General Tax

  • news-moneybox

    Have you used your 2016-17 ISA allowance?

      Your maximum annual investment in ISAs for 2016/17is £15,240. Your investment needs to be made before 6 April 2017. In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2016/17 tax year, you can invest £4,080 into a Junior ISA for any child under […]

    in General Tax on April 21, 2017 Comments 0
  • news-general-tax

    Claiming back pre-registration VAT

      The good news is you can reclaim VAT added to certain expenditure that was paid out prior to your business registration for VAT. HMRC’s instructions on this issue confirm:   There is a time limit for backdating claims for VAT paid before registration. From your date of registration, the time limit is: 4 years […]

    in Business Tax, General Tax on October 14, 2016 Comments 0
  • news-house-tax

    PAYING 20% INSTEAD OF 28% ON THE SALE OF PROPERTY

      The latest Finance Act has retained the 28% CGT rate for sales of residential property, whereas the general rate was reduced to 20% for higher rate taxpayers.   It has been suggested that it is possible to reduce the rate from 28% to 20% by deferring the gain temporarily into qualifying EIS company shares. […]

    in General Tax, Personal Tax on October 7, 2016 Comments 0
  • news-parliament

    A new broom

      Philip Hammond has been appointed Chancellor of the Exchequer as George Osborne returns to the backbenches.   Mr Hammond has already confirmed that there will be no emergency budget, and he will be presenting the usual Autumn Statement later in the year and a new Finance Bill March 2017.   The immediate impact for […]

    in General Tax on September 5, 2016 Comments 0
  • news-scam

    Bogus emails and now, bogus phone calls

      The “phishing” emails sent by nefarious individuals, purporting to be from HMRC, have now been joined by bogus phone calls.   We have received information that taxpayers are being called, apparently by HMRC, and advised that they have significant tax bills to pay and the caller encourages the offending taxpayer to settle the bill […]

    in General Tax, News on July 20, 2016 Comments 0
  • news-house

    Stamp Duty increase penalises home buyers

      There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) – part of the Land and Building Transaction Tax in Scotland – that applies to the purchase of a second residential property by individuals in the UK from 1 April 2016.   […]

    in General Tax, Personal Tax on June 27, 2016 Comments 0
  • news-work-from-home

    Other changes proposed

      The government has also published its intention to change a number of other tax reporting issues. Some of the more impactful for smaller businesses and Self Assessment tax payers are reproduced below:   Simple Assessment – legislation will be introduced in Finance Bill 2016 to provide a new power to allow HMRC to make […]

    in General Tax on February 1, 2016 Comments 0
  • news-piggybank

    Help to buy ISAs are available from 1 December 2015

      The following information is extracted from the Government’s help sheet:   New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for. Accounts will be available through banks and building societies from Autumn 2015. You can make an initial […]

    in General Tax, Personal Tax on January 4, 2016 Comments 0
  • news-budget-2015

    Summer Budget 2015

      Next week, Wednesday 8th July, George Osborne will present his first budget of the new parliament.   He has indicated that there will be no hikes in the major taxes: Income Tax, National Insurance, VAT and Corporation Tax. We shall see…   What he will be revealing is how he intends to reduce public […]

    in General Tax on August 3, 2015 Comments 0
  • news-budget-2015

    Summer Budget Statement 8 July 2015

      George Osborne has presented his first Budget without regard for coalition partners. The measures he has introduced recognise the need to incentivise individuals and businesses, with the promise to balance the nation’s books and reduce debt. We have summarised below some of the more impactful changes.   Some of the measures are surprising: the […]

    in Business Tax, General Tax, Personal Tax on July 9, 2015 Comments 0