Avoid the car fuel benefit charge

  A reminder that it is not too late to avoid the hefty car fuel benefit charge if you drive a company car and your employer pays for your private fuel. Many employers have an arrangement with their company car drivers to obtain reimbursement of any private fuel provided. Usually, Read more…

Stamp duty land tax increases 1 April 2016

From 1 April 2016, landlords who acquire new property to let as residential accommodation will be required to pay SDLT at significantly higher rates. The increase is also expected to apply to private householders who buy a second home. The new rates will be:     Purchase price banding Current Read more…

The Google enquiry

Despite generating substantial profits from sales of online services to individuals and businesses in the UK, Google is perceived to be avoiding tax on these profits in the UK. Press commentary has highlighted the use of off-shore tax vehicles to divert Google’s profits in the UK into lower taxed countries: Read more…

March yearends

If your company has a 31 March yearend, you only have a few weeks to consider available planning options that may save you tax for the current financial year 2015-16. There are also a number of practical matters that should be considered. They include: Directors Are there any monies owed Read more…

Business rates revaluation

The following announcement was posted to the GOV.UK website 1 February 2016: “The Valuation Office Agency (VOA) is in the process of updating the rateable values of all business properties. This is known as a revaluation. If you register your email details with us now we will email you when Read more…

Income alerts

Earnings over £100,000? If your taxable earnings for 2015-16 are likely to exceed £100,000, perhaps for the first time, now would be a good time to consider your tax planning options before 6 April 2016. For every £1 your income exceeds £100,000 your income tax personal allowance will be reduced Read more…

Flood relief

The government has published an update of the various grants and support available to individuals and businesses affected by flooding in recent months. The announcement is reproduced below: Government support for homes, businesses, farmers and councils In total the government’s investment in recovery from Storm Eva and Storm Desmond now Read more…

Tax Diary February/March 2016

 1 February 2016 – Due date for Corporation Tax payable for the year ended 30 April 2015.  19 February 2016 – PAYE and NIC deductions due for month ended 5 February 2016. (If you pay your tax electronically the due date is 22 February 2016)  19 February 2016 – Filing Read more…

Tax payments due 31 January 2016

As implied in the CGT planning article above, the 31 January 2016 was not only the deadline for filing your Self Assessment return online, it  was also the date when any underpayment of Income Tax, Class 4 NIC and CGT for 2014-15 fell due for payment, together with your first Read more…

Capital Gains Tax planning

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised. Many Read more…

Right to rent

On 1 February 2016, the responsibility for ensuring that tenants have a right to live in the UK was passed from the Home Office to landlords, the so-called right to rent checks. The following guidance pointers were issued by the Home Office:  There are four basic steps. Find out who Read more…