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Defined contribution pensions and tax
A guide to the tax implications of accessing your pension. After decades of contributing to a defined contribution pension and watching it grow, there comes a point when an individual’s working life ends and their retirement begins. Your pension savings are likely to be the primary financial tool that you have to ensure you live…
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VAT flat rate changes
Changes to the VAT flat rate scheme could have significant effects on the tax liability of small businesses that currently make use of the scheme. The flat rate scheme simplifies the process of calculating how much VAT a business needs to pay or claim back from HMRC. It introduces a fixed rate of VAT and…
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Tax and finance changes for 2017
A number of tax and finance changes are set to take place in 2017. It is important to start planning ahead of time so that you take advantage of any opportunities available. Some of the changes are in the process of being legislated through parliament and may be subject to change.
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Self-assessment reminder
The deadline to submit your online tax return for 2015/16 is no later than midnight on 31 January 2017.
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Self-assessment – how and when?
How and when to complete your self-assessment tax return. HMRC uses self-assessment to collect tax from individuals who run their own businesses or if they receive income that is not taxed through PAYE.
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Property income and tax – what you need to know
There are many ways to earn an income from property such as residential properties, furnished holiday lettings, commercial properties and renting out a room in your house. The exact tax treatment and allowable expenses will differ depending on the type of property you own and your level of income.
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Workplace pensions £17b
£17 billion extra a year will be saved into workplace pensions as a result of auto-enrolment by 2019/20, according to the Department for Work and Pensions.
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Business rate changes April 2017
Two changes to business rates are due to come into effect from 1 April 2017.
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Small business finance options
Small businesses that have been rejected for finance by banks may be matched with alternative finance providers under a government scheme.
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Autumn Statement 2016
Chancellor Philip Hammond delivered Autumn Statement 2016 to parliament on 23 November 2016.
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Starting a business
Things to consider when starting a business. Last year 608,110 businesses were incorporated according to data from Companies House. This is a year-on-year increase of 26,937 on the 581,173 businesses started in 2014. However, figures from the Office for National Statistics show that 55% of new businesses fail within 5 years. In order to avoid…
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IHT and the nil-rate band
A detailed guide to the residence nil-rate band for inheritance tax. The rise in property prices throughout the UK means that even those with modest assets may find that their estate exceeds the £325,000 nil-rate band for inheritance tax (IHT). The percentage of properties sold for more than £325,000 has doubled since the current nil-rate…
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Autumn Statement 2016
Chancellor Philip Hammond is due to deliver his Autumn Statement on 23 November 2016. Speaking at the Conservative party conference in October, Hammond said the government will prioritise spending on housing and business investment to boost the economy. Here is a round-up of some of the potential measures that could be announced.
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Higher earning parents use flexible working
Parents who earn more are more likely to work flexibly, according to the charity Working Families. 69% of parents who earn more than £70,000 a year work in a flexible way, compared to 47% of those earning between £10,000 and £40,000. More than two thirds (68%) of all working parents said their work interferes with…
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Businesses lack export ambition
Most businesses don’t currently export and don’t intend to start, according to research by the Institute of Chartered Accountants in England and Wales (ICAEW). 69% of businesses have never traded overseas and have no plans to do so in the future despite high-profile government campaigns.
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Pension reforms could cost £5 billion
The pension reforms introduced by George Osborne could cost £5 billion and push house prices up in the long term, according to the Office for Budget Responsibility (OBR).
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VAT after Brexit
What could happen to VAT after the UK has left the European Union? On 23 June 2016, the British public voted in one of the most important referendums of modern times. The public’s decision to leave the EU will have an impact on almost every aspect of economic life. Trading relationships will need to be…
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Employee benefits & rewarding staff
A guide to rewarding your staff and the tax treatment of employee benefits. Many of us do not really think about the commitment that employees make to their employers in terms of time. The average 9 – 5 worker with their 5.6 weeks of statutory holiday is likely to work around 1,880 hours a year.…
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Paper tax return deadline
The deadline to submit your self-assessment paper tax return for the 2015/16 tax year is 31 October 2016. Tax returns must account for all income received during each tax year running from 6 April to 5 April.
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Tax-free childcare scheme 2017
The government’s tax-free childcare scheme is due to launch in early 2017. As part of the scheme, parents will be able to set up an online account with HMRC to pay for childcare with a registered provider. The government will top up the account by 20% up to a total of £10,000. The maximum government…
