Reminders for landlords

Making Tax Digital Until a recent announcement, landlords were going to be drawn into the requirement to upload quarterly details about their property businesses to HMRC under the Making Tax Digital obligations. The date that did apply was April 2018 or April 2019 depending on the level of your rental Read more…

Excessive credit card charges to be axed

The government is unveiling new rules that will mean card-charging in Britain – where people can be charged 20% extra for purchases like a flight just for paying with a credit card – will come to an end in January 2018. ‘Surcharging’ is common practice across the country – with Read more…

Finance Bill No2 2017

To accommodate the May 2017 election, the government rolled-over items in the Mach 2017 budget for consideration later this year. HMRC have now confirmed that these “in abeyance” items from the March budget will be reconsidered when parliament reconvenes after the summer recess. Those items deferred that were due to Read more…

Making Tax Digital – common sense prevails

Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe. Until last week, we were facing radical changes to the tax system to accommodate this objective. Businesses Read more…

Tax payments due 31 July 2017

If you are self-employed, or registered for self-assessment, we are approaching “that” time of the year: your second instalment on account for 2016-17, is due for payment at the end of the month, 31 July 2017. Any payment due will be based on your self-assessment liability for the previous tax Read more…

Life in the Cloud

There seems to be a trend supporting the movement of our computer software and data to the “cloud”. Not the fluffy white variety, but servers that are based off-site. Even our tax system is pushing us in that direction. If and when the government’s objective to Make Tax Digital is Read more…

What is tax free these days

Surprisingly, there is quite a lot. As long as you are resident in the UK for tax purposes you will probably qualify for the following tax reliefs and allowances for the 2017-18 tax year: The first £11,500 of your personal taxable income is free of income tax, although you will Read more…

Tax Diary July/August 2017

1 July 2017 – Due date for Corporation Tax due for the year ended 30 September 2016. 6 July 2017 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2017 – Pay Class 1A NICs (by the 22 July Read more…

McLaren racing team lose tax appeal

It is a well-established feature of previous judgements that a fine imposed to punish an organisation should not be treated as tax deductible – the tax relief secured would effectively share out the burden of the punishment with the rest of the taxpaying community. Which is why the First Tier Read more…

Landlords bear the brunt of recent tax changes

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges. Many landlords have concentrated on growing their property portfolios in recent years and, taking advantage of the low interest rates, have Read more…

Self-employed combined liability

Whether you pay Income Tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover Income Tax and National Insurance. The Read more…

Sole trader or limited company

We are often asked to judge whether it’s better for a business to be run as a sole trader, or incorporated as a limited company. The risk argument is fairly straight forward. If your trade or service provided involves risk, and a risk that it is difficult to fully insure, Read more…