31 January

Changes to the Rules on Company Distributions

One short paragraph in the 2015 Autumn Statement document announced that “The government will publish a consultation on the rules concerning company distributions later in the year.” This consultation document was indeed published at the end of last year and has introduced two new words to the world of taxation – moneyboxing and phoenixism. Moneyboxing […]

24 January

Buy-To-Let and Second Homes – Changes to Stamp Duty and Capital Gains Tax

The Summer Budget and Autumn Statement contained a quartet of tax changes that will have a massive impact on the on the Buy-To-Let property sector. In second of a two-part newsletter series, we look at the impact of the changes in Stamp Duty, Capital Gains Tax and the abolition of the Wear and Tear Allowance […]

17 January

A Guide to Allowable Business Expenses for the Self-Employed

Posted by in Guides, News Alerts

Much like a Limited Company, if you are Self-Employed, either as a Sole Trader or in Partnership, your business will have various allowable business expenses. These expenses are deducted from your turnover in calculating the taxable profit. Therefore, if the turnover is £60,000 and there re £25,000 of allowable expenses, tax is payable only the […]

17 January

Cash Accounting for the Self-Employed

Posted by in Guides

If you are Self-Employed and running a small business, cash basis accounting may suit be a better option rather than traditional accounting. Under Cash Accounting, you only declare money as it moves in and out of the business. As a result, at the end of the tax year, there will not be any Income Tax […]

17 January

Buy-To-Let Property and the Changes to Mortgage Interest Tax Relief

The Summer Budget and Autumn Statement contained a quartet of tax changes that will have a massive impact on the on the Buy-To-Let property sector. In this first of a two-part newsletter series, we look at the impact of the changes in mortgage interest relief announced in the Summer Budget and how running a property […]

8 January

2016 Changes to Financial Services Compensation Scheme

As of 1st January 2016, the level of protected savings in UK Banks and Building Societies under the Financial Services Compensation Scheme has been reduced. The cap has gone down from £85,000.00 to £75,000.00 per financial institution. Similarly, the protected savings in joint accounts has been cut from £170,000 to £150,000. The reason for this […]