Category Archives: Tax

The most common misconceptions about Inheritance Tax, and why you may need to start planning

The huge increases in house prices over recent decades has been one of the main reasons why inheritance tax has started to hit more and more ordinary people. Understanding Inheritance tax and how you may be affected by it, is vital. If you begin planning for it now, you avoid passing a tax bill onto…

New rules for non UK Residents regarding CGT property disposals

capital gains tax, UK commercial property, UK residential property, HMRC

HM Revenue & Customs have extended the rules that previously applied to non UK residents in respect of UK residential property to UK commercial property also. This change to the rules means that from April 2019 all UK property disposals made by non-resident individual, whether directly or potentially indirectly through a company or trust, require…

Year-end Capital Tax planning

Capital gains exemption, inheritance tax

Have you used your 2018/19 £11,700 annual capital gains exemption?  Consider selling shares where the gain is less than £11,700 before 6 April 2019. In addition, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your…

Year-end Pension Planning

pension allowance, tax relief

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the…

No deal Brexit – What about VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to…

Ignore Making Tax Digital at your peril!

Xero, HMRC, VAT

Less than 6 months now to go until tax gets digital via H M Revenue and Customs’ (HMRC) “Making Tax Digital” initiative. Yet a huge 40% of the affected businesses know nothing about it and have made no plans to conform with the new requirements for submission of their VAT Returns. From 1 April 2019…

Find Out How Cloud Accounting Can Make MTD a Smoother Transition

Making Tax Digital

Technological hitches and Brexit-related delays aside, Making Tax Digital (MTD) is going to happen. One way or another, the UK’s tax system is going digital, and it’s vitally important that you take the correct measures now to avoid scrambling at the last minute two years from now. In this brief blog post, we explain why…

Should I buy machinery and equipment before the accounting year ends?

As another financial year draws to a close, you might be wondering if now’s the time to make a last-minute capital purchase. No matter how much money your business is turning over, purchasing new equipment is a big call and one that shouldn’t be solely dictated by the time of the year. Depending on the…