26 November

2015 Autumn Statement – A Grand Illusion?

The Chancellor of the Exchequer has delivered his 2015 Autumn Statement and, overall, it was a case of expected policies that were not announced. Seemingly, the Treasury has benefited from a windfall of £27bn from the combined effects of higher than anticipated tax receipts and lower debt interest. However, it is worth bearing in mind […]

25 November

2015 Autumn Statement – The Main Tax Changes

The Chancellor of the Exchequer delivered his 2015 Spending Review and Autumn Statement today and, from a tax perspective, it more a case of what was not announced. There was no announcement either on the predicted crackdown on personal service companies or on the restrictions to Entrepreneurs Relief. Seemingly, the Treasury has benefited from a windfall […]

15 November

FAQ – Is it More Tax Efficient to Pay Dividends before the 2016-17 Tax Changes?

A question that we are regularly being asked is ‘given the changes to the taxation of Dividends from the next tax year would it more tax efficient to declare additional Dividends and pay the resulting tax this year?’ There are a couple of considerations that need to be borne in mind: A company is restricted […]

12 November

Crackdown on Contractors to Raise £400m a Year – Really?? Do the Maths!

As many of you will have read in articles such as the one published in The Guardian last Friday, the government is examining whether to severely tighten the rules of Personal Service Companies as part of the Autumn Statement on 25th November. The proposal is understood to oblige a consultant using a Personal Service Company […]

23 October

HMRC Accepting Online Applications for the Marriage Allowance

The Marriage Allowance lets you transfer up to 10% of your Personal Allowance to your husband, wife or civil partner. For the 2015-16 tax year, the maximum amount is £1,060.00 that would reduce their tax by £212.00. The Personal Allowance is the amount of income that you can earn in a tax year on which […]

15 August

HMRC to Tackle the Hidden Online Economy

One small paragraph on page ninety-nine of the Summer Budget document could have major consequences for a lot of people. “Tackling the hidden economy – The government will extend HMRC’s powers to acquire data from online intermediaries and electronic payment providers to find those operating in the hidden economy. We will legislate at Finance Bill […]

13 August

Buy-to-Let Property and the Taxman

The Summer Budget included a significant change that will impact the Buy-to-Let property market. As it stands, individual landlords receive tax relief on their mortgage interest payments at their marginal tax rate. For wealthier landlords, this means a tax relief of 40% or 45%. The government has deemed this to be an unfair advantage over […]

23 July

Job Vacancy – Accounts Administration Assistant

Friendly Accountancy firm based in Teddington, Middlesex is looking for an Accounts Administration Assistant to join their small but busy and dynamic team. The candidate should ideally have at least 6 months practical experience working within an office environment. Experience in an accountancy office is not essential, as full training will be provided. The applicant […]

9 July

The Summer Budget and the Contractor – It’s Not All Doom and Gloom

Following the Summer Budget, the forums have been abuzz with the negative impact to contractors working through a Personal Service Company from the changes to Dividend taxation and the Employment Allowance, the review of the rules for tax relief on travel and subsistence expenses and IR35 reform. This newsletter aims to get behind the headlines […]

8 July

The Key Tax Changes in the Summer Budget for Businesses

The Chancellor of the Exchequer delivered his Summer Budget today and the key announcements for businesses are: The introducing a new compulsory National Living Wage from April 2016 of £7.20 an hour for all over 25s will be introduced. This is set to rise to over £9.00 an hour by 2020. The tax-free Personal Allowance […]