Ross McConnell - Kinross Based Chartered Accountant

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Domestic Reverse Charge

by ROSS MCCONNELL on JULY 01, 2019

Tax needn’t be taxing… but the Domestic Reverse Charge might be an exception If you work in the construction sector then HMRC’s new Domestic Reverse Charge (DRC) regulation means there is a good chance you will find the new VAT requirements a bit taxing to understand, let alone implement correctly. What is DRC? From 1 October 2019 DRC applies to qualifying work under the Construction Industry Scheme (CIS), which includes: · Groundworks or...

 
No Holiday In Sight With Digital Tax

MAY 20, 2019

You might be feeling totally on top of making tax digital for VAT, which affected all businesses with a taxable turnover above £85,000 from 1 April 2019. Perhaps you’ve already submitted your first successful online return? If so, congratulations! But don’t relax just yet. HMRC has now announced that landlords with furnished holiday lets will be the next target audience to participate in a digital trial – this time for income tax,...

Pension Contributions

MAY 06, 2019

Contributing To Unexpected Tax Bills? The focus on pension earnings has never been higher, as the government introduces measures to ensure that we are all saving regularly to help fund the lifestyle we plan to enjoy throughout our retirement years.  And as our incomes rise – hopefully – throughout our working lives, you might be aware that you can save increasing amounts towards your pension each year, using additional voluntary contributions...

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