With the summer behind us, and the arrival of autumn's shorter days, we've started thinking and planning ahead.
Christmas is on the horizon and so also, inevitably, is the 31 January midnight deadline for filing your online Self Assessment tax return for the tax year ending 5 April 2017.
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Continue ReadingChanges to the Flat Rate VAT Scheme come into force this April. It is important to understand these changes especially if you already operate the scheme or are considering using the FRS.
Continue ReadingThe restrictions on residential property interest will soon start to apply. As the legislation introducing these changes is now fully in place, our latest blog post will illustrate to you how the restrictions will work and what to particularly watch out for.
Continue ReadingThere is a variety of tax reliefs available to small companies which are advocated by HMRC and can be used to save tax through clear and authorised methods. One such scheme is Research and Development (R&D) tax relief. This is a government incentive designed to encourage innovation by UK businesses. R&D tax relief can be equivalent to up to 33p for every £1 spent on qualifying expenditure.
Continue ReadingAuto-enrolment is the term for the automatic enrolment of employees into workplace pension schemes.
What Is IR35? There is a lot of information about IR35 and urban myths of which many aren’t true.
Continue ReadingFrom 6 April 2016, there have been a number of changes in the way that savings income, including interest and dividends, is taxed. As with all tax changes, there will be new opportunities for taxpayers to reduce their tax burden by ensuring that their affairs are structured efficiently. The changes have been billed as a simplification which would lift many taxpayers out of self-assessment. However, whilst the changes will bring simplification for some, they will also mean that others need to complete a tax return, where they did not before.
Continue ReadingBuy to let landlords of UK residential properties have been bombarded with tax changes in the last year.
In the past, letting residential property (even by individuals) was treated as a ‘property business’ for the purposes of calculating the taxable profit. Therefore, on normal business tax rules, interest paid on a loan used to purchase a property which is let, was deducted from the rental income received in the property business. For individuals who are landlords, the Government has changed this longstanding rule.
Continue ReadingSteve Wiltshire gives an overview of the implications of Financial Reporting Standards 102 to 105.
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