Child benefit changes

If you’re a parent and receiving Child Benefit, you need to inform HM Revenue and Customs of your child’s educational status before 31 August. If you are receiving Child Benefit and Child Tax Credits and your child is 16 , you need to update HM Revenue and Customs of your Read more…

What is Bona Vacantia

Bona Vacantia is a Treasury Solicitor’s department that manages unclaimed estates. This includes not only the estates of individuals who die without any heirs, but also the residual assets of limited companies that are liquidated or otherwise wound up. Many small company directors may not know that if they apply Read more…

Going digital

The government have backed down from their proposal to dump a new raft of compliance activity (red tape) on smaller businesses. In their efforts to digitise each businesses’ records with HMRC it was intended that firms be required to keep their books and records online and update HMRC’s data quarterly. Read more…

HMRC wins major tax avoidance cases

One tax avoidance scheme, by Ingenious Film Partnership, tried to use artificial losses arising from investments in a range of movies, including the blockbusters Avatar, Life of Pi and Die Hard 4. Users of the Ingenious scheme were given the opportunity to settle on similar terms nearly four years ago Read more…

Buy to let red tape

Beset by a range of potentially, disastrous tax changes (primarily the withdrawal of finance charges as an allowable deduction – reduced instead to a basic rate tax credit), landlords of buy-to let residential accommodation also have to contend with a growing list of red-tape. We have listed below a number Read more…

We live in interesting times

The Bank of England’s Monetary Policy Committee voted on 4 August to reduce their base rate to 0.25%. This is good news for individuals and businesses about to borrow money, as it should mean that the interest rate applied will be lower. Certainly, the interest rates charged by HMRC for Read more…

Home based travel costs

Doctor Samadian works from home and has contracts with a number of private and NHS hospitals. As he has a home-based office, from where he runs and administers his business, he has claimed for the costs of travel as follows: ·         from his home/work base to his various, contracted private Read more…

Good news for exporters

The UK’s 5 major high street banks have signed up to work with the new Department for International Trade to revolutionise the way businesses access international markets. Barclays, HSBC, Lloyds, NatWest and Santander are getting behind the government’s drive to populate a new and unique Directory of Exporters. The Directory Read more…

Tax free Childcare

This new scheme will be rolled out to parents next year. The scheme will be made available gradually to families, with parents of the youngest children able to apply first. You’ll be able to apply for all your children at the same time, when your youngest child becomes eligible. All Read more…

Tax Diary August/September 2016

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

Where there is a Will

If you leave your entire estate to charities, will you be turning in your grave if disinherited relatives mount a challenge to break your last will and testament, and succeed? In a 2015 case heard by the Court of Appeal, a disinherited daughter challenged her deceased mother’s Will. The background Read more…

Buy-to-let landlords action required

Buy-to-let landlords need to start considering their options, in particular, those who have borrowed heavily in order to build their property portfolio. As we have mentioned previously in this newsletter, from April 2017 deductions for finance charges will be progressively reduced and replaced by a 20% tax credit. This will Read more…

A new broom

Philip Hammond has been appointed Chancellor of the Exchequer as George Osborne returns to the backbenches. Mr Hammond has already confirmed that there will be no emergency budget, and he will be presenting the usual Autumn Statement later in the year and a new Finance Bill March 2017. The immediate Read more…