What a difference a day makes

When you buy assets and keep them for use in your business, you don’t necessarily get tax relief immediately.  In your accounts, these are recognised in the balance sheet as fixed assets analysed by asset type e.g. motor vehicles.  This is in contrast to when you purchase a...

The Enigmatic PAYE Code

PAYE tax codes are not easy to understand and yet HMRC considers it the responsibility of individual taxpayers to check that their own code is right and to inform HMRC if it is not. In our experience, it is extremely hit and miss whether taxpayers even receive a copy of their...

Making Tax Digital – first VAT, then Income tax

Making Tax Digital – Income Tax “Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.”  Discuss. It sounds like an exam question for the most boring subject of all...

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...
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