Tax changes announced last week

Last week, Philip Hammond presented his first Autumn Statement to parliament. In some respects, it was a bit of a damp squid as there were no stand-out revelations. However, there were a few tax changes that are worthy of note: Pension pot reinvestment The over 55s have been making good Read more…

Autumn Statement wish lists

Organisations across the UK have been publicising their wish lists for Philip Hammond’s first autumn statement later this week. Amongst tax practitioners there seems to be a preference for increases in the Inheritance Tax threshold and the merger of income tax and National Insurance. Northern business leaders are keen to Read more…

Buy to let lenders subject to new regulation

Just when it looked as if things couldn’t get any worse for prospective buy-to-let investors – in particular the gradual withdrawal of higher rate tax relief for finance charges – the Bank of England’s Financial Policy Committee (FPC) will be granted new powers by the government to help it protect Read more…

The season to be merry

If you are involved in planning the staff Christmas party for your firm don’t forget to consider the income tax consequences. Here’s a short reminder of the points you should add to your check list. The cost of an annual staff party or similar function is allowed as a deduction Read more…

Annual Investment Allowance (AIA)

From 1 January 2016, the AIA was increased to an annual limit of £200,000. Unlike previous changes, this is a permanent increase. The AIA allows businesses to write off 100% of expenditure in qualifying assets and equipment, up to the appropriate limit, against their tax liabilities. In effect, qualifying expenditure Read more…

Tax Diary November/December 2016

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

When is a hobby a trade

We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car Read more…

Good news for Sunderland

Prime Minister Teresa May was full of praise for the announcement from Nissan, and its continuing investment in their Sunderland plant, earlier this week. She said: This is fantastic news for the UK. Nissan is at the heart of this country’s strong automotive industry and so I welcome their decision Read more…