Archive for the ‘Tax’ Category

OTS calls for inheritance tax system to be digitised

Posted on: January 9th, 2019 by Sarah Curzon No Comments

The Office for Tax Simplification (OTS) has urged the Government to implement a digital system for inheritance tax, following complaints the current form-filling system is too complex. 

On average, there are around 570,000 deaths in the UK every year, although inheritance tax is due on less than 5% of estates.  (more…)

HMRC ramps up investigations into professional football players – up 90% in just a year

Posted on: January 8th, 2019 by Leighton Reed No Comments

HMRC is currently investigating 171* professional football players, up 90% from just 90 players under investigation in September 2017, as it looks to crackdown on the misuse of image rights payments and increase revenues from the industry.

HMRC has already collected £332m in additional revenues from investigations into the football industry in the last two years alone. 44 league clubs and 31 football agents are also currently being investigated.   (more…)

Claims for R&D tax credits hit record high

Posted on: December 10th, 2018 by Denise Roberts No Comments

Research and development (R&D) tax credit claims provide £3.7bn of relief in 2016/17, according to HMRC released statistics.

The revenue recently released R&D data for the previous financial year which shows that R&D claims continue to provide valuable benefits to companies undertaking R&D. The total amount of R&D support claimed by businesses has increased by 25% bringing totals for 2016/17 to £3.7bn, to hit another record high last year. (more…)

Top tips for Making Tax Digital

Posted on: December 7th, 2018 by Judith Mallen No Comments

All businesses that are VAT registered with a turnover over £85,000 will need to submit their VAT returns using accounting software from 1 April 2019, however,  there has been a delay until 1 October 2019 for some businesses (further details of these businesses can be found below). (more…)

Higher-rate earners hit by national insurance rise

Posted on: December 3rd, 2018 by Leighton Reed No Comments

Individuals set to benefit from an increase to the higher-rate threshold in 2019 will only see half of the tax reduction expected, as a result of a Budget measure not mentioned in the Chancellor’s speech.

In Budget 2018, the Chancellor announced that the higher-rate income tax threshold would increase from £46,350 to £50,000 in 2019/20. (more…)

IR35 reforms to be extended to the private sector

Posted on: December 3rd, 2018 by Nathalie Waterfield No Comments

Contractors could face a higher tax bill from April 2020 when reforms to IR35 legislation are set to take effect in the private sector.

This is expected to raise more than £3 billion between 2020 and 2024, as self-employed individuals who fall within the rules, and the businesses engaging them, will face a higher tax charge. (more…)

Annual investment allowance to rise to £1m

Posted on: December 3rd, 2018 by Marcus Nallon No Comments

The annual investment allowance is set to temporarily increase from £200,000 to £1 million, allowing businesses to gain more tax relief on their investments.

This will take effect from 1 January 2019 and remain in place until 31 December 2020, after which it is due to revert back to £200,000. (more…)

Planning your estate: wills

Posted on: December 3rd, 2018 by Sarah Curzon No Comments

How to plan and make a legally valid will.

Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend.

Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones. (more…)

Completing your self-assessment tax return

Posted on: December 3rd, 2018 by Rachael Ball No Comments

What you need to know before filing self-assessment for 2017/18.

It’s a common scenario.

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

Then the weeks start to fly by, Christmas comes and goes, and soon you’re planning for the New Year and getting back to work as normal. (more…)

Inheritance tax comes under the microscope

Posted on: November 9th, 2018 by Sarah Curzon No Comments

Sarah Curzon MHA Broomfield Alexander, With inheritance tax back in the spotlight, Sarah Curzon, director at MHA Broomfield Alexander, Inheritance TaxWith inheritance tax back in the spotlight, Sarah Curzon, director at MHA Broomfield Alexander, explores the figures behind it and why there are calls for a step-change in the way it’s levied.   (more…)