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End-of-Year Tax Planning Tips: Part One

Are you prepared for the end of the financial year, which falls on 5th April 2019? It is never too early to take stock of your tax position and check whether you’ve taken full advantage of the various reliefs available. There are several steps that can be taken which will reduce your tax bill –…Read More

Are You Ready for MTDfV?

From 1st April 2019, most VAT-registered businesses will need to keep digital records and utilise MTDfV-compatible software in order to file their VAT returns. Certain businesses have been granted a six-month deferral, and will not need to adhere to VAT obligations until 1st October 2019. In any case, it makes sense for all relevant companies…Read More

MTDfV Deadline Approaches: Is Your Business Ready?

HMRC’s Making Tax Digital for VAT (MTDfV) scheme goes live in April 2019, and will enforce a critical change in the way that businesses submit VAT returns. Most organisations will be required to file VAT returns under the terms of MTDfV from the 1st April 2019; however, a number of organisations have been given an…Read More

What Capital Allowances Can I Claim?

Business-related expenses are one of the best (and worst) things about working for yourself. On one hand, business owners have to find a way to deal with the initial outlay (which can have an effect on cash flow); but, on the other, it’s possible to save money in the long run by deducting eligible costs…Read More

What Are Capital Allowances?

When working for yourself – whether you run a company or are a sole trader – you’re likely to incur a number of business-related expenses. One of the bonuses of being self-employed is that you may be able to claim back some (if not all) of these costs. Business Expenses: Capital or Trading? During the…Read More

How to Pay Your Self-Assessment Tax Bill

When it comes to paying your tax bill, the practicalities of actually paying it (bank transfer, cheque, etc.) might be less worrying than the thought of handing over the cash! However, it still helps to look over the details: you could be fined if you miss a payment deadline due to a technicality (not realising…Read More

Filing Your Self-Assessment Tax Return: Top Tips for Success

The deadline for self-assessment returns is looming: if you’re required to file a return, you have until the end of January (midnight on the 31st) to submit the necessary information to HMRC. If you file your self-assessment return after the deadline, or if you make any errors, you run the risk of being fined –…Read More

PPR for Dependent Relatives

Owners who wish to dispose of a property and avoid paying capital gains tax on the profits will find the exemption offered by principal private residence relief (PPR) most attractive; but what about profits made from the sale of a property occupied by a dependent relative? In this blog, we’ll examine PPR a little more…Read More

Capital Gains Tax and Principal Private Residence Relief (PPR)

If you sell a property and it happens to be your main residence, you’re likely to be able to avoid capital gains tax charges due to a mechanism known as ‘principal private residence relief’ (PPR). In this blog, we’ll discuss some of the key elements of this relief, as well as a recent, relevant legal…Read More

Are Staff Parties Tax Deductible?

‘Tis the season to be jolly… which means that many offices are filled with chatter about upcoming winter social events! But are staff parties deductible, and what are the rules? The good news is that there are some incentives for limited companies putting on entertainment for their staff. HMRC state states that such events –…Read More

How Would a No-Deal Brexit Impact VAT?

The UK Prime Minister Theresa May’s proposed Brexit deal has beenhitting headlines in recent weeks. Whilst the official vote is set for 11th December, several senior members of the Conservative Party have already stepped down in light of the proposal – meaning that getting the deal through parliament might be trickier than May had envisaged.…Read More

How Brexit Could Affect UK Taxes

Brexit has been in the news constantly over the last few weeks as UK and EU representatives try to hash out a deal. At the time of writing, Theresa May’s proposal has not yet been voted on in parliament – but whether the government as a whole agree with the deal or not, there are…Read More

Energy Policy Changes That Could Impact UK Businesses

Climate Change has been in the news a great deal recently, largely due to the Intergovernmental Panel report which contained urgent warnings about the global need to reduce carbon emissions. Whilst the Autumn Budget did not explicitly address this topical issue, there were several energy policy changes that we will discuss in this blog. Announcements included…Read More

VAT and Making Tax Digital: FAQs (Part Three)

All VAT-registered businesses need to prepare for the upcoming changes demanded by the government’s Making Tax Digital scheme, which will apply from April 2019. Under the new rules, businesses will need to keep comprehensive digital records and file taxes online. This blog is part of a series covering common questions around VAT and Making Tax…Read More

Autumn Budget Review 2018: Individual Finances

Despite some speculation before the Budget was announced, there were no big surprises in store for UK-based individuals in Philip Hammond’s plans. However, there were a number of things to note with regard to individual finances, which we will explore in this budget review. Budget Review: Personal Allowance, CGT and Savings Income Whilst no changes…Read More

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