Archive for the ‘Tax’ Category

Changes to probate in 2019

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

Controversial fee increase set to take place from April.

From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount.

This is because of a proposed change to the fees families must pay to administer the estate of someone who has died. (more…)

Partners hit by avoidable ISA tax charge

Posted on: February 11th, 2019 by Marcus Nallon No Comments

An unnecessary tax charge on inherited ISAs could be resulting in thousands of bereaved partners missing out on a tax break, according to research.

Introduced in 2015, the additional permitted subscription is available to the spouse or civil partner of an ISA holder who has died. (more…)

Dual-registration service passes 200,000 milestone

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

More than 200,000 startup owners have benefitted from a collaborative service that enables businesses to register for tax at the same time as registering their company.

The streamlined company registration service, which was announced by HMRC and Companies House in 2015, was launched to reduce the burden on business owners and their agents. (more…)

Letting a Furnished Holiday Property

Posted on: February 4th, 2019 by Leighton Reed No Comments

Following the government’s decision to restrict mortgage interest tax relief for individuals acting as buy-to-let landlords, many would-be property investors have started looking into the potential of purchasing, or letting out existing properties, as furnished holiday accommodation. Leighton Reed, Director at MHA Broomfield Alexander, looks at the pros and cons of furnished holiday lettings from a tax perspective. (more…)

Post Brexit Britain – Keep calm and keep preparing

Posted on: January 21st, 2019 by Linda Strange No Comments

Whilst the political furore continues following the vote on Mrs May’s Brexit Deal, and we wait to see the outcome of our democratic process, what can businesses do to carry out meaningful steps to protect their international trading activity?

What to do next to prepare for Brexit (more…)

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…)