Category: Tax

A quarter of businesses with intellectual property have had their patent violated over the past 5 years, according to research by the Federation of Small Businesses (FSB). The survey found that almost 1 in 3 businesses with intellectual property rely on it to generate between 75% and 100% of their revenue. Despite this, less than … Continued

As mentioned in the tax diary, the deadline for filing the 2014/15 returns of benefits and expenses paid to employees is 6 July 2015. Note that there can be significant penalties for incorrect returns so they need to be completed with great care. Remember that unless the employer holds a dispensation from HMRC, employees’ and … Continued

HMRC are seeking the power to recover unpaid tax over £1,000 from taxpayers’ private bank accounts and legislation was originally going to be included in the 2015 Finance Act. However the new measures were not included in the first Finance Act but may be included in the next one! This new power will only be … Continued

Following the Election result on 8 May, the Chancellor has announced that there will be a second Budget. We expect this to include a number of Conservative manifesto tax pledges and we will be updating clients with the relevant details in due course.  

The new flexible pension rules came into force from 6 April 2015 for those aged 55 or over with money purchase pension schemes. As announced by the Chancellor in last year’s Budget, these individuals will be able to withdraw as much as they wish from their pension fund but will be taxed on the amount … Continued

HM Revenue & Customs (HMRC) is to waive £100 fines for up to 890,000 people who failed to file their tax returns on time, according to reports. The deadline for self-assessment tax returns was midnight on 31 January and those who fail to meet this have traditionally been threatened with a £100 fine. However, HMRC … Continued

In the Autumn of last year over 50 countries agreed on a Common Reporting Standard (CRS); an agreement to share information on residents’ assets and incomes.  It is therefore clear that there will be a huge rise in the number of reportable accounts when information exchange commences. You therefore need to be aware that if … Continued

Retirees plan to use a mix of assets such as pensions, cash ISAs and savings to fund their retirement, according to a survey by YouGov commissioned by Friends Life. The survey polled 7,000 people across the UK and found that many are planning to use a diverse portfolio of assets to see them through retirement. … Continued

If you’re a company, partnership or sole trader, you can deduct 100% of your qualifying plant and machinery expenditure against your pre-tax profits with the Annual Investment Allowance (AIA). The AIA is available for most plant and machinery expenditure. This includes machines, office equipment, certain building fixtures, vans and lorries. However, certain expenditure such as … Continued

Many mortgage lenders now request a copy of the official HMRC tax calculation (SA302) as confirmation of income. As the result of lobbying from the accounting profession, there has been a change of heart. From January 2015, self-employed individuals with a self assessment online account can provide proof of their income by downloading copies of … Continued