Latest News 2018-11-28T15:19:12+00:00

Latest News

Tax codes for employees

The P9X form is used to notify employers of the tax code to use for employees. The form shows the ...
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EIS Income Tax relief restriction for connected parties

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies raise finance by offering a range of ...
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Reduction in special Writing Down Allowance

Businesses can claim Capital Allowances tax relief for certain types of capital expenditure. For expenditure on plant and machinery that ...
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Class 4 NICs who is liable?

There are two types of National Insurance Contributions (NICs) payable by most self-employed people. These are known as Class 2 ...
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When do you pay Capital Gains Tax?

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable ...
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What work is covered by the CIS scheme?

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
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Gifts out of disposable income

There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the ...
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Checking your NIC records

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, ...
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Claiming money or property from a dissolved company

Any property, cash and other asset owned by a company when it is dissolved automatically passes to the Crown as ...
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MTD pilot for self-employed is available

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC ...
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Spring Statement 2019

The Chancellor, Philip Hammond, has announced that he will deliver his Spring Statement to the House of Commons on Wednesday, ...
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Struggling to pay your January tax bill?

Have you missed the 31 January 2019 deadline for paying your tax bill? The 31 January was not just the ...
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Will you pay tax on your inheritance?

If you inherit property, money or shares you are usually not liable to pay tax on the inheritance. This is ...
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Alcohol duty freeze confirmed

The Chancellor, Philip Hammond recently paid a visit to an independent brewery in Liverpool and confirmed that the duty rates ...
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What is taxable when you sell a commercial vehicle or other equipment?

When you purchase a van or other equipment that qualifies for tax relief, the cost of the asset is reduced ...
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Sooner is better than later

This week we pass the filing deadline (31 January 2019) for the 2017-18 Self Assessment tax returns. A surprising number ...
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Brexit – what the UK government has advised business owners to do

The Brexit uncertainties continue. To help businesses consider their options HMRC has published more information for UK businesses that buy ...
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Charities – reducing input VAT

Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced ...
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Who pays Income Tax in Scotland?

According to HMRC, individuals pay Scottish Income Tax if they live in Scotland. Care should be taken when considering the ...
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Maximum AIA calculations for split accounting periods

The recent, and temporary, increase in the AIA to £1m from 1 January 2019 creates computational issues if a trader's ...
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Government outlines new proposals to protect pregnant women and new parents against redundancy

The government has launched a consultation seeking views on new proposals to extend redundancy protection for pregnant women and new ...
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Welsh rates of Income Tax

The Welsh Government has confirmed that the proposed Welsh Government Budget has been ratified and that the new Welsh rates ...
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CGT relief for two dwellings for the same period

As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as ...
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Changes to lettings relief and other exemptions April 2020

Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes ...
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