Latest News
Jul 2019 – Cut the tax on company cars
There are three ways to reduce the tax payable by an employee or director who is provided with a company car: choose electric or hybrid, a ‘clean’ diesel, or take a van. Electric and hybrid cars with CO2 emissions of up to 50g/km currently attract ...
July 2019 – How to split a business
A business must register for VAT when its turnover for the last 12 months exceeds £85,000. It must also look forward and judge if its turnover in the next 30 days alone will exceed £85,000. This threshold has been frozen since 1 April 2017, and ...
July 2019 – Enjoy your Entrepreneurs’ Relief
When you sell some or all of the shares in your company, you should expect to pay Capital Gains Tax (CGT) on any profits you make. This tax is normally charged at 20% for higher rate taxpayers, but Entrepreneurs’ Relief can reduce the CGT payable ...
July 2019 – Making Tax Digital Software
The Making Tax Digital (MTD) regulations came into force for periods starting from 1 April 2019 for most businesses which are required to be VAT registered because their annual turnover is £85,000 or more. They must keep their VAT records in a digital format and ...
June 2019 – Choosing the benefit
If you allow your staff to pick a tax-free benefit, such as a parking space near work, a bicycle, or employer pension contributions, you would think that everyone would be happy. But where the employees have given up some of their salary to receive the ...
June 2019 – Land tax accelerated
Stamp Duty Land Tax (SDLT) is payable when you buy land or property in England or Northern Ireland. Buyers of property in Scotland pay Land and Buildings Transaction Tax (LBTT) and, for purchases in Wales, Land Transaction Tax (LTT) is due. Until recently all of ...
June 2019 – Off-plan purchase trap
When you sell your main home the profit you make is normally exempt from tax, but that depends on whether you occupied the property (or were deemed to occupy it) throughout your entire period of ownership. When you acquire a property before it has been ...
June 2019 – Check your pension forecast
You can check how much State Pension you will receive by accessing your online personal tax account. It will tell you how many years of National Insurance Contributions (NIC) you have made and if there are any gaps in your NIC record. You need 35 ...
May 2019 – Interest from PPI claims
There was a time when you couldn’t turn on the radio, or your phone, without getting an advert for PPI (Payment Protection Insurance) refund claims. If you made a successful claim, you may have banked the money thinking it was tax free. That is not ...
May 2019 – Claim for the right journey
It’s easy to estimate your business mileage, but HMRC wants to see accurate figures recorded as close to the time of the journey as possible. There are a number of apps which can help you with this. To achieve the precision HMRC is looking for, ...
May 2019 – Child Benefit tax
Families who receive Child Benefit may have that money clawed back as tax where the higher earner in the family has a total net income of £50,000 or more. The full Child Benefit must be repaid where one of the parents has a total income ...
May 2019 – Tax is constantly changing
Businesses are constantly evolving to adapt to changing markets. The tax system similarly changes to keep up with new business structures and innovative ways to avoid tax. One such tax avoidance trick, which is perceived to be a particular problem in the construction industry, is ...
