Archive for the ‘Tax’ Category

For whom does VAT Toll?

Posted on: January 11th, 2018 by Liz Maher No Comments

Well the good news is that it doesn’t now apply to any tolls paid by commuters – business or personal – crossing on the Severn Bridges from the 8th January 2018. (more…)

Giving to charity in life and death

Posted on: January 10th, 2018 by Sarah Case No Comments

How to include charitable donations in your tax planning strategy.

Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on your estate.

As such, gifts may become an important component of both the estate planning process and the more immediate goals of reducing your income tax bill.

You can make charitable gifts at any time during your lifetime and posthumous gifts can be written into your will. (more…)

Disincorporation relief to end in March 2018

Posted on: January 10th, 2018 by Sarah Curzon No Comments

Disincorporation relief will not be extended beyond its 31 March 2018 expiry date.

The relief was introduced in April 2013 in a bid to remove the tax burdens when small business owners want to change from a limited company to a sole trader or partnership.

It allows companies to transfer certain assets, such as land, building and goodwill, to shareholders without incurring a corporation tax charge. (more…)

HMRC investigations

Posted on: January 10th, 2018 by Leighton Reed No Comments

What to expect when the Revenue comes knocking.

Anyone whose business comes under the Revenue’s microscope is usually in for a roller-coaster ride.

HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely reporting or underpaying tax. (more…)

HMRC stops use of personal credit cards to pay tax bills

Posted on: January 10th, 2018 by Sarah Curzon No Comments

HMRC is withdrawing the option to use a personal credit card to pay for tax returns, with the deadline for online submissions rapidly approaching.

The Revenue is withdrawing this facility on 13 January 2018, just weeks before any money owed for 2016/17 is due by midnight on 31 January 2018.

HMRC will continue to accept payment from business credit cards after 13 January 2018, although higher transaction fees will apply. (more…)

Following HMRC’s latest crackdown on restaurants, who’s next in 2018?

Posted on: January 9th, 2018 by Leighton Reed No Comments

Following the recent crackdown on restaurant businesses, which sector is going to be next to face inquiries from the taxman? HMRC teams are sequentially targeting different sectors of the economy as it looks for new sources of revenue.

The latest sign restaurant and takeaway businesses are being targeted is that they made up 19%* (25 of 133) of all the businesses and business owners ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ this month. The businesses named have already faced an investigation and the list is a good indicator of HMRC’s current sectoral focus. (more…)

Year End Tax Planning Guide 2017/18

Posted on: January 2nd, 2018 by Leighton Reed No Comments

Our national Tax team have worked together to create a 2017/18 Year End Tax Planning Guide. Our year end guide summarises some key tax and financial planning tips which should be considered prior to the end of the tax year on 5 April 2018 or for companies, the end of the financial year on 31 March 2018. (more…)

Claims for R&D tax credits hit record high

Posted on: November 30th, 2017 by Denise Roberts No Comments

Research and development (R&D) tax credit claims by small businesses climbed to £1.345 billion in 2015/16, according to HMRC.

The revenue recently released R&D data for the previous financial year that shows claims increased from £1 billion in 2014/15 to hit another record high last year.

The total number of claims for R&D credits in 2015/16 also rose to 26,225, with SMEs accounting for 21,865 of that figure – up 22% on 2014/15. (more…)

Online self-assessment: How to complete your self-assessment tax return online

Posted on: November 30th, 2017 by Sarah Curzon No Comments

For self-employed people, company directors and those receiving other sources of income, it’s the time of the year to send your self-assessment tax return.

Self-assessment is the process used by HMRC to collect tax from individuals who may own a business or receive income outside of formal employment.

A tax return is a form which accounts for all income an individual received during the tax year, which runs from 6 April to 5 April. This can be completed on paper or online. (more…)

More Maths for everyone?

Posted on: November 23rd, 2017 by Leighton Reed No Comments

The Chancellor presented his first Autumn Budget earlier and there were a few surprises as well as a few more gags. As part of the Government’s extra focus on the digital and tech sector and the recognistion that mathematics will play a key part of the growth in this important area, there will be cash incentives for more Maths teachers and additional maths students.  Maybe this was no surprise from “Spread-sheet Phil”.    (more…)