Category: Tax

Fee Protection Service Small and medium enterprises (SMEs) are blamed for over half of the UK’s tax gap. The tax gap is the difference between the amount of money HM Revenue & Customs (HMRC) actually collects and the amount it believes is due. HMRC believes the current tax gap is £36bn and SMEs are responsible … Continued

Fee Protection Service To be or not to be self-employed, that is the question! At least it is the question HM Revenue & Customs (HMRC) is wrestling with, as it sets about targeting the ‘gig economy’ to determine whether people are genuinely in business. The number of people who work for themselves in the UK … Continued

Fee Protection Service High Net Worth Individuals (HNWIs) with a net worth > £10m attract particular attention from HM Revenue & Customs (HMRC). The High Net Worth Unit (HNWU) monitors the 8,500 richest individuals in the UK, who fit into this wealth bracket. The National Audit Office recently concluded a thorough review of the HNWU … Continued

  The Government initiative ‘Making Tax Digital’ (MTD) intends that the vast majority of businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and to update HMRC on-line at least quarterly within 30 days of the quarter end via their digital tax accounts. HMRC has been consulting on … Continued

Do You Have Enough Shares To Qualify For CGT Entrepreneurs’ Relief? Entrepreneurs’ Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets. This would include sole traders disposing of their business and partners disposing of their interest in a partnership carrying on a … Continued

New Government Savings Scheme Starts in April 2017 From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus … Continued

Retired household income up 13% since 2008 Median income for retired households rose by 3.1% between 2014/15 and 2015/16, according to the Office for National Statistics (ONS). The latest disposable income and inequality statistics show that median income for retired households at the end of 2015/16 was £21,800. This is an increase of 13% (around … Continued

Self-assessment reminder The deadline to submit your online tax return for 2015/16 is no later than midnight on 31 January 2017. Here are the 5 step guide necessary to complete self-assessment on time. 1.    Information you need You’ll need your most up to date records at hand, including: business expenses PAYE records (if applicable) VAT … Continued

Changes to the VAT flat rate scheme could have significant effects on the tax liability of small businesses that currently make use of the scheme. The flat rate scheme simplifies the process of calculating how much VAT a business needs to pay or claim back from HMRC. It introduces a fixed rate of VAT and … Continued

A number of tax and finance changes are set to take place in 2017. It is important to start planning ahead of time so that you take advantage of any opportunities available. Some of the changes are in the process of being legislated through parliament and may be subject to change. Salary sacrifice schemes Income … Continued