Category: Tax

When you sell your home the gain will be covered by PPR to the extent you have resided in the property. Historically, if you have resided in the property at any point you were always deemed to occupy the property for the last 3 years. The Autumn Statement contained a surprise announcement that the “last … Continued

On the 6 April 2013 HMRC removed the ‘renewals allowance’ for landlords of unfurnished rental properties and this led to the accountancy profession querying the practical application of these new rules with HMRC. HMRC have recently clarified their view as to how ‘Repairs and Renewals’ should be treated in unfurnished properties. Prior to 6 April … Continued

Don’t let tax be a problem this year. Stay ahead of developments and make sure you take advantage of ways to legitimately reduce your company’s liability to tax. To find out more information, take a look at our download Reduce your company tax liability. If you have any queries please contact John Elliott or Sue … Continued

More than half (53%) of people are now saving adequately for retirement, according to a survey by Scottish Widows. This is an 8% increase compared with 2013 and is the highest level since 2009. It is also the biggest ever year-on-year increase. Scottish Widows defines adequate saving as 12% of income or expecting your main … Continued

On 1 July 2014 ISAs were reformed into a replacement product- the New ISA (NISA) – and all existing ISAs will automatically become NISAs. The annual allowance of £11,880 increased to £15,000 which can be made up of cash, stocks and shares or a combination of both. Key aspects: Investments can be transferred from a … Continued

The Revenue have announced new rules preventing people reducing their exposure to inheritance tax by setting up multiple trusts for their heirs, each with a £325,000 tax free allowance. Under the plans, which are intended to come into force in April 2015, they would have only one £325,000 allowance, which could be divided between several … Continued

If you identify an error in an earlier VAT return, you can correct it by including the net effect in the latest return, providing that the error is no more than the greater of £10,000 and 1% of the Box 6 figure (total sales ex. VAT) on your VAT return for the period that you … Continued

As mentioned in the tax diary, the deadline for filing 2013/14 returns of benefits and expenses paid to employees is 6 July 2014. Significant penalties can be incurred for incorrect returns, so great care is required. The most common benefits in kind that need to be reported are company cars and loans of over £5,000 … Continued

The VAT fuel scale charges (in respect of petrol and diesel supplied for private motoring) have decreased for return periods. This reduction is to commence on or after 1 May 2014 and follows the recent reductions in the price of petrol and diesel. The new quarterly charges range from £156 a quarter (inclusive of £26 … Continued

In addition to the benefit in kind charged on directors and employees who are provided with a car for private use, there is a further taxable benefit should their petrol or diesel be paid for in respect of private journeys. Like the car benefit, the fuel scale charge is based on the official CO2 emissions … Continued