Entrepreneurs’ Relief (ER) is available to taxpayers on the disposal of the whole or part of their business. ER means that you pay capital gains tax (CGT) at a rate of 10% rather than 20%, subject to a lifetime limit of £10 million. Following the 2018 Autumn Budget, new conditions have been introduced to ensure … Read more Entrepreneurs’ Relief: an update
Retaining staff can sometimes prove to be challenging. One recent report found that UK workers change job, on average, every five years – and that millennials could have been through four different jobs by the time they reach the age of 31. Here, we take a look at ways in which you can help ensure … Read more Retaining staff: key areas to consider
In the 2018 Autumn Budget, Chancellor Philip Hammond announced a new capital allowance, the Structures and Buildings Allowance (SBA). The new SBA gives relief for expenditure on certain structures and buildings. Since the abolition of the Industrial and Agricultural Buildings Allowances no relief has been available for most structures and buildings. The SBA addresses the … Read more The new Structures and Buildings Allowance
With the end of the 2018/19 tax year fast approaching, now is a good time to review your finances to ensure you are making full use of the available allowances and minimising your tax liability. Personal planning Maximising the personal allowance The basic income tax personal allowance (PA) for an individual is set at £11,850 … Read more Top planning tips for the year end
Are you ready for Making Tax Digital (MTD) for VAT? Making Tax Digital is the biggest change to the UK tax system in decades. From 1 April 2019, VAT registered businesses and sole traders with a taxable turnover above the VAT threshold of £85,000 will be required to keep digital VAT records and file VAT … Read more Making Tax Digital – are you ready?
The latest NLP newsletters have been published this week. As ever, there are two newsletters covering key developments in personal and business finance. The Personal Tax Newsletter includes articles about planning for Inheritance Tax and Pensions tax relief. Landlords will find information about furnished holiday lettings and how they can be used as a tax-free … Read more Read the Latest NLP Newsletters
Government scraps its plans to abolish Class 2 NICs The government recently scrapped its plans to abolish Class 2 national insurance contributions (NICs). They were originally due to be abolished in April 2018, but the plans were delayed for a year until April 2019. The government has now announced that Class 2 NICs will not be … Read more Business and Tax Round-up
The latest NLP newsletters have been published today. As ever, there are two newsletters covering key developments in personal and business finance respectively. The Personal Tax Newsletter contains vital information regarding the Requirement to Correct. Anyone with undeclared overseas income has until the 30th of September to amend their records. The mailout also covers recent … Read more Read the Latest NLP Newsletters
The government’s landmark Making Tax Digital (MTD) for business initiative is set to take effect from 1 April 2019, beginning with MTD for VAT. Here, we take a look at the latest position, and consider the recent delay to some of HMRC’s new digital services. MTD for business: an overview The MTD for business initiative … Read more Making Tax Digital: Where Are We Now?
As the nation digests the reality of an EU exit and with Prime Minister David Cameron handing in his resignation, we now face a period of uncertainty in both our business and our personal affairs. It is important for us to turn our attention towards how Brexit will affect key accountancy issues, including tax and help … Read more UK votes to leave EU – What next?