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13-02-2019
Gifts out of disposable income

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 following tax year if not used to make a maximum gift of £6,000. … read more

13-02-2019
What work is covered by the CIS scheme?

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 the construction industry. Businesses in the construction … read more

13-02-2019
When do you pay Capital Gains Tax?

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 gains made by individuals. However, if you only pay basic rate tax and … read more

13-02-2019
Class 4 NICs who is liable?

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 NICs and Class 4 NICs. Class 2 NICs are paid by all … read more

13-02-2019
Reduction in special Writing Down Allowance

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 exceeds the Annual Investment Allowance … read more

13-02-2019
EIS Income Tax relief restriction for connected parties

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 tax reliefs to investors who purchase new … read more

13-02-2019
Tax codes for employees

Tax codes for employees

The P9X form is used to notify employers of the tax code to use for employees. The form shows the tax codes to use from 6 April 2019. The basic Personal Allowance for the tax year … read more

06-02-2019
Alcohol duty freeze confirmed

Alcohol duty freeze confirmed

The Chancellor, Philip Hammond recently paid a visit to an independent brewery in Liverpool and confirmed that the duty rates on beers, spirits and most ciders will be frozen at … read more

06-02-2019
Will you pay tax on your inheritance?

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 because any Inheritance Tax (IHT) due should be paid out of the … read more

06-02-2019
Struggling to pay your January tax bill?

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 final date for submission of your Self Assessment tax return but also an … read more

06-02-2019
Spring Statement 2019

Spring Statement 2019

The Chancellor, Philip Hammond, has announced that he will deliver his Spring Statement to the House of Commons on Wednesday, 13 March 2019. The timing of the statement is … read more

06-02-2019
MTD pilot for self-employed is available

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. The new regime will require … read more

06-02-2019
Claiming money or property from a dissolved company

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 ownerless property. This process is known as ‘bona vacantia’ which … read more

06-02-2019
Checking your NIC records

Checking your NIC records

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. … read more

29-01-2019
Maximum AIA calculations for split accounting periods

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 accounting period straddles this date.
The following example … read more

29-01-2019
Who pays Income Tax in Scotland?

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 phrase “live in Scotland”. In particular, you may also … read more

29-01-2019
Charities – reducing input VAT

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 rate (5%) or the ‘zero rate’ on some goods and … read more

29-01-2019
Brexit – what the UK government has advised business owners to do

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 or sell goods from or to the EU. We have … read more

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  • Latest News

    13-02-2019
    Gifts out of disposable income

    There is an annual ... read more

    13-02-2019
    What work is covered by the CIS scheme?

    The Construction ... read more

    13-02-2019
    When do you pay Capital Gains Tax?

    Capital Gains Tax ... read more

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