by admin | Jan 2, 2020 | Uncategorized
Changes to Property Taxation – 2017 to 2020 2017 Income Tax – Restriction of finance costs for individual landlords In his 2015 post-election summer Budget, George Osborne informed residential landlords that from April 2017 their ability to claim higher...
by admin | Jan 2, 2020 | Uncategorized
Tax Return Tips The 2018/19 self-assessment tax return must be filed online by midnight on 31 January 2020 if a late filing penalty is to be avoided. What can you do to help ensure this deadline is not missed? Help us to help you The tax return season is a very busy...
by admin | Jan 2, 2020 | Uncategorized
Is the VAT flat rate scheme still worthwhile for limited cost businesses? The VAT flat rate scheme is a simplified VAT scheme for smaller traders which allows them to work out the VAT they pay over to HMRC as a fixed percentage of their VAT-inclusive turnover. The...
by admin | Jan 2, 2020 | Uncategorized
Off-payroll working – plan ahead for the changes The tax playing field is not a level one – the tax and National Insurance take where a worker is employed is higher than that where that worker provides his or her services through a personal service company...
by admin | Dec 2, 2019 | Uncategorized
MTD – announces more time for digital links…what does this mean? On 17 October HMRC made a much-welcomed announcement that some businesses will qualify for an extension to the MTD for VAT (MTDfV) existing twelve months ‘soft-landing’ period....
by admin | Dec 2, 2019 | Uncategorized
Beware the trivial benefits gift card trap The tax exemption for trivial benefits is a handy exemption as it allows employers to provide employees with low cost benefits tax-free. However, where the benefit is in the form of the gift card, it is easy to fall foul of...
by admin | Dec 2, 2019 | Uncategorized
Voluntary NICs – Should you pay? The single-tier state pension is payable to individuals who reach state pension age on or after 6 April 2016. Entitlement to the state pension is dependent on having been paid or credited with sufficient National Insurance...
by admin | Dec 2, 2019 | Uncategorized
Starting a business? Remember to claim relief for pre-trading expenses When starting a business, whether as a sole trader, a company or in partnership, there is inevitably a preparatory period before trading commences during which expenditure is incurred in setting up...
by admin | Nov 1, 2019 | Uncategorized
Can you claim small business rate relief? Business rates are payable on non-domestic properties such as offices, shops and factories. The rates are worked out on the rateable value of the property, but there are various reliefs available including small business rate...
by admin | Nov 1, 2019 | Uncategorized
File your tax return by 30 December The 2018/19 self-assessment tax return must be filed online by midnight on 31 January 2020 if a late filing penalty is to be avoided. A later deadline applies where the notice to file a return was not given until after 31 October...
by admin | Nov 1, 2019 | Uncategorized
Parties and Presents The taxman is not entirely lacking in Christmas spirit and the tax system features a number of exemptions which enable employers to put on a party for staff or to give employees a seasonal gift without triggering an unwanted tax liability....
by admin | Oct 1, 2019 | Uncategorized
Have you got your EORI number? UK businesses will need an ‘Economic Operator Registration Identification’ (EORI) number to trade with the EU after Brexit. If there is a ‘no-deal’ Brexit In the event that the UK leaves the EU on 31 October 2019...
by admin | Oct 1, 2019 | Uncategorized
Happy anniversary — auto-enrolment’s third anniversary obligations Auto-enrolment is now up well and truly up and running, and the obligations that it imposes on employers are on-going. The most notable being, employers must undertake a re-enrolment and...
by admin | Oct 1, 2019 | Uncategorized
Outstanding director’s loan – clear the loan or pay the ‘Section 455’ charge? As a company approaches its corporation tax due date, a decision needs to be taken whether to clear any director’s loan account balance remaining outstanding...
by admin | Oct 1, 2019 | Uncategorized
Beat the changes to main residence ancillary reliefs From 6 April 2020, two of the reliefs associated with the Capital Gains Tax (CGT) main residence relief are to be significantly curtailed. Therefore, if you are likely to be affected and are currently considering...
by admin | Sep 6, 2019 | Uncategorized
Loan Charge Reporting Requirements – Navigating the Minefield You will no doubt be aware the loan charge is upon us, and this article highlights what you need to know. UPDATE: Since this article was written, Boris Johnson has announced a review into the...
