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 18.  

  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 for goods you still have, or that were used to make other goods you still

  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.   The tax planning opportunity arises because reinvesting the property gain in Enterprise Investment Scheme

05

Sep 2016

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 UK tax payers is therefore business as usual. The Finance Bill 2016 will continue its

  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 during the phone call.   We have reproduced below a warning issued by Action Fraud

  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.   Home owners should be wary as this can more than triple the initial Stamp Duty

  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 an assessment of a person’s Income Tax or Capital Gains Tax liability without them first

  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 deposit of £1,000 when you open the account – in addition to normal monthly savings.

  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 expenditure in order to meet his commitments to reduce our growing national debt.   We

  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 introduction of a new National Living Wage for the over 25s of £7.20 per hour