Year end tax planning 2014-15

The 2014-15 tax year finishes midnight, 5 April 2015. There are a number of tax planning opportunities that need to be considered before this date. Only a few weeks to go. If you have not already done so we recommend you speak with your professional advisor without delay. Who should Read more…

Gift Hold-over Relief

This relief will help you to defer capital gains tax (CGT) when you give away chargeable assets or if you sell something subject to CGT for less than its market value. The relief is called Gift Hold-Over Relief and could be claimed if you give away business assets (including certain Read more…

Business plans

  Why you need a business plan  A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.  A business plan helps you to: clarify your business idea spot potential problems set out your goals measure your progress   You’ll need Read more…

Staff loans for would be tenants

Housing Minister Brandon Lewis announced recently government-wide support for a new scheme that will become available to thousands of potential tenants. The minister said he was determined to “create a bigger, better private rented sector”. All of Whitehall has now agreed to offer deposit loans to staff looking to take Read more…

Business rates revaluation 2017

In preparation for the 2017 Revaluation, the Valuation Office Agency (VOA) is sending out forms to ratepayers from January asking for information about their property and business. This is to help the VOA update the rateable values of all business properties which are used by councils to calculate the business Read more…

Tax Diary February/March 2015

1 February 2015 – Due date for Corporation Tax payable for the year ended 30 April 2014.  19 February 2015 – PAYE and NIC deductions due for month ended 5 February 2015. (If you pay your tax electronically the due date is 22 February 2015.)  19 February 2015 – Filing Read more…

Snugglebundl wins appeal

In a recent case considered by the courts a company that sold a baby lifting blanket appealed a ruling by HMRC that the supply was standard rated for VAT purposes. For the company this placed them at a competitive disadvantage as retail outlets selling the item were required to charge Read more…

Home based businesses and business rates

The local property tax you pay, in England and Wales, will be either Council Tax or Non-domestic (business) Rates depending on the type of property. Some properties are part business and part domestic, so you may pay both taxes. Good examples are public houses where the publican lives on the Read more…

Self Assessment late filing penalties

The deadline for submitting your Self Assessment tax return for 2013-14 has passed. The online filing date, after which penalties apply, was midnight, 31 January 2015.  Penalties for individuals:  If you failed to make the filing deadline a range of penalties becomes payable, or potentially payable, how much will depend Read more…

Tax avoiders beware

HMRC have published details of a new consultation they are undertaking to tighten the rules that will be applied to tax payers who use avoidance schemes to artificially reduce their tax liabilities. The press release includes the following ten points that persistent tax avoiders should be aware: HMRC is serious Read more…