by admin | Sep 6, 2019 | Uncategorized
Off-Payroll Working in The Private Sector – The Ticking Timebomb While you might have been entertained over the last two years by the IR35-related tribunals involving celebrities such as Lorraine Kelly and Christa Ackroyd, a more significant issue closer to home...
by admin | Sep 6, 2019 | Uncategorized
A One Year Tax Break for Zero Emission Company Cars The UK government recently announced its intention to exempt newly registered zero-emission company cars from a benefit in kind tax charge for one year from April 2020. This exemption underlines the key role that the...
by admin | Sep 6, 2019 | Uncategorized
The CIS Reverse Charge – Waking the Slumbering Giant UPDATE: Since this article was written, HMRC has, in a carefully worded brief, announced the postponement of the introduction of domestic reverse charge for construction services for 12 months...
by admin | Jul 22, 2019 | Uncategorized
Improve Task Organisation with this Simple Concept. The daily grind, for so many, can feel like a constant juggling act. You attempt to balance work, household chores, bills, family – and hopefully some leisure in between if there’s any time leftover. Trying to...
by admin | Jul 22, 2019 | Uncategorized
Latest Employer Bulletin The latest edition of HMRC’s Employee Bulletin was issued in June. Topics covered in the bi-monthly magazine, include some of the following: Guidance for employers to help their employees with tax-free childcare for the summer holidays. Advice...
by admin | Jul 22, 2019 | Uncategorized
Workforce Preparations for Brexit The government has advised that EU citizens who wish to continue to work, live, or study in the UK, after it leaves the EU on 31 December 2020, should apply to the EU Settlement Scheme (EUSS). An employer toolkit is available to...
by admin | Jul 22, 2019 | Uncategorized
New Measures to Ensure Small Businesses Get Paid on Time A new government measure has been released to target the late payments of large businesses to smaller businesses. The proposal by the Department for Business, Energy & Industrial Strategy, Small Business...
by admin | Jul 22, 2019 | Uncategorized
New Tool Launched by the Department for International Trade A new tool has been released, which aims to assist international investors who are interested in setting up or expanding their operations in the UK. The UK Investment Support Directory tool allows potential...
by admin | Jul 22, 2019 | Uncategorized
Loan Charge Reporting Requirements: Navigating the Minefield Unless you’ve been operating in a complete vacuum, you will no doubt be aware that the loan charge is upon us. However, you might not be quite so clear on what it is and what you really need to know. What’s...
by admin | Jul 22, 2019 | Uncategorized
It’s That Time of Year Again! At this time of every year, HM Revenue and Customs embark on a massive computerised reconciliation process. This is to check that those with PAYE records, but not in self-assessment, have paid the right amount of tax in the preceding tax...
by admin | Jul 22, 2019 | Uncategorized
It’s good for businesses to know that HMRC expects them to record digitally for every individual invoice, no matter how minor and inconsequential it might be. This stands irrespective of the fact that a business’s clients might make a single monthly payment against a...
by admin | Jun 21, 2019 | Uncategorized
The use of the smartphone has changed dramatically over the past decade: it has gone from being merely a gadget to being an increasingly used and increasingly important lifestyle and business tool. A report by Ofcom (the UK regulator for the communications services)...
by admin | Jun 21, 2019 | Uncategorized
The new fuel rates take effect from 1 June 2019, although the previous rates can be used for an additional month. These rates only apply to employees who are using a company car in the following scenarios: When employees are reimbursed for business travel in their...
by admin | Jun 21, 2019 | Uncategorized
The Capital Gains Tax (CGT) consultation on Private Residence Relief (PRR) and on changes to ancillary reliefs is now closed. The consultation ran from 1 April 2019 until 1 June 2019. Historically, PRR has been a very useful way to reduce the taxable gains arising...
by admin | Jun 21, 2019 | Uncategorized
HMRC currently has an open consultation on proposals to further improve the role of Companies House, with a view to having businesses submit more information for the purpose of helping to tackle economic crime. The consultation’s focus is to stop the registered...
by admin | Jun 21, 2019 | Uncategorized
From April 2019 onwards, the Welsh Government has devolved powers to decide the rates of Income Tax payable by Welsh taxpayers. The above means the Welsh Government have the ability to vary the Welsh rates of Income Tax or to keep them the same as those paid by...
by admin | Jun 21, 2019 | Uncategorized
The Office of Tax Simplification has released a new report that follows on from a previous review of the Business Life Cycle published in April 2018. The new report, “Simplifying everyday tax for smaller business”, discloses that, of the 5.7 million businesses in the...
