News

Do you pay tax on assets or cash you inherit?

11/10/2017 – As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT nil rate threshold of £325,000. There is also a new IHT main residence nil-rate band … More...

Tax implications on divorce or separation

11/10/2017 – When a couple is separating or divorced it is unlikely that they are thinking about the tax implications. However, as the dust begins to settle it is important that the tax consequences of the break-up are given proper consideration. Whilst income tax does not automatically cause an issue for separating couples, as it is an individually … More...

Land Registry property alert service

11/10/2017 – HM Land Registry's property alert service is a free (for up to 10 registered properties) service to help protect property from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties, where there is a concern that it might be subject to a fraudulent sale or mortgage. The property … More...

Check your National Insurance record online

11/10/2017 – HMRC offers an online service to check your National Insurance record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax … More...

Employing someone to work in your home

11/10/2017 – When you employ someone to work in your home, it is your responsibility to meet their employee's rights and deduct the correct amount of tax from their salary. This can include domestic staff such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed or paid through an agency. If you employ … More...

Capital allowances when you sell an asset

11/10/2017 – Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of their taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc, last for a reasonably long time and the tax rules do not allow you to automatically deduct the full … More...

Christmas party and other social events

04/10/2017 – In a recent newsletter we looked at the tax implications of giving Christmas gifts to your staff and the complications that can arise. In this newsletter, we will take a look at the tax breaks available for staff Christmas party or similar annual events. In general, the cost of a staff party or other annual entertainment is allowed as a … More...

Landlords’ finance charges restrictions

04/10/2017 – The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The tax relief on mortgage costs used to buy investment properties is gradually being restricted to the basic rate of tax. Landlords of … More...

Self-Assessment e-filing deadline

04/10/2017 – As existing Self-Assessment tax filers will be aware, the deadline for online submission of your 2016-17 Self-Assessment tax return is 31 January 2018. This is also the date that the payment is due for the balance of any Self-Assessment liability for 2016-17, and the due date for any payment on account due for the current 2017-18 tax … More...

Benefits and limitations of the VAT Flat Rate Scheme

04/10/2017 – The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation. Using the FRS, you simply pay VAT as a fixed percentage of your VAT inclusive turnover. The actual percentage you use depends on your type of business. … More...

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