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December 2019

Tax Diary January 2020

These are the important tax dates for your diary this month. 

Keeping business records if self-employed

Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 - for 5 years after the 31 January 2021 submission deadline.

Spousal CGT tax advantages

It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership.   

What now?

Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. 

In Business? Add these to your new year resolutions

The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2019 is a must-do.

What tax allowances can employees claim when working from home?

It is a common trend to see companies offer their employees flexible working hours, including the option to work from home. 

What tax allowances can self-employed claim when working from home?

Being self-employed and working from home offers numerous benefits such as unlimited income potential, savings on transportation, clothing and tax deductions.

What restrictions are there during bankruptcy?

Once a debtor has entered bankruptcy, he or she has certain restrictions placed on their actions and conduct. Neil Dingley of Moore Recovery Stoke on Trent explains the restrictions on individuals during bankruptcy.

Current challenges in the retail industry make banks reluctant to lend to small retailers

Bank lending to small and medium sized retailers in the UK has fallen 6% from £15.6bn* to £14.7bn since the Brexit vote in 2016, meanwhile large retailers have benefitted from a sharp rise in bank lending, says accountants and business advisors, Moore.