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VAT registration threshold: Call for evidence – Spring Statement 2018

At Autumn Budget 2017, the Chancellor recognised that the UK had by far the highest threshold in the OECD and concerns about the cliff edge nature of the threshold. However, he noted that a high threshold has the benefit of keeping the majority of UK businesses out of VAT altogether. He announced that the government…Read More

Entrepreneurs’ Relief – Spring Statement 2018

At present, entitlement to the special 10% rate of capital gains tax may be lost when an entrepreneur’s company issues new shares and as a result causes their personal stake to fall below 5%. A proposal announced at Autumn Budget 2017, will allow an individual in this position to elect to be treated as if…Read More

Self-funded work-related training – Spring Statement 2018

The government has launched a consultation on plans to extend the existing tax relief available for self-funded work-related training by employees and the self-employed, as part of the government’s focus on creating an environment for individuals to develop their skills to boost productivity in the UK. Most employers fund the work-related training of their employees, although…Read More

Online Platforms – Spring Statement 2018

Online platforms and marketplaces are seen as being good for the economy and for consumers, who benefit from lower prices and more choice. However, some people who earn money from using these platforms may never have earned money without an employer to act as an intermediary between them and HMRC before, and can find it…Read More

Spring Statement 2018

Summary Chancellor Philip Hammond said it would be a short, snappy affair when he delivered the government’s first Spring Statement to the House of Commons today, and this was indeed to be the case – it took just 30 minutes to cover the key points. The statement focused on the latest forecasts for the economy…Read More

Autumn Budget 2017 – Continued Summary

Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent stage in the spring of each year, before the start of the following…Read More

Autumn Budget 2017 – Key Points

              With immediate effect: new announcements • From 22 November 2017, Stamp Duty Land Tax (SDLT) abolished for first time buyers on homes costing up to £300,000; no SDLT on first £300,000 of first time buyer’s purchase of homes up to £500,000. • From 29 November 2017, Marriage Allowance…Read More

Tax-Free Childcare scheme

Tax-Free Childcare is a new HMRC scheme that offers working families support towards childcare costs. This can be used for childminders, nurseries and nannies, after-school clubs and play schemes, registered schools and also for registered home care workers. It is available for children under the age of 12, or under 17 if the child is…Read More

Spring Budget 2017 – Summary

Spring Budget 2017 – Summary We will, of course, be happy to discuss with you any of the points covered in this report, and help you adapt and reassess your plans in the light of any legislative changes. The last Spring Budget In December, Philip Hammond announced a change to the tax timetable: after March…Read More

Autumn Statement 2016 Key Points

Here are the key points from Philip Hammond’s first budget announcement. Effective immediately From 23 November 2016 to 31 March/5 April 2019, businesses will be entitled to a 100% First Year Allowance for the cost of installing electric charge-point equipment for electric vehicles. From 1 December 2016, income tax and CGT advantages of new shares…Read More

CIOT examines new corporate offence proposals

The Chartered Institute of Taxation (CIOT) has recently expressed its concerns that the new corporate offence of failure to prevent the criminal facilitation of tax evasion may lead to a string of prosecutions in relatively small cases where civil penalties can already provide enough punishment. The Institute set out its concerns in its response to…Read More

Dividend Allowance

Legislation included in Finance Bill 2016 implements the new 0% rate for dividend income, as well as changing the rates of tax for dividend income. Once enacted, the changes will apply from 6 April 2016. Broadly, the new nil rate applies to the first £5,000 of a person’s dividend income and is available annually. From 6…Read More

A marathon challenge #RAFORB2A

Riz Akhtar, co-founder of dental specialists RA Accountants, has begun training for the marathon of his life – a seven day, 250km footrace across the Atacama Desert in an aim to raise charitable funds for Bridge2Aid. Taking place on October 2-8 this year, the 4deserts Atacama Crossing Challenge is a 250km race which crosses Atacama…Read More

Buy to Let Landlords

How the changes announced in the Summer Budget will affect you. Restrictions on finance costs will be introduced gradually from 6 April 2017. This will have a direct implication on profits for landlords since they will no longer be able to deduct all of the finance costs incurred from their property income to determine property…Read More

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