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
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
Landlords have been subject to a number of significant tax changes in recent times, including restrictions in the allowability of finance costs for tax purposes, which are being phased in between 2017/18 and 2020/21. With this in mind, many are contemplating the potential advantages of furnished holiday lettings (FHLs). Here we outline some key areas … Read more Furnished holiday lettings – a tax-free alternative?
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
Business urges government to reform Apprenticeship Levy In response to the publication of official apprenticeship statistics, business groups have urged the government to reform the Apprenticeship Levy. The organisations, including the Confederation of British Industry (CBI), the Institute of Directors (IoD) and the Federation of Small Businesses (FSB) have called on the government to reform … Read more Business and Tax Round-up
Due to the Common Reporting Standard, HMRC now receives much more information regarding overseas accounts than it has received in the past. This access to information invariably has raised consequences of non-disclosure. There is an opportunity to take remedial action before 30 September 2018 under what is known as the Requirement to Correct (RTC). This … Read more Worldwide Income & Capital Gains and the Requirement to Correct
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?
OTS publishes review into simplifying the taxation of savings income The Office of Tax Simplification (OTS) recently published a detailed review into the taxation of savings income. The OTS’s stated aim was to review the application of the tax system to savings and investment income, and highlight ways in which any ‘real complexities’ can be … Read more Tax Round-up
HMRC recently issued a warning over the latest tax refund scam to affect taxpayers. Fraudsters are currently using emails and SMS messages to target individuals by promising them a tax rebate and tricking them into disclosing their personal and banking details. However, HMRC has confirmed that it will only ever inform taxpayers of any tax … Read more Taxpayer Beware: HMRC Warns Over Tax Refund Scams
If your business is performing well and making a healthy profit, you may be looking at funding options to grow and develop your business. It’s also important to ensure that you are making the most of the available tax reliefs and incentives. Here we consider some key financial pointers that could help you to take … Read more Funding Your Business’s Needs