Latest News
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 ...
Apr 2018 – ISA Nice Idea
You can save for retirement in a number of ways. The traditional route is via a pension scheme, but you could also use an ISA. Savers aged under 40 can open a lifetime ISA, and contribute up to £4,000 per year which attracts a 25% ...
Apr 2018 – Payroll & Pensions
Employers are required to automatically enrol their employees in a workplace pension from the staging date set by the pensions regulator. The last few businesses will reach their staging dates by 1 February 2018. If you have not auto-enrolled your employees already, you need to ...
Apr 2018 – Stockport Business Awards 2018 Now Open for Entry
Entries for the Stockport Business Awards are now open. Businesses within the Borough of Stockport will have the opportunity to enter one or more of the 12 categories for a chance to win at this years awards dinner which will be held on Thursday 11th ...
Mar 2018 – VAT Goes Digital
The Government’s aspiration for the UK tax system is that all taxpayers should submit their accounts information to HMRC directly from accounting software. The first step towards this brave new digital world will be taken by VAT registered businesses. From 1 April 2019, VAT registered ...
Mar 2018 – Elect in Good Time
Events don’t always turn out as expected. For example, you may need to wait for a later profit or loss to arise before you can judge whether it’s right to elect to change the tax treatment of an earlier transaction. This is why the law ...
Mar 2018 – Stockport Business Awards Launched!
Main sponsors and organisers, Clarke Nicklin Chartered Accountants, hosted the launch of the Stockport Business Awards on Thursday 22nd March. The event was held at The Light Cinema in Stockport where attendees were treated to a screening of highlights from last year’s awards dinner, which ...
Mar 2018 – Cash & Finance Costs
Individual landlords of residential properties are subject to two new tax rules from 6 April 2017: a restriction on deducting interest costs, and the ‘cash basis’ for accounts where the property business has a turnover of no more than £150,000. The cash basis has the ...
Mar 2018 – Keep In Mind Tax When Preparing Your Will
When you die, your executors or relatives need to sort out your affairs. This stressful task can be made easier if you leave a clear and up-to-date Will which has been drafted with tax in mind. They also need to pay inheritance tax (IHT) if ...
Mar 2018 – A Family View
In the UK, everyone is taxed as an individual, but social security benefits, including Tax Credits and Universal Credit, are awarded on the basis of the family's total income. Child benefit is also withdrawn based on the income of the higher earner of a couple, ...
