Readers may be forgiven for finding the recent rash of announcements by HMRC, regarding possible changes to tax legislation, rather confusing. On 8th September, we were informed that the remaining sections of the March 2017 finance bill, that were deferred due to the May election, were back in circulation and being dealt with by the […]
Self-employed persons and other individuals who submit a self-assessment (SA) tax return should bear in mind that there are only three months until the electronic filing and payment deadline for 2016-17, 31 January 2018. If you have not filed the 2016-17 SA return yet, or at the very least crunched the numbers to work out […]
There are two options if you use a car in your self-employed business for business and private purposes. You can buy the car through your business, claim a capital allowance, and write off the costs of running the car as a business expense, and in both instances, you will need to adjust your claims to […]
Tax losses can arise due to a difficult trading period. They can also be created if you invest in qualifying equipment and you are able to set this cost against your trading profits – if the cost of the assets exceeds your profits you will have a tax loss. There are three ways you can […]
Most of us are aware that we pay Stamp Duty Land Tax (SDLT), or the regional equivalents, when we buy a property, but that is just the tip of the iceberg. For example, if you give something of value in exchange for land or property, it will also count towards the chargeable consideration and therefore […]
The Government has published the long-awaited Data Protection Bill that will incorporate most of the provisions set out in the EU General Data Protection Regulation. This will apply from 25 May 2018, and many businesses will need to update their data security arrangements to comply with the new regulations. The Bill will introduce safeguards to […]
If you are employed, and this will include most directors, you can claim for expenses that you have paid for personally, to be set against your income liabilities for the relevant tax year. You must keep records of the amount you have spent and make a claim to HMRC within four years of the end […]
We are often asked by landlord clients to clarify the difference between a replacement item of furniture, furnishing, household appliances or kitchen ware, and a purchase that may be considered an improvement. The difference is critical, as from April 2016, the 10% wear and tear allowance was scrapped and the new Domestic Items Relief (DIR) […]
The government reintroduced the remainder of the March budget last week, it’s the part that was held-over to accommodate the May 2017 general election. It confirms two items that will be of interest to smaller business owners. Firstly, that businesses with turnover below the current VAT registration threshold (£85,000 for 2017-18) will not be required […]
The Department for Education released the following press release last week regarding the new childcare support offer that commences from 1 September 2017. They said: Parents of three and four-year olds who have registered for a place will join the 15,000 families benefitting in the 12 areas of the country that introduced the offer early. […]