To VAT or not to VAT, that is the question

VAT is not for the fainthearted.  I was once asked during a networking meeting at what point should you have an accountant.  Of course I think that all but the smallest of businesses should have one.  Firstly because you should actually be able to earn more than you might save in...

Are you a landlord? Do you know how the changes to tax relief for mortgage interest will affect you?

With effect from 6th April 2017, new rules came into force regarding how tax is calculated on your property income profits.  If you have a furnished holiday let or run your property business through a limited company, these rules won’t apply to you.  If you are an...

A Word Of Caution Regarding Dividends: Guest article from Parker Andrews, Licensed Insolvency Practitioners

A WORD OF CAUTION REGARDING DIVIDENDS As we all know, dividends can only be paid to a company’s shareholders when there are sufficient distributable reserves available for payment of a dividend, otherwise the dividends may have to be repaid. We have often seen situations where...

November 2017 Budget

PERSONAL TAX CHANGES FROM 6 APRIL 2018 Personal allowance increased from £11,500 to £11,850 Basic rate band (taxed at 20%) increased from £33,500 to £34,500 Income over £46,350 to be taxed at 40% Income over £150,000 to be taxed at 45% Dividend allowances to be reduced fro...

Oh I do like to be beside the seaside…

Are you thinking of buying a property to rent out as a holiday home?  Because if you are, the taxman treats holiday homes quite differently to standard buy-to-lets. If your property qualifies as a Furnished Holiday Letting (FHL) there are special tax rules for the rental income...

What is £1,006,019,913?

It is the amount of tax that HMRC have recovered since 2007 through schemes and initiatives – want to know which ones have “worked best”?  

INHERITANCE TAX: Specific Life Exemptions It’s an odd thing inheritance tax – it feels like bad luck to talk abut it, as if by discussing death we are somehow hastening the reality.  It is an enormous field with tax specialists offering advice particularly to those...

Employers’ contributions to Personal Pension Schemes

I have been discussing this with quite a few clients recently so thought it would make a good blog post… If you are an employee – including when you also own the company – your employer can make contributions to your Personal Pension and, provided it is an...

Companies and directly contracted childcare – how difficult can it be?

If you’re an employee (even if it is your own company), you may be able to make use of the tax relief available where the employer pays the cost of childcare directly to the childcare provider.  Both parents are entitled to use this tax relief – even if you work for...

5 fundamental principles

A working party of respected accounting & taxation professionals has endorsed the ICAEW’s newly issued ‘Professional Conduct in Relation to Taxation’. I am loyal to my profession but even I have to admit that this sounds a tad “dry” as subject...
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