Pension shakeup


March 19th, 2019

The past week, and who knows for how long into the future, has been a crazy week for politics in the UK. Brexit is challenging the way manage our democracy and it will be interesting to see how matters are resolved to observe the results of the EU referendum and cope with the apparent splits […]

No tax when you sell your home?


March 18th, 2019

The private residence relief allows you to sell your home without paying any capital gains tax (CGT) on the profit you make on the sale. If only life was that simple. Unfortunately, there are occasions when CGT may be payable. For example, if part of your home has been used exclusively for your business a […]

Spring Statement 13 March 2019


March 14th, 2019

The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the Government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR). In a nut-shell, the OBR forecast that: the UK economy […]

Register your trade mark


March 7th, 2019

As we take steps to disentangle ourselves from the EU and make our mark in the wider global economy this may be a good time to consider any brand recognition marks you may be using and give serious consideration to getting them registered. There is a formal registration process linked to the gov.uk website, see […]

Tax Diary March/April 2019


March 6th, 2019

1 March 2019 – Due date for Corporation Tax due for the year ended 31 May 2018. 2 March 2019 – Self assessment tax for 2017/18 paid after this date will incur a 5% surcharge. 19 March 2019 – PAYE and NIC deductions due for month ended 5 March 2019. (If you pay your tax […]

Changes to minimum wage rates


March 6th, 2019

From April 2019, minimum pay rates will increase as set out below. National Living Wage (NLW) rates for workers aged 25 and over – from £7.83 to £8.21 per hour. National Minimum Wage rates: workers aged 21–24 — from £7.38 to £7.70 per hour workers aged 18–20 — from £5.90 to £6.15 per hour workers […]

Last call for VAT traders to prepare for new filing regulations


March 6th, 2019

As we have mentioned before in this newsletter, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000. To comply with […]

Limitations of tax relief when you sell your home


March 6th, 2019

It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices. Unfortunately, there are circumstances when this is not true. For example, you may have some tax […]

Loans to employees


March 6th, 2019

A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught. For example, the employer will have an obligation to report […]

Phone scams


March 5th, 2019

It would seem that fraudsters, keen to relieve you of your hard earned cash, are switching to phone calls now that email scams are becoming less effective. HMRC recently issued the following instructions to UK taxpayers and requested that we all assume a new level of vigilance. They said: If you know someone who has […]