CGT annual exemption: use it or lose it!

Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances when a gift is made.

The most common method for minimising a liability to capital gains tax is to ensure that the annual exemption is fully utilised wherever possible. Whilst this is relatively straight-forward where only capital gains are in question, the computation can be slightly more complex where capital losses are also involved.…


Reform of landlords’ taxation?

The government’s plans to allow landlords to use the cash basis for tax purposes were confirmed in the 2017 Spring Budget, but although the proposed legislation was included in Finance Bill 2017, it did not appear in the much reduced Finance Act 2017, which received Royal Assent on 27 April 2017. It is likely that the proposals have been temporarily shelved, pending the outcome of the General Election, and are expected to reappear in a second Finance Bill later this year. If the provisions are subsequently enacted, they are expected to apply retrospectively from 6 April 2017, i.e. for the current tax year.…


IHT: main residence nil-rate band

From April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is designed to help pass on a home to ‘direct descendants’, including children or grandchildren, tax-free after their death. The rules governing the inheritance tax (IHT) nil rate band are complex and it is always recommended that prior professional advice is considered.…


Crossflow Payments survey finds late payments are still causing serious problems for the UK SME community

What’s the biggest issue facing SMEs in the UK today? Well, as accountants we have found that the principal problem SMEs face is that of late payments. Bigger, more established businesses and companies may be able to survive if suppliers fail to pay on time, but that simply isn’t the case for smaller enterprises. In fact, in some cases late payments can not only stifle growth, but they can determine whether SMEs succeed or survive.  …


PAYE Refresh: HMRC plans to introduce changes to how employees pay their tax

Just because there’s an election on the cards doesn’t mean normal life grinds to a halt. Business carries on as usual, and so do changes at HM Revenues & Customs. What’s the latest change in the pipeline from HMRC? Well, from 31st May, HM Revenue & Customs is about to make changes to the way employers deduct tax from employees’ pay, all under the umbrella of its Making Tax Digital project.…


VAT Flat rate scheme: changes take effect

The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations. Businesses could often gain a cash advantage from using the scheme, but this advantage has been significantly curtailed from 1 April 2017, particularly in relation to service-related businesses. Whilst the FRS continues to operate, many businesses will no longer find it economical to use.…


HMRC launch consultation on employee expenses

As confirmed the Spring Budget 2017, HMRC have launched a consultation on the use of the income tax relief for employees’ business expenses, including those that are not reimbursed by their employer. The main objectives of the consultation, which will run until 12 June 2017, are to understand:…


Tax-free savings update

Although interest rates for savings generally remain low, there are still a few tax-efficient savings opportunities on offer, with increased savings thresholds taking effect from 6 April 2018.…


Automatic enrolment for pensions

To encourage workers to start building up retirement benefits, the Pensions Act 2008 introduced certain reforms requiring all employers to offer workplace pension schemes and to enrol eligible workers into their schemes. These reforms are commonly known as the ‘automatic enrolment’ provisions. Automatic enrolment is currently being phased in, starting with the largest UK employers – eligible employees should have been enrolled by 1 February 2018 at the latest. By October 2018, all existing employers will be required to offer workplace pensions to eligible workers.…


News / Blog

25th
May

CGT annual exemption: use it or lose it!

Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid…

25th
May

Reform of landlords’ taxation?

The government’s plans to allow landlords to use the cash basis for tax purposes were confirmed in the 2017 Spring…

25th
May

IHT: main residence nil-rate band

From April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is…

22nd
May

Crossflow Payments survey finds late payments are still causing serious problems for the UK SME community

What’s the biggest issue facing SMEs in the UK today? Well, as accountants we have found that the principal problem…