HMRC Delays Making Tax Digital

HMRC has today announced significant changes to the roll-out of its Making Tax Digital scheme, which was due to go live from April 2018. The scope and timetable have now been pushed back following feedback and concerns about the broad scope and short timescales from parliamentary bodies, businesses, the accounting profession and software companies, including Xero. Only businesses with a […]

Trusts and Tax Planning

An introduction to the relationship between trusts and tax. Trusts are a legal arrangement whereby assets are placed into the care of an individual who manages them for the benefit of someone else. For the person placing the assets into the trust, they know that they are being properly looked after until they come under legal control of the person […]

SME borrowing set to rise in 2017

SME borrowing is projected to rise 22% in 2017, according to Zurich. The survey of 1,000 SME owners showed that firms are planning to borrow an average of £41,770. This would see lending to SMEs rise to over £50 billion in 2017. Anne Griffiths, head of SME proposition at Zurich, said: “Borrowing can often be indicative of confidence, and increased […]

Self-assessment reminder

Self-assessment reminder The deadline to submit your online tax return for 2015/16 is no later than midnight on 31 January 2017. Here are the 5 step guide necessary to complete self-assessment on time. 1.     Information you need You’ll need your most up to date records at hand, including: business expenses PAYE records (if applicable) VAT records (if applicable) personal income […]

Property income and tax

Property income and tax Tax, reliefs and allowances on different types of property income. There are many ways to earn an income from property such as residential properties, furnished holiday lettings, commercial properties and renting out a room in your house. The exact tax treatment and allowable expenses will differ depending on the type of property you own and your […]

National insurance planning

National insurance planning An overview of the types of national insurance and advice on how to make sure you don’t pay too much. Since its introduction in 1911, national insurance (NI) has changed from a form of protection against ill-health and unemployment to include a wider range of benefits. Today it helps people build entitlement to the state pension and […]

Inheritance tax receipts up by a fifth

Inheritance tax (IHT) receipts totalled £4.7 billion in 2015/16, a 22% increase on the previous year.  Without taking inflation into account, this is the highest receipts have been since the IHT system was introduced in 1986. The Office for National Statistics cites several reasons for the rise: Property prices Property makes up around 30% of the value of taxpaying estates. […]

Capital Gains Tax Planning

A guide to capital gains tax and allowances for 2016/17. Selling something you own for more than you originally bought it for is the basis of doing ‘good business’ in terms of both personal and business finance. Depending on the profit that an individual or organisation makes on the sale of their asset, they may become liable to pay capital […]

Second payment on account – reminder

The deadline for the second payment on account for tax paid through self-assessment is 31 July 2016. Payment is required if the tax bill is more than £1,000, unless you’ve already paid more than 80% of all tax you owe. 2 payments are due each year – on 31 January and 31 July. Each payment is half of the previous […]