Archive for the ‘Tax’ Category

Spring Statement 2019: A reassuring vision of business as usual

Posted on: March 15th, 2019 by Leighton Reed No Comments

Once again, Chancellor Philip Hammond has demonstrated his commitment to the principle of the Spring Statement as a low-key event, at least in terms of tax and public spending announcements.

With none of the pomp and circumstance of the Autumn Budget, Hammond stuck in large part to summarising key points from the updated economic forecast from the Office for Budget Responsibility (OBR). Though he presented the numbers with a flourish, the OBR was mildly pessimistic in its own presentation, especially around a reduced estimate for growth in 2019, down from 1.6% to 1.2%. (more…)

Capital Allowances

Posted on: March 11th, 2019 by Sarah Curzon No Comments

The 2018 Budget included announcements on the capital allowances that may be claimed by businesses, and changes to capital gains tax reliefs. (more…)

The politics of tax breaks

Posted on: March 5th, 2019 by Sarah Curzon No Comments

How did we end up with such a complex system of tax reliefs?

If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills.

(more…)

Preparing businesses for leaving the EU

Posted on: March 5th, 2019 by Leighton Reed No Comments

What can your firm do before 29 March 2019?

As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business.

(more…)

HMRC error hits early-paying self-assessment taxpayers

Posted on: March 4th, 2019 by Rachael Ball No Comments

HMRC admitted an error which saw hundreds of early-paying taxpayers wrongly issued with late-payment notices before the deadline for self-assessment tax returns.

The deadline for 2017/18 self-assessment submissions and any tax owed came and went at midnight on 31 January 2019, with £100 penalties in place for not filing on time. (more…)

Making Tax Digital for VAT: one month to go

Posted on: March 4th, 2019 by Judith Mallen No Comments

The first batch of VAT-registered businesses have less than a month to go until they enter into the Government’s Making Tax Digital (MTD) regime.

All VAT-registered businesses turning over more than £85,000 will be mandated into MTD by 1 October 2019, with the majority of firms adopting the scheme by 1 June 2019. (more…)

Top tips for navigating Making Tax Digital for VAT – what do I do next?

Posted on: February 21st, 2019 by Judith Mallen No Comments

As we get ever closer to the introduction of MTD for VAT, businesses and advisors are turning their minds to how to deal with this unpopular measure.

Below we provide answers to the most common questions. (more…)

Inheritance Tax, Trusts & Estates Essential Update

Posted on: February 15th, 2019 by Ruth Sadlier No Comments

Tax issues for deceased estates (more…)

Think tank proposes tax changes to save £7bn

Posted on: February 11th, 2019 by Leighton Reed No Comments

A think tank suggests that tightening up some existing wealth taxes and subsidies could help the Government save almost £7 billion a year by 2022/23.

Scrapping the lifetime and help-to-buy ISAs, reforming or replacing council tax, and clamping down on inheritance tax loopholes are among the suggestions made by the Resolution Foundation.

Other recommendations include making pensions tax relief more progressive and limiting entrepreneurs’ relief. (more…)

The risks of a tax investigation

Posted on: February 11th, 2019 by Rachael Ball No Comments

Will HMRC come knocking on your door?

It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce.

The likelihood of HMRC swooping to investigate your business’s tax affairs seems to be a particularly difficult risk to quantify. (more…)