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.

The personal savings allowance

  The personal savings allowance The 2016/17 tax year saw the government provide a major tax boost to savers. Before April 2016 all savings income was taxed at the marginal rate. Now, savers can enjoy reductions in their tax bills thanks to the personal savings allowance. What is the...

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Budget 2017: How will it affect your business?

Budget 2017: How will it affect your business? Chancellor Phillip Hammond’s first and last spring Budget statement was a relatively low-key affair. There were little in the way of headline-making announcements (not counting the speedy U-turn on the proposed increases to self-employed national...

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Lifetime ISAs

The Lifetime ISA is (LISA) the government’s latest innovation in the savings account market and forms part of the government’s strategy to make it easier for young people to save for the future. Announced a year ago during Budget 2016, the Lifetime ISA aims to incentivise saving towards house...

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Personal finance: changes in the 2017/18 tax year

  Personal finance: changes in the 2017/18 tax year   As we enter the final months of the 2016/17 tax year, our attention begins to turn to what the next financial year has in store. With several important changes on the horizon, it’s important that you begin to plan your finances for...

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IR35: personal service companies

IR35: personal service companies If you’re a contractor operating your own limited company, you’ve probably heard of personal service companies. Understanding the term is essential when calculating your tax liability under IR35, legislation introduced to distinguish between employees of a company...

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Inheritance tax: the main residence allowance

The 2017/18 financial year will see the introduction of the residence nil-rate band (RNRB) for inheritance tax (IHT). The measure will enable owners of residential property to increase their nil-rate band and minimise their exposure to IHT. What is the main residence nil-rate band? The RNRB will...

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Changes to non-domicile taxation

  To the surprise of many, George Osborne’s 2015 summer budget statement contained a proposal to review the way non-domiciled UK residents are taxed on their income. For a while there was a lack of clarity over what was going to be included in the government’s draft legislation. However...

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