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Tax News

Oct 10, 2017

As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is...

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Oct 10, 2017

When a couple is separating or divorced it is unlikely that they are thinking about the tax implications. However, as the dust begins to settle it is important that the tax consequences of the break-up are given proper consideration. Whils...

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Oct 10, 2017

HM Land Registry's property alert service is a free (for up to 10 registered properties) service to help protect property from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties, w...

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Oct 10, 2017

HMRC offers an online service to check your National Insurance record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply to set one up online. By signing i...

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Oct 10, 2017

When you employ someone to work in your home, it is your responsibility to meet their employee's rights and deduct the correct amount of tax from their salary. This can include domestic staff such as a nanny, housekeeper, gardener or carer....

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Oct 10, 2017

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of their taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc,...

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Oct 03, 2017

In a recent newsletter we looked at the tax implications of giving Christmas gifts to your staff and the complications that can arise. In this newsletter, we will take a look at the tax breaks available for staff Christmas party or similar ...

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Oct 03, 2017

The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The tax relief on mortgage costs used to ...

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Oct 03, 2017

As existing Self-Assessment tax filers will be aware, the deadline for online submission of your 2016-17 Self-Assessment tax return is 31 January 2018. This is also the date that the payment is due for the balance of any Self-Assessment lia...

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Oct 03, 2017

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation. Using the FRS, you simply pay VAT as a fixed percent...

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Oct 03, 2017

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available ...

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Oct 03, 2017

Income Tax is generally payable on taxable income received by individuals in the UK, including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust inco...

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Sep 27, 2017

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of partnership losses. For the 2016-17...

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Sep 27, 2017

One of the less well-known ways of paying your self-assessment tax bill is to do so through your tax code. This can only be done where all the following apply: you owe a self-assessment balancing payment of less than £3,000; you are an e...

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Sep 27, 2017

It is established practice that Christmas presents paid in cash to employees are almost invariably taxable as earnings. This view has been upheld by the courts on many occasions and can mean that a gift from a well-intentioned employer is w...

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Sep 27, 2017

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you need to: Amend your VAT records if you discover they contain errors; Correct errors on VAT returns you’ve already sent to HMRC; Claim ...

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Sep 27, 2017

There is an annual Capital Gains Tax (CGT) exemption for individuals (who live in the UK) as well as executors or personal representatives of a deceased person’s estate. The exemption is £11,300 for the 2017-18 tax year. A husband and wi...

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Sep 27, 2017

There have been many changes to the way stamp duty land tax (SDLT) and equivalent regional taxes are charged in recent years. This has included changes to the way in which SDLT is calculated for residential property purchases from 4 Decembe...

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Sep 24, 2017

1 October 2017 - Due date for Corporation Tax due for the year ended 31 December 2016. 19 October 2017 - PAYE and NIC deductions due for month ended 5 October 2017. (If you pay your tax electronically the due date is 22 October 2017.) 19 Oc...

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Sep 20, 2017

One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has ...

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Sep 20, 2017

In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain...

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Sep 20, 2017

In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial ...

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Sep 20, 2017

It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017. These changes will align the da...

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Sep 20, 2017

There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorpo...

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