by admin | Jun 21, 2019 | Uncategorized
The HMRC form P11D is the form employers use to report the details of taxable expenses and benefits provided to employees and directors during the course of a tax year, after that year has ended. Employees pay tax on the benefits disclosed on the submitted P11D via a...
by admin | Jun 21, 2019 | Uncategorized
In a recent report by the Low Pay Commission (LPC), it was found that the number of people being paid less than the statutory minimum wage is on the rise. In April 2018, 439,000 workers were paid less than the National Minimum Wage (NMW), and out of those individuals,...
by admin | May 29, 2019 | Uncategorized
5 Top Tips for Successful Freelancing Here we provide some top tips for keeping your freelancing work organised, healthy, and successful! Although it is not possible to provide a one-size-fits-all plan, these tips will certainly help to keep your freelancing affairs...
by admin | May 29, 2019 | Uncategorized
There are new road scale fuel charges with which businesses must comply effective from 1 May 2019. The updated valuation table includes the new scale charges, and is available to view...
by admin | May 29, 2019 | Uncategorized
IR35, or the Off-Payroll working rules, has been published by HMRC a year early. The original launch date was the 6 April 2020. HMRC has published a four-step guide to help businesses to check the cases in which the off-payroll working rules apply. As part of the...
by admin | May 29, 2019 | Uncategorized
The plans to replace Air Passenger Duty (APD) with Air Departure Tax (ADT) have been delayed by the Scottish Government until at least 2020. As part of the Scotland Act 2016, the Scottish Parliament can charge travellers tax when leaving Scottish airports. As a...
by admin | May 29, 2019 | Uncategorized
The Pensions Dashboard is a new Government initiative which will now move forward, it has been confirmed. The dashboard will be introduced with a view to allow individuals to save for retirement and to view information from multiple pensions on one centralised...
by admin | May 29, 2019 | Uncategorized
The latest version of the Employer Bulletin is available to view online. The April edition includes the following topics, and more: Cash Allowances, Flexible Benefits Packages and Salary Sacrifice Unpaid work trials and the National Minimum Wage EU Exit Preparedness...
by admin | May 29, 2019 | Uncategorized
HMRC and Action Fraud have warned of high numbers of springtime scams. These tend to target those who may be less experienced with the tax system, such as the young and the elderly. Between March and May 2018, HMRC received nearly 250,000 reports of phishing, and...
by admin | Apr 25, 2019 | Uncategorized
According to Close Brothers, in terms of productivity – something assumed to be one of the largest challenges facing business – the UK lags behind the rest of the G7 by 16%. Nearly half of UK small and medium-sized enterprises (SMEs) say new technology would increase...
by admin | Apr 25, 2019 | Uncategorized
The Spring Statement, delivered in March by Philip Hammond, included an update and open consultation on Structures and Buildings Allowance (SBA). The relief is available for new commercial structures and buildings – and will also be available where an existing...
by admin | Apr 25, 2019 | Uncategorized
The new Making Tax Digital for VAT (MTDfV) rules came into effect on the 1 April 2019. The new rules require businesses with an annual VAT-taxable turnover above £85,000 to keep digital records for VAT purposes, and to submit their VAT return to HMRC using...
by admin | Apr 25, 2019 | Uncategorized
P11D forms are due, by 6 July 2019, for the year which ended on 5 April 2019. The P11D is used to report benefits and some expenses provided to directors and employees. If, as an employer, you report your employee benefits by year, using payrolling, you do not need to...
by admin | Apr 25, 2019 | Uncategorized
The new tax year, effective from 6 April 2019, brings changes to income tax allowances and bands. The following updates now apply. Rates of Tax While the basic rate of tax will remain at 20%, the 2019/20 basic rate band – the threshold above which income is taxable at...
by admin | Apr 25, 2019 | Uncategorized
The UK Government has issued new advice to small businesses on how they could be affected by the UK’s leaving the EU. The documents contain advice regarding a range of issues, such as sending and receiving personal data and EU-UK trading. The UK government recommends...
by admin | Apr 5, 2019 | Uncategorized
If the UK crashes out of the EU with no deal, many UK businesses will need to apply the same processes to EU trade that apply when trading with the rest of the world. For instance, they will need to register for an Economic Operator and Registration Identification...
by admin | Apr 5, 2019 | Uncategorized
To help drive more customers to your website, it is key to maximise the impact from search through SEO (Search Engine Optimisation). Improved SEO enables your website to be discovered and to rank with relevance, so that it appears at the top of the search engine...
