Jefferies Newsletter September 2019

Office move

Please note that Jefferies Accountancy Services has moved offices, but we are still located in Chiltern House, Henley. We’re based on the ground floor and nearer to Reception – and the coffee machine! Our contact details remain the same: 5 Station Road, Henley on Thames, Oxon, RG9 1AT

‘How to apply for probate’

A Five Minute Guide

When you hear the word probate, it’s usually in the context of talking about wills. Both are probably subjects we’d rather not think about, until we’re really forced to… However, there are benefits to you and your loved ones if you learn what probate is and what it entails before you ever need to apply for it.

Making Tax Digital (MTD) for VAT

From April 2019 businesses with a turnover exceeding the VAT registration threshold of £85,000 have had to keep their VAT records digitally and submit to HMRC either via specially adapted software or by bridging software. The software we use is VAT MTD compliant. The deadline date of 8th August 2019 for the first quarter ending 30th June 2019 has now passed.

Unfortunately, there were several issues with HMRC issuing E-Mails and registrations. After a lot of problems many businesses were told to ‘file the old way’ via the Government Gateway but that they wouldn’t be penalised. However, moving on, the criteria still exists and HMRC are still expecting VAT returns to be filed digitally.

Please contact us if you need help with managing your VAT records.

Is DIY Probate Ever A Good Idea?

Learn when it is – and also when it isn’t – in last month’s blog post about DIY Probate.

Capital Gains Tax (CGT) New 30-day ‘File and Pay’ Regime

From April 2020 most clients that sell a house or flat on which CGT is due, will have to ‘pay and file’ within 30 days of completion. This relates to residential domestic properties, second homes, overseas houses and flats.

This means once you have completed on your sale a new CGT return will need to be submitted and the tax paid on it within 30 days! Currently the CGT goes on your existing tax return and the tax isn’t payable until the following January. From next April you will need to submit a new CGT return for every property you sell and liaise with us within the tax year when you sell your property.

This was going to be the domain of solicitors, but it was finally decided that accountants should oversee this. Tax is payable at either 18% or 28% depending on your other income. No CGT return will be required however if there is no CGT due. The yearly tax return will be amended to include a reconciliation page.

Self-Assessment Deadline Dates

The deadline dates for the current 2018/19 tax year (6th April 2018 to 5th April 2019) are as follows:

  • Paper Return: Midnight 31st October 2019
  • Online tax returns: Midnight 31st January 2020
  • Pay the tax you owe: Midnight 31st January 2020

There is an immediate penalty of £100.00 if you miss these dates plus interest on tax paid late. Please note that Jefferies Accountancy Services submits your tax returns online using tax software.

Please get your bookkeeping and tax return papers to us ASAP to avoid a last-minute panic in December and January.