What is next for Brexit

Clients who are concerned by the uncertainty created by the Brexit vote should contact us. There are steps we can all take now that will ease our progress through the transition. Essentially, we need to be financially fit. The areas of our businesses that we should fine tune are: Record Read more…

Brexit vote wins the day

In a decision that has staggered the rest of Europe, the UK has voted to leave the EU. George Osborne emerged today to reassure us all that everything was under control. This, in the face of continuing political hiatus: our prime minister has resigned, almost, and the main opposition party Read more…

In or out

This article was posted three days before the UK decides if it wants to stay or leave the EU. It feels as if everything is on hold pending this result. Government departments are being unusually quiet: no press releases, no announcements, no changes in legislation. It is a well-quoted cliché, Read more…

HMRC bogus emails extended to phone calls

Many of us have received emails purporting to be from HMRC that urge us to provide personal information in order to receive an outstanding tax refund. Sometimes, these “phishing” communications include veiled threats: send information or you will be pursued for large, outstanding tax liabilities. The perpetrators of the emails Read more…

Do you have under-declared property income

HMRC have a long running campaign to encourage property owners who receive rental income from property, and who have not declared this income on their tax return, to get their tax affairs in order. The following example, reproduced from HMRC’s website, shows how this can occur.  Beena age 23   Read more…

Cycle to work

The following notes set out the general scope of the Cycle to work scheme. This provides a number of tax advantages that employers can use to encourage employees to cycle to work. Who can use the scheme? Employers of all sizes across the public, private and voluntary sectors can implement Read more…

HMRC ticked off by National Audit Office

The National Audit Office (NAO) has published a report criticising HM Revenue and Customs (HMRC) for periods of poor customer service last year. Responding to the report, Ruth Owen, HMRC’s Director General for Customer Services said: We recognise that early in 2015 we didn’t provide the standard of service that Read more…

Tax Diary June/July 2016

 1 June 2016 – Due date for Corporation Tax due for the year ended 31 August 2015.  19 June 2016 – PAYE and NIC deductions due for month ended 5 June 2016. (If you pay your tax electronically the due date is 22 June 2016.)  19 June 2016 – Filing Read more…

What is a CT61

Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest. Consider an owner managed company whose directors had deposited a considerable sum with the company that was Read more…

Stamp Duty increase penalises home buyers

There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) – part of the Land and Building Transaction Tax in Scotland – that applies to the purchase of a second residential property by individuals in the UK from Read more…

More on the taxation of dividends

In the context of this article tax credit does not refer to the child or working tax credits – these are part of the benefits system. Tax credits in this article refer to a deduction made from your overall tax liabilities, usually at a fixed percentage rate of the relevant Read more…

Expanding your Income Tax bands

For the tax year 2016-17, most taxpayers are entitled to claim a tax-free personal allowance of £11,000 from their taxable income. The maximum income that can be taxed at the basic rate of 20%, after the personal allowance has been deducted, is £32,000. Accordingly, if your total income is £43,000 Read more…