by admin | Apr 5, 2019 | Uncategorized
The Pensions Regulator has issued guidance for employers concerning the increase in minimum pension contributions, which took effect on 6 April 2019. Duration Employer minimum Total minimum contribution Current contributions 2% 5% 6 April 2019 onwards 3%...
by admin | Apr 5, 2019 | Uncategorized
While not mentioned within Chancellor Philip Hammond’s Spring Statement, he made in his written response a strong reference to the Government’s commitment to Making Tax Digital for VAT (MTDfV). He also declared himself satisfied with the way the MTDfV pilot is...
by admin | Apr 5, 2019 | Uncategorized
The National Minimum Wage (NMW) and National Living Wage (NLW), the legal minimum wage rates that must be paid to employees increased on the 1 April, with employers liable to be penalised for any failure to comply. The new rates are: Rate from 1 April 2018 Rate from 1...
by admin | Apr 5, 2019 | Uncategorized
HMRC has just published their new company car advisory fuel rates, which are effective from the 1 March 2019. The rates only apply when, as an employer, you either: reimburse employees for business travel in their company cars; or, require employees to repay the cost...
by admin | Apr 5, 2019 | Uncategorized
In the February Bulletin, HMRC has included updates on the following: End of year reporting; Reporting expenses and benefits; Student Loan notices and a new type of Student Loan repayment that employers will need to be able to process via payroll (Post Graduate...
by admin | Apr 5, 2019 | Uncategorized
Most businesses with VAT return periods beginning on or after 1 April 2019 will need to comply with the regulations mandated for VAT. For businesses with “more complex” VAT, this date has been deferred to 1 October 2019. This delay applies to trusts, not for profit...
by admin | Mar 1, 2019 | Uncategorized
If you have made the decision to move towards working for yourself, the options to consider are whether to be a sole trader, a shareholding director of a limited company, or to trade as a partnership. Once you’ve decided, HMRC will need to be informed. If you choose...
by admin | Mar 1, 2019 | Uncategorized
The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees’. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds,...
by admin | Mar 1, 2019 | Uncategorized
The non-profit organisation Big Brother Watch has made a report to the Information Commissioners Office (ICO), claiming that HMRC has broken data protection laws by capturing millions of callers’ voice data on the HMRC Voice ID System, and that people have been...
by admin | Mar 1, 2019 | Uncategorized
The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement on Wednesday 13 March 2019. While Hammond has already stated that the Spring...
by admin | Mar 1, 2019 | Uncategorized
UK VAT-registered businesses which trade with the EU are being urged by HMRC to be prepared for the possibility of a no-deal Brexit. HMRC sent letters to 145,000 firms advising businesses to take three actions ahead of the 29th March 2019 leave date: Register for a UK...
by admin | Mar 1, 2019 | Uncategorized
HMRC has extended the Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses, on the mandated compliance for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October...
by admin | Feb 4, 2019 | Uncategorized
The Pensions Regulator (TPR) is beginning to write reminders to all employers that, from 6 April 2019, the minimum amount to be paid to a workplace pension is increasing to 8% – and that they, the employers, must contribute at least 3% of the total contribution. To be...
by admin | Feb 1, 2019 | Uncategorized
The Scottish Draft Budget took place on 12 December 2018. To assist those of you who might be affected, we have published a table containing the 2019/20 proposed rates and bands (for non-savings and non-dividend income), along with the 2018/19 rates and bands....
by admin | Feb 1, 2019 | Uncategorized
In the UK, the Competition and Markets Authority (CMA) has mandated that the nine largest current account providers must offer standardized Application Programming Interfaces (APIs) for current accounts to Account Information Service Providers (AISPs) and for payments...
by admin | Feb 1, 2019 | Uncategorized
HMRC have published an updated list containing details of taxpayers who have been penalised for deliberate errors in their tax returns or have purposely failed to comply with tax requirements. HMRC are able to publish details where an investigation has been made and...
by admin | Feb 1, 2019 | Uncategorized
The 2019/20 Scottish Draft Budget includes changes to Scottish Land and Buildings Transaction Tax (LBTT). The policy priority for residential Land and Buildings Transaction Tax (LBTT) continues to be to help first-time buyers and those moving through the property...
