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‘Making Tax Digital’: What does it mean and how will digitalisation affect you?

From April 2018, small-businesses and landlords will be required to maintain digital records, such as invoices, receipts and other expenditures, and to submit this information to HMRC website on a quarterly basis. This information will populate each taxpayer’s digital tax account, alongside the information HMRC already receive from banks and other sources. For self-employed taxpayers, from April 2018 your accounting periods will change each year and you will no longer need to distinguish between capital and revenue when using cash basi...

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Budget Report 2017

This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business. Throughout this guide we have included tips and ideas to assist you with effective tax and financial planning. However, it is important to understand that planning is an ongoing, year-round process. We can help to ensure that your financial plans remain effective, even as your personal and busi...

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Are you missing out on your marriage allowance?

Around 3 million couples are failing to claim hundreds of pounds a year in free marriage allowance, according to a new HMRC report. Since it was set up in April 2015, just over a quarter of the eligible 4.2 million married and civil partner couples have taken up the £432 marriage allowance. This tax break allows couples to transfer a proportion of their personal allowance (the amount you earn tax-free each tax year) between them, as long as one of you is a non-taxpayer, and the other is a basic 20% rate taxpayer. The allowance co...

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Landlords to receive less tax relief on interest

In a change that will impact residential landlords, the amount of income tax relief available on residential property finance costs will be restricted to the basic rate of income tax. This change, to be phased in over a four year period, will mean that landlords will no longer be able to deduct all of their finance costs from their property income. The restriction does not apply to residential properties held in companies. Rules may also further restrict the relief which is due where the individual’s property income or total income is...

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Pensions Auto Enrolment

The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18. These amounts are reviewed annually. The main qualifying threshold or ‘trigger’ for employees to be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band will be £5,876 and the upper limit £45,000. The written statement also includes: ‘Automatic enrolment has been a great success to date with almost 7 million people enrolled by mor...

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Get the expert view on this year’s post-budget opportunities at our Budget Seminar

Top circuit speaker and tax expert, Tim Good, will present our free annual Budget Seminar on 13 March at the Ageas Bowl, Southampton. At this year’s event, Tim will focus on tax planning opportunities following the Chancellor’s budget speech. Tim’s insightful and entertaining analysis of budget complexities, and his ability to pick out all the key points, mean that his lectures to professional audiences all over the country on tax matters are much in demand. Tim also writes extensively on tax (he is the author of thre...

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