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Tax and finance insights
Our take on the accounting issues that matter to you, including guidance on what tax rules mean in the real world and practical tips on running your business.
Property tax changes for non-UK residents
If you own property in the UK but are not UK-resident for tax purposes, you might already have seen the effects of recent changes to tax rules around letting and selling property. Those rules are still evolving, as the Government seeks to bring the system in line with the way residents pay tax on...
Saving time in your small business
Running your own business is rewarding, but it’s also a busy job. While you have the freedom to choose how and when you work, you also have the responsibility of making sure everything gets done, from sales and marketing to finance and stock control. That pressure can often be stressful to deal...
Reverse charge VAT for the construction industry
A change to the VAT system was set to take place on 1 October 2019 – but that’s now been pushed back to 2020. The news was welcomed by campaigners, who had argued that contractors and subcontractors in the construction industry needed more time to prepare. The Chartered Institute of Taxation said...
How is capital gains tax changing in 2020?
If you sell something that’s increased in value since you bought it, you may incur a capital gains tax charge, at 28% for residential property or 20% on other assets. That could apply to personal possessions that are worth £6,000 or more, shares that aren’t in an ISA or personal equity plan,...
Choosing an accountant
Perhaps you’re in the early stages of starting a business, or maybe you’ve been let down in the past by a substandard service. Whatever your reason for seeking a new accountant, your choice is likely to have lasting effects on you and your business. Selecting an accountant isn’t a decision to rush...
Starting a business
Self-employment has been the fastest-growing part of the UK labour force in recent years, with the number of sole traders and partnerships growing by 25% between 2000/01 and 2015/16. If you’ve got a business idea that you’ve tested and researched, and you’re ready to get started with your new...
MTD for VAT returns: first deadline on 7 August
On 7 August 2019, the first quarterly VAT returns under Making Tax Digital (MTD) will be due. This marks a key stage in the MTD programme, which became law on 1 April but will affect businesses at different times depending on their VAT return period. The August deadline applies if your business is...
IR35 changes in 2020: how to prepare
As announced in Budget 2018, reforms to IR35 in the private sector are set to take place from April 2020. This will mean instead of contractors being responsible for determining their own employment status for tax, the responsibility will lie with their client. It sounds like a relatively small...
Help-to-buy ISA: deadline to sign up approaches
Savers now have less than five months to open a help-to-buy ISA before the scheme is withdrawn for new entrants on 30 November 2019. If you open one before this date, you can keep saving into it, but you must claim the Government bonus by 1 December 2030. This could provide a much-needed boost to...
5 tips for planning your retirement strategy
With an ever-contracting state pension, an ageing population putting the system under pressure, and the decline of final salary workplace pensions, it’s more important than ever to actively plan the way you save for retirement. In April 2019, the lifetime allowance for pensions increased to...
Lettings relief in 2020: What’s changing?
If you’re a buy-to-let landlord, it’s likely you’re already familiar with several of the tax changes that have targeted the sector in recent years. But for those planning on selling their property in 2020 or later, there are more changes to come. One of these is a restriction to lettings relief,...
Estate planning: understanding the residence nil-rate band
Inheritance tax receipts continue to break records, with the Treasury netting an extra £164 million from the unpopular levy in 2018/19. Despite that, only around 4% of the wealthiest estates are liable to pay it. Part of that is down to efficient estate planning, and making full use of the...
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