VAT Reverse Charge

VAT reverse charge on building and construction services Now is the time to prepare your CIS registered clients for this change. VAT reverse charge comes into effect on 1 October 2019. It is a major change to the way VAT is collected in the building and construction industry. From this date, the customer receiving the service…Read More

Inheritance Tax Planning

Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More

Tax Relief

Tax Relief Tax relief means that the amount you spend on certain expenses is deducted from your total income. This effectively reduces your taxable income and therefore the tax you will have to pay. In some cases, such as pension contributions, it may mean that you get tax back in another way; some reliefs are…Read More

Gift Aid Donations and the effect on higher rate taxpayers

Gift aid is a UK tax incentive that enables registered charities to reclaim the tax element of donations made by a UK taxpayer, which effectively increases the total amount of the donation. Charities are able to claim back Basic rate tax of 20% on any donation you make which equates to an extra 25p for…Read More

Director’s loan accounts (DLA):

A director’s current or loan account is a way for directors to essentially lend money to or borrow money from their company. The director’s loan account (DLA) is, in essence, a record of all transactions that occur between the company and its directors. 1) Loaning money to a company: Director’s loan accounts are a usual…Read More

Personal Savings Allowance

The personal savings allowance (PSA) was introduced on the 6th of April 2016. Depending on your income, the PSA allows you to get up to £1,000 of interest tax free. The introduction of the PSA has resulted in the majority of people in the UK with income from savings no longer paying tax on this…Read More

Company Car Tax

Company cars are a great way for businesses to reward staff as a benefit on top of their salary, unfortunately, HMRC is aware of this and levies tax on the perk, this is referred to as a Benefit-in-Kind (BIK) as the car is seen as an additional taxable benefit. The amount of tax you pay…Read More

Inheritance Tax – Taper Relief & Gifting allowance:

Inheritance and the associated tax implications may not be something that you are familiar with or concerned with yet, however with careful planning there are ways of ensuring that that tax payable on possessions passed on to your beneficiaries are minimised. Under current legislation, Inheritance Tax (IHT) is payable on the total value of your…Read More

Uniform Allowance

Wearing a work uniform may not be seen as a benefit – but you can gain Tax relief from it! HMRC give you the opportunity to claim up to 4 years’ worth of uniform allowance. What is classified as a uniform? ‘A uniform is a set of specialised clothing that’s recognisable as identifying someone as…Read More

Restrictions on Finance Cost Reliefs for Individual Landlords

Previously, 100% of finance costs have been allowable for tax relief, however, new restrictions on finance costs mean that landlords are no longer allowed to deduct all of their finance costs from their rental income to calculate their property profits. The restrictions are being gradually phased in, beginning in the 2017 to 2018 tax year…Read More

New tax year, new allowances

While the 6th of April may be just another Saturday to most people, it marks the start of a new UK tax year. On the most part, this means higher minimum wages and higher allowances! Below is a short summary of some of the changes that are most likely to impact employees, the self-employed and…Read More

Pension

What should I consider when making a pension contribution? Annual Allowance There is a limit to the amount that can be contributed to your pension each year while still receiving tax relief. This limit is known as the ‘Annual Allowance’ and is capped at £40,000. The annual allowance applies to all schemes you belong to…Read More

Trading allowance

£1,000 trading allowance: What is it? HMRC introduced what is known as the ‘Trading allowance’ in the 2017-18 tax year in order to reduce the total amount of tax payable on income earnt from self-employment and other casual or miscellaneous sources i.e. Babysitting or Gardening. What does it mean? The trading allowance allows those who…Read More

How do I tell HMRC about undeclared rental income

When your parents or grandparents have to move into a care home the dilemma for many families is how they are to afford the fees that such a requirement dictates. Rent One of the most common answers to this dilemma is to rent out the residential property that their loved one has moved away from.…Read More

What counts as R&D

How to show that your project is R&D within the tax definition When you submit a claim, it helps if you give details of your project. The questions below will help you decide if your project is within our definition of R&D. If your claim clearly sets out how you approach these questions, it helps…Read More

Elvis Presley

I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.

Elvis Presley