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Apr 2018 – Timing is Everything
The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by moving income and expenditure between accounting periods. For instance, advancing the acquisition of assets to just within your current accounting period will ...
Apr 2018 – Stick or Split on VAT
The VAT registration threshold will be held at £85,000 until at least April 2020. This may bring more businesses into the VAT fold if they increase their prices with the rate of inflation. Say your annual sales are £83,000. If you increase your prices by ...
Apr 2018 – VAT Cliff Edge
The VAT registration threshold can be a cliff edge for many businesses, as once the business turnover exceeds that threshold it must charge VAT on all eligible sales. For your UK sales, you must check the cumulative total of your VATable sales (including zero-rated items) ...
Apr 2018 – Money for Miles
If you use your own car for a business journey, perhaps to travel to a customer, you can claim mileage expenses for that journey. Many employers pay the full tax-free amount of 45p per mile, which drops to 25p for miles in excess of 10,000 ...
Apr 2018 – Budget for Tax
January is the cruellest month for the self-employed. No one has the money to pay you, and HMRC wants a large tax payment. Tax and NIC due on your self-employed profits for 2017/18 is paid in two Payments on Account (POA), on 31 January 2018 ...
Apr 2018 – Buyers Beware
Buying property is about to get a little more complicated, as the taxes you pay on purchase will be different in Wales, Scotland, and the rest of the UK from 1 April 2018. In Wales, Land Transaction Tax (LTT) will apply to residential property purchased ...
Apr 2018 – Disincentive for Diesels
Diesel vehicles are regarded as being more fuel-efficient than petrol models, but they are taxed at higher rates as their NOx emissions are more harmful. If you are considering a new company or privately owned car, take account of the following tax penalties for diesels ...
Apr 2018 – Planning Gains
Most people have an annual exemption for Capital Gains Tax (CGT) of £11,300 for 2017/18. This is wasted if you don't make capital gains in the tax year. You can't carry forward any unused exemption to a different tax year, or transfer the exemption to ...
Apr 2018 – Planning to Sell
For many people the New Year prompts a review of their life goals. If you are now wondering whether, or when, you should sell your business, a sensible first step is to make a provisional plan for its disposal. The sale of a successful trading ...
Apr 2018 – The ATED Trap
The Annual Tax on Enveloped Dwellings (ATED) applies when a company (and certain other bodies) owns a UK residential property worth over £500,000. The charge applies for the year from 1 April, but the ATED return, and any payment due, must reach HMRC by 30 ...
Apr 2018 – Investing for the Future
The Government encourages individuals to make high-risk investments in small trading companies or charities by providing income tax relief for investors in the following schemes (limits for 2017/18): • Social Investment Tax Relief (SITR): 30% relief on up to £1 million• Enterprise Investment Scheme (EIS): ...
Apr 2018 – Tax-Free Rent
When you let rooms in your own home as residential accommodation you can receive the rent tax free if it falls within the limits for rent-a-room relief. This relief is currently capped at rents of £7,500 per year. Where more than one person receives the ...
