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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.
Entrepreneurs’ relief changes from April 2019
For people selling a business, entrepreneurs’ relief can reduce the amount of capital gains tax (CGT) that has to be paid on any profit made from the sale. According to Government figures, the relief is taken up by around 50,000 individuals every year, with the average claimant benefiting by...
Spring statement round-up
For the second year running, the Spring Statement has been as low-key as expected, with only a few substantial announcements. Delivering the speech on 13 March 2019, Chancellor Philip Hammond focused heavily on the forecasts for the UK economy provided by the Office for Budget Responsibility – and...
New tax year: changes for employers
With a few weeks to go before the new tax year begins on 6 April 2019, it’s a good time to recap the upcoming changes and make sure you’re prepared. If you’re an employer, there are a few updates to be aware of – including changes to wages, pensions and benefits in kind – and you’ll need to take...
Annual Investment Allowance
Since the start of the year, businesses have seen a boost to the amount they can invest in plant and machinery, thanks to a temporary increase to the Annual Investment Allowance (AIA). This was announced in Budget 2018, and meant that the AIA increased from £200,000 to £1 million from 1 January...
Should you set up a limited company for your rental business?
Several tax changes in recent years have seen many residential landlords reconsidering the way their rental business is structured. In particular, recent reductions to mortgage interest relief could make it worthwhile for some landlords to set up their business as a limited company. Where...
Making Tax Digital for VAT: deadline reminder
It’s a matter of months before thousands of businesses will be required to take part in the Government’s new programme, Making Tax Digital (MTD) for VAT. If your business is VAT-registered and has annual taxable turnover above £85,000, you could be included from as early as 1 April 2019. That...
4 commonly reported phishing scams
With Christmas over and the self-assessment deadline fast approaching, January can be a busy time for many taxpayers. Unfortunately, many phishing scams use tax-related stress to their advantage at this time of year, so it’s important to be wary of any messages that ask for your personal or...
Personal tax planning for 2019/20
With various different tax rates and thresholds for income, and new rules and exceptions being created all the time, the tax system is undeniably complex. That makes planning seem a difficult task, but it’s worth taking the time to make sure your tax arrangements are as efficient as they can be....
How to file your 2017/18 tax return
As we approach the final months of 2018, self-assessment season relating to 2017/18 is getting ever closer. For paper returns, the deadline is imminent – on 31 October 2018 – but with only around 7% of people now using this method, it’s likely you’ll be filing yours online instead. If that’s the...
Business tax planning for 2019/20
As the end of the year draws closer, it’s a good idea to look ahead to what’s in store for your business when the new tax year begins in April 2019. Identifying the changes that could affect your business is the first step towards making an effective plan for the year ahead and minimising your tax...
Budget 2018: personal round-up
While this year’s Budget was an eventful one for businesses, it contained few major announcements for savers and investors. This could come as a relief for some, after rumoured cuts to pension tax relief proved to be false. At the same time, it could be a source of frustration for those who were...
Budget 2018: business round-up
Business was arguably the main focus of the Chancellor’s Budget announcements on 29 October 2018, with a series of measures targeted at supporting high streets, entrepreneurs and growing firms. While this was good news for the businesses concerned, contractors and landlords saw some less welcome...
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