Newsflash – June 2018 TAX SCAMS

Tax refund scams with HMRC are still a problem and HMRC statistics for March 2018 prove this. HMRC requested that more than 2,600 phishing websites were removed as it received over 84,000 reports of suspicious e-mails, phone calls and texts. The usual format for a phishing scam e-mail is to suggest that you are due […]

Starting Up A Business

Key Answers To Key Questions For Start Up Businesses

Are you considering starting up a business? In this article, we answer the key questions that many new businesses owners have when they are starting up a business. Q: What expenditure can I deduct prior to the commencement of my trading? A: Pre-trading expenditure can be deducted from turnover in the first accounting period as […]

Changes To The Taxation Of Rental Properties

From 6TH April 2018, the amount of interest relief which can be claimed for finance costs (such as mortgage interest) which is incurred on residential properties will start to be restricted to the basic rate of tax. The restriction will be phased in over 4 years as follows: Tax Year Allowable Expense Excess Finance cost […]

GDPR – The Changes & New Fees

Under the current arrangements, the 1998 Data Protection Act required businesses to tell The Information Commissioners Office (ICO) how they process persona data. This is the current legal requirement and as part of this process the business must detail what personal information they hold and how it is processed. There is also a fee for […]

Family Companies – How To Spread The Profits More Tax Efficiently?

In the back of our minds, we are all aware of tax avoidance being a “no-no” but are there legal ways in which to share distributable profits from your company more tax efficiently? HMRC certainly have very robust legislation behind them to prevent any abuse and if you transfer some of your company’s shares in […]

How Tax Efficient Is It To Invest In Your Own Company?

If your company is paying high bank charges for its overdraft facility, is it possible to use personal funds to save the company costs as well as generate tax efficient income for you? The cost of company borrowing does vary and with rates for arranging overdraft fees exceeding in some cases 5% for low risk […]

National Insurance Update – New Rules From 6th April 2018

The Autumn Budget in 2017 included not only an increase in the personal allowance but also an increase in the national insurance limits from 6th April 2018. The table below sets out the 2017/2018 and 2018/2019 tax and national insurance thresholds and tax allowances:   2017-2018 2018-2019 Personal Allowance £11,500 £11,850 Basic Rate Band £33,500 […]

Incorporation – What Is It All About?

There have recently been several major tax changes to companies which can affect a decision for a business to become incorporated. The first is the change in the dividend rules and the second is the restriction on tax reliefs on the transfer of goodwill to a limited company. There is also a restriction on a […]