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How to make the most of tax losses

  • Posted On: 28 September 2017
How to make the most of tax losses There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of partnership losses. For the 2016-17 tax year,

How to pay self-assessment tax by adjusting your tax code

  • Posted On: 28 September 2017
How to pay self-assessment tax by adjusting your tax code One of the less well-known ways of paying your self-assessment tax bill is to do so through your tax code. This can only be done where all the following apply: you owe a self-assessment balancing payment of less than £3,000; you are an employee

Expenses and benefits: Christmas gifts

  • Posted On: 28 September 2017
Expenses and benefits: Christmas gifts It is established practice that Christmas presents paid in cash to employees are almost invariably taxable as earnings. This view has been upheld by the courts on many occasions and can mean that a gift from a well-intentioned employer is worth less

VAT returns – correcting mistakes

  • Posted On: 28 September 2017
VAT returns – correcting mistakes There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you need to: Amend your VAT records if you discover they contain errors; Correct errors on VAT returns you’ve already sent to HMRC; Claim a refund

CGT annual tax-free allowances

  • Posted On: 28 September 2017
CGT annual tax-free allowances There is an annual Capital Gains Tax (CGT) exemption for individuals (who live in the UK) as well as executors or personal representatives of a deceased person’s estate. The exemption is £11,300 for the 2017-18 tax year. A husband and wife each have

What’s included in the charge to Stamp Duty Land Tax?

  • Posted On: 28 September 2017
What’s included in the charge to Stamp Duty Land Tax? There have been many changes to the way stamp duty land tax (SDLT) and equivalent regional taxes are charged in recent years. This has included changes to the way in which SDLT is calculated for residential property purchases from 4 December 2014.

Tax Diary October/November 2017

  • Posted On: 25 September 2017
Tax Diary October/November 2017 1 October 2017 - Due date for Corporation Tax due for the year ended 31 December 2016. 19 October 2017 - PAYE and NIC deductions due for month ended 5 October 2017. (If you pay your tax electronically the due date is 22 October 2017.) 19 October

Pension money purchase allowance reduction 2017-18

  • Posted On: 21 September 2017
Pension money purchase allowance reduction 2017-18 One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has now been

Tax relief for electric vehicle charging points

  • Posted On: 21 September 2017
Tax relief for electric vehicle charging points In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital

When is a car a van for VAT reclaim purposes?

  • Posted On: 21 September 2017
When is a car a van for VAT reclaim purposes? In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle.