First time buyer bonanza

HMRC have laid out the detail of their budget plans to support first-time home buyers in their quest to buy their first home. There are fears that this strategy will simply drive up prices as demand is stimulated, and that this will replace stamp duty savings with house prices that Read more…

Are your bank deposits protected

The Financial Services Compensation Scheme (FSCS) is the place to go if your bank or other regulated organisation is unable to pay claims against it. For most of us this will mean that our deposits with banks authorised to hold deposits by the Financial Conduct Authority (FCA and the Prudential Read more…

January 2018 and taxes to pay

January is the month when individuals and businesses are required to pay tax. If your business is a limited company, and your tax year ends 31 March 2017, any corporation tax due for that year is payable 1 January 2018. Unlike your self-employed counterparts – see below – no payments Read more…

Child benefit tax trap

A family claiming the weekly Child Benefit (currently, £20.70 a week for eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds £50,000 during a tax year. A tax charge was introduced a number of years ago, known Read more…

Clampdown on child maintenance cheats

If a parent owes child maintenance, deductions to recover that debt can currently only be made from a bank or building society account held solely by them. Unfortunately, a small minority of parents are cheating their way out of supporting their children by putting their money into a joint account Read more…

Tax Diary November/December 2017

1 November 2017 – Due date for corporation tax due for the year ended 31 January 2017. 19 November 2017 – PAYE and NIC deductions due for month ended 5 November 2017. (If you pay your tax electronically the due date is 22 November 2017.) 19 November 2017 – Filing Read more…

Carry back charitable donations

One of the few remaining options to carry back tax allowable payments to a previous tax year is the facility to set off certain charitable donations made after 5 April 2017, to the tax year 2016-17. Allowable donations have the effect of extending the amount of income you can earn Read more…