by admin | Feb 1, 2019 | Uncategorized
As the deadline approaches for submitting returns, here are HMRC’s strangest reasons for late or failed submissions, from taxpayers who missed the Self-Assessment deadline last year. My mother-in-law is a witch and put a curse on me. I’m too short to reach the post...
by admin | Feb 1, 2019 | Uncategorized
HMRC have updated the online guidance available, now providing a detailed list of income tax and NIC rates applicable to employers for 2019/20. The comprehensive list can be used by employers for 2019/2020 for payroll and employee expenses. The list includes: PAYE tax...
by admin | Feb 1, 2019 | Uncategorized
A new online guide has been published by HMRC to aid employers in determining which benefits and expenses need to be declared in the P11D forms. These forms can be completed online using: the PAYE online for employers’ service; or the online end-of-year expenses and...
by admin | Feb 1, 2019 | Uncategorized
MTD VAT Pilot is Now… Open to All HMRC announced (10/1/2019) that their Making Tax Digital for VAT (MTDfV) pilot is now open to all those mandated to keep digitally compliant records and to file MTD-compatible VAT returns for return periods commencing after 31...
by admin | Jan 4, 2019 | Uncategorized
As we leave 2018 behind, it’s worth taking stock of this period of increased regulation on customer data protection and privacy – in parallel with its acceleration in marketing technology capabilities. This blog provides an overview of what to consider in terms of the...
by admin | Jan 3, 2019 | Uncategorized
From 1st December 2018, there have been new company car advisory fuel rates published, stating that the previous rates can be used for up to one month from the date the new rates apply. The rates only apply to employees using a company car, and the advisory fuel rates...
by admin | Jan 3, 2019 | Uncategorized
On the 12 December 2018, Derek Mackay, the Scottish Finance Secretary, unveiled the Scottish Budget for 2019/20 . You will recall that this time last year he introduced two additional tax bands, which meant that Scottish resident taxpayers would now pay income tax at...
by admin | Jan 3, 2019 | Uncategorized
Shortly before Christmas, HMRC started to send out “encouragement letters” to businesses within the scope of Making Tax Digital for VAT (MTDfV) and to those who were eligible to join the MTDfV pilot. In total, over a million letters will be sent out before the end of...
by admin | Jan 3, 2019 | Uncategorized
The first of two reports on inheritance tax (the second will be shared in Spring 2019) has been published by The Office of Tax Simplification (OTS). An unprecedented 3,000 people shared their views about Inheritance Tax with the OTS, far more than in any previous...
by admin | Jan 3, 2019 | Uncategorized
According to HMRC, more than 180,000 first-time buyers have benefitted from First Time Buyers’ Relief (FTBR) from Stamp Duty Land Tax (SDLT). Introduced in the November 2017 Budget, FTBR has saved homeowners more than £426 million. FTBR is a relief from a charge on...
by admin | Jan 3, 2019 | Uncategorized
In preparation for the possibility of the UK leaving the EU without a Withdrawal Agreement, the Government has published a collection of documents outlining what a “no deal” Brexit could mean. They have stated: “The government does not want or expect a no deal...
by admin | Nov 30, 2018 | Uncategorized
With Amazon’s recent decision on the new location for their business, here are some aspects to consider when making a similar investment of your own. The location should be consistent with your particular style and image. If your business is retailing, do you want a...
by admin | Nov 30, 2018 | Uncategorized
The deadline for submitting 2017/18 self-assessment tax returns online is 31 January 2019 with a penalty of £100 if the return is late. Last year approximately 11 million taxpayers completed the return with 10.7 million being on time. In a statement, Angela MacDonald,...
by admin | Nov 30, 2018 | Uncategorized
The Budget includes an increase to the Annual Investment Allowance (AIA) for two years up to £1 million. This is in relation to qualifying expenditure incurred from 1 January 2019, currently at £200,000 per year. Additional changes to the rules outlined include the...
by admin | Nov 30, 2018 | Uncategorized
For disposals on or after 29 October 2018, the Chancellor announced changes to the Entrepreneurs’ Relief (ER) rules. During his October Budget, he introduced a requirement for a person claiming ER to have at least a 5% interest in the distributable profits and the net...
by admin | Nov 30, 2018 | Uncategorized
In the Autumn Budget, the Chancellor Philip Hammond stated that “austerity is coming to an end, but discipline will remain”. He outlined a promise for a “double deal dividend” from Brexit and referenced that there is likely to be a full-scale Spring Budget if Brexit...
