Over £24,944 - £43,430

Intermediate Rate

21%

Over £43,430 - £150,000

Over £43,430 - £150,000

Higher Rate

41%

Over £150,000

Over £150,000

Top Rate

46%


Changes to Land and Buildings Transaction Tax (LBTT)

Higher rates of LBTT are in force on additional residential properties. These include buy-to-let properties and second homes.

If an individual owns two or more residential properties the Additional Dwelling Supplement (ADS) may come into force. An increase for ADS has also been announced meaning that it will go up from 3% to 4%.

Non-Residential Rates and Bands

The lower rate of non-residential LBTT is scheduled to be reduced from 3% to 1%, while the upper rate will go up from 4.5% to 5%. Meanwhile the upper rate starting threshold will come down from £350,000 to £250,000.

The rates and bands for non-residential LBTT transactions that are under consideration are as follows:

Non-Residential Transactions

Purchase price

Rate

Up to £150,000

0%

£150,001 - £250,000

1%

Over £250,000

5%

Non-Residential Leases

Net present value of rent payable

 Rate

Up to £150,000

0%

Over £150,000

1%

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