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Macalvins is the modern face of what Chartered Accountants should be. By developing strong personal relationships with our clients we deliver first class, practical solutions and strategic advice to help business owners thrive.

When is Capital Gains Tax payable

When is Capital Gains Tax payable?

Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19. There are also a number of circumstances when a disposal ...
Changes to rent-a-room relief

Changes to rent-a-room relief

A new test is to be added to the qualifying criteria for rent-a-room relief from April 2019. The test will require that the individual or individuals in receipt of income ...
Points based penalties

Points based penalties

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying ...
Making Tax Digital

Making Tax Digital

A reminder that from April 2019, HMRC’s much vaunted Making Tax Digital (MTD) scheme will apply to certain businesses. The April 2019 launch will only apply to VAT registered traders. ...
Construction drawn into VAT reverse charge process

Construction drawn into VAT reverse charge process

It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT ...
Director minimum salary levels 2018-19

Director minimum salary levels 2018-19

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases Income Tax. The planning ...
Self-employed tax bills

Self-employed tax bills

Whether you pay Income Tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities ...
200,000 receive back pay

200,000 receive back pay

In a recent press release, HMRC urged underpaid workers to complain as figures show that the number of workers getting the money they're owed by employers has doubled after interventions ...
Crackdown on abuse of UK businesses

Crackdown on abuse of UK businesses

Reforms are being considered that will ensure that Scottish Limited Partnerships continue to be used as a legitimate vehicle for investment in the UK. Measures to crack down on the ...
Employees’ holiday entitlement

Employees’ holiday entitlement

The following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per ...
What to do if you can’t pay your tax

What to do if you can’t pay your tax

HMRC will consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle ...
Payments in lieu of notice

Payments in lieu of notice

Up to 5 April 2018, certain payments in lieu of notice were not taxable, primarily, those not contractually required to be made. This is no longer the case. Employers will ...
Why tax credit payments can change

Why tax credit payments can change

If you are claiming tax credits make sure that you keep an eye on changes that may affect the amount you receive. Your payments can go up if: your income ...
Who qualifies for the minimum wage

Who qualifies for the minimum wage

As you would expect there are a range of conditions that affect the answer to this question. We have reproduced below a summary of the main conditions to be observed. ...
Location is everything

Location is everything

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options. Wales have their own ...
Black cabs urged to go green

Black cabs urged to go green

Britain’s black cabs now qualify for an incentive to go green as the new tax exemption for electric taxis comes into force this month. The exemption, worth £1,550, will apply ...
Offshore tax evasion

Offshore tax evasion

From 1 October 2018, HMRC will be gaining access to information from tax havens that will enable it to identify UK citizens with undisclosed offshore assets, and by inference, undisclosed ...
How long should you keep your records

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of ...
spring statement summary

Spring Statement summary

The Chancellor, Philip Hammond, was keen to promote the positive aspects of the UK’s economic performance when he stood to present his Spring Statement on 13 March. Employment and manufacturing ...
Claiming expenses by the mile

Claiming expenses by the mile

A reminder that employees can make a claim for the business use of their own cars, motorcycles or cycles by logging their business mileage and applying an approved mileage rate. ...

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