by admin | Nov 30, 2018 | Uncategorized
In the middle of October, HMRC opened the Making Tax Digital for VAT pilot. This is now available for nearly 70% of those mandated to file MTD-compliant VAT returns for all future VAT-return periods starting after the 31 March 2019. The requirement to join VAT-MTD...
by admin | Nov 2, 2018 | Uncategorized
The end is nigh. During what one could be forgiven for thinking was a pre-election budget, the Chancellor confidently stated that ‘austerity is coming to an end – but discipline will remain’. He then went on to promise a ‘double deal dividend’ if Brexit...
by admin | Nov 2, 2018 | Uncategorized
When setting out on a new venture or business idea, so many businesses do not succeed. This could be down to a combination of factors. Yet, one common factor is the challenges associated with executing the idea and establishing it in the market. To ensure your idea or...
by admin | Nov 2, 2018 | Uncategorized
The guidance has been updated on how businesses and individuals should recognise whether contact from HMRC is genuine or whether it is phishing or...
by admin | Nov 2, 2018 | Uncategorized
The government has decided not to abolish Class 2 National Insurance Contributions (NICs) from April 2019. This is today paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more annually. Robert Jenrick, Exchequer Secretary to the...
by admin | Nov 2, 2018 | Uncategorized
The government has issued notices that aim to help both businesses and individuals prepare in the event of a UK-EU agreement not being realized. The notices cover passports and driving licenses, together with data protection and mobile phone roaming charges. With...
by admin | Nov 2, 2018 | Uncategorized
Growing confidence It’s official. Sole traders and companies with up-to-date VAT affairs are now able to join HMRC’s test phase for VAT Making Tax Digital (MTD). While testing of VAT-MTD started last April, until now it has been on a limited, controlled,...
by admin | Oct 4, 2018 | Uncategorized
HMRC Employer bulletins are magazines published every two months, giving up-to-date information on payroll topics for employers and agents. The latest edition has useful information on reporting payroll information, information on the National Living Wage and the...
by admin | Oct 4, 2018 | Uncategorized
Running and managing your own business can be one of the hardest challenges of your life. The ups, the downs, the cash flow challenges, finding the right people – the list is endless. Likewise, though, are the ups in terms of success: winning the next deal, finding...
by admin | Oct 4, 2018 | Uncategorized
With less than six months to go until the UK leaves the EU – and with no post-Brexit deal yet on the table – there’s no doubt that we are entering unchartered waters. So, what should we do? Chequers statement The UK’s Government insists that preparations for a no-deal...
by admin | Oct 4, 2018 | Uncategorized
New company car advisory fuel rates were published, on September 1st, with the guidance indicating that the previous rates may be used for up to one month from the date the new rates applied. This only effects employees using a company car. The listed rates are shown...
by admin | Oct 4, 2018 | Uncategorized
As of 1 October, the new Requirement to Correct (RTC) rules are upon us. Previously, under HMRC Offshore Disclosure Facilities, taxpayers had been encouraged to come clean with an offer of lower penalties than would have been incurred if “the error” had been...
by admin | Oct 4, 2018 | Uncategorized
Since November 2017, more than 120,000 first-time buyers have saved £284,000 following the introduction of first-time buyers’ relief from Stamp Duty Land Tax (SDLT). SDLT is a tax on properties in England and Northern Ireland. It is estimated that, over the next five...
by admin | Sep 4, 2018 | Uncategorized
Three million UK couples have claimed their Marriage Allowance. However, it is estimated that a further one million have not. The Marriage Allowance allows married couples or those in a civil partnership, where neither pay beyond the basic tax rate, to transfer 10% of...
by admin | Sep 3, 2018 | Uncategorized
For the Finance Bill 2018-19, the government has published draft legislation that could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to Income Tax. This is now open for consultation and is aligned to the commitment from the government for a ‘competitive...
by admin | Sep 3, 2018 | Uncategorized
Around 80% of first-time buyers will pay no Scottish Land and Buildings Transaction Tax (LBTT). 30 June 2018 saw the introduction of the First-Time Buyers tax relief. The change has meant that the zero-rated LBTT threshold has increased from £145,000 to £175,000 for...
by admin | Sep 3, 2018 | Uncategorized
The recent Bank of England 0.25% interest rate increase (to 0.75%) sees UK interest rates at their highest since March 2009. This change will have an immediate impact on interest costs, such as mortgages for those on variable or tracker rates, whilst the rise may take...
