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2018/19 Year End Tax Strategies Guide

As the end of the tax year draws closer, it is important to review your financial planning strategies. By taking action before the year end, you can ensure that your affairs are as tax-efficient as possible. As your accountants, we can work with you to identify any areas where you can minimise your tax liabilities, increase the profitability of your business and maximise your personal wealth. This guide considers some tax-efficient planning strategies that you might wish to implement before 5 April 2019.

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Rothmans Chandlers Ford join in Sophie’s Appeal Santa 5k fun run

Tax Manager, Mike Moreton, and 11 members of staff at our Chandlers Ford office, joined the many runners (and pooches) on 2 December to complete a 5k community fundraiser on behalf of the charity, Sophie’s Appeal. As well as taking part in this year’s run with his 6-year-old son, Mike also mapped the route. The charity was set up by the parents of Sophie, who died of kidney cancer in 2004, to support the social, emotional and educational welfare of children, their families, nursing and support staff and provide a caring and supporting en...

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What is Making Tax Digital? - Dec 2018 update

As you may be aware, from 1 April 2019 HM Revenue & Customs ‘Making Tax Digital’ legislation goes live in the UK. Making Tax Digital (MTD) is one of the biggest changes to the administration of the tax system for at least 20 years. The essential elements of MTD for businesses and organisations are: Paper records will no longer be sufficient: it will become mandatory for almost all businesses and organisations (self-employed, partnerships, limited companies and others) to use software or a spreadsheet to keep accounting...

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Automatic enrolment: Minimum contribution levels due to increase in April 2019

By law, on 6 April 2019, all employers are required to increase their contributions into their staff’s automatic enrolment pension, with the employer paying a minimum of 3% towards the pension, and the total minimum contribution reaching 8% – with staff making up the 5% difference. The table below shows the minimum contributions employers who set up a defined contribution scheme for automatic enrolment must pay, and the date when they must increase. This is calculated based on earnings between £5,824 to £43,000 per year (£486 to £3,5...

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Entrepreneurs relief: Minimum qualifying period extension

A new measure increases the minimum period throughout which certain conditions must be met to be eligible for Entrepreneurs Relief from one year to two years. This measure affects individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company on or after 6 April 2019, and trustees who dispose of trust business assets. It will have an effect for disposals on or after 6 April 2019, except where a business ceased before 29 October 2018. Where the claimant’s business ceased, or their pe...

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One Million couples still eligible for tax boost

HMRC has highlighted that three million UK couples have already taken an advantage of Marriage Allowance but a million more are still eligible for the tax break. The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil partner, reducing their tax bill by up to £238 a year in 2018/19.  The allowance was introduced in 2015 and it is possible to backdate the claim to earlier tax years. Please contact us if you would like to...

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