Restricting Finance Cost Relief for Individual Landlords
Policy objective The government have begun the restriction on the amount of Income Tax relief landlords can get on residential property finance costs, such as mortgage interest, to the basic rate of tax. This is due to their belief that this method will make for a fairer tax system. This will ensure that landlords with […]
Enterprise Investment Scheme (EIS)
Within this newsletter we inform you on what an Enterprise Investment Scheme is, who they affect and whether you are eligible to utilise them. EIS provides the investors with a tax relief on their investment and has been made available by the government to aid growth. The investors receive a tax relief for the […]
HMRC Deadline for Declaring Offshore Assets is Approaching
The deadline to declare under the Requirement to Correct (RTC) legislation is fast approaching. RTC is the statutory obligation for UK taxpayers with overseas assets to correct any issues with their historic UK tax position. Those who fail to comply by 30th September 2018 face potentially severe financial penalties. RTC applies to any taxpayer with […]
When does a Company Director need to File a Self-Assessment Tax Return?
As we reach halfway through the 22nd self-assessment tax return filing season, we still find that some of the most basic questions need a bit of thought before answering. This is especially prevalent when considering the tax obligations of a company director. How would a company director know if they need to file a self-assessment […]
What is the latest regarding Making Tax Digital?
Within this newsletter we will share the latest updates on Making Tax Digital (MTD) including who it will affect, how to ensure you are compliant and who are the MTD-compatible software suppliers. MTD was originally postponed, however the mandatory start date for MTD for VAT has been set, 1st April 2019. This requires any UK […]
Who Needs to Complete a UK Tax Return?
In the UK, we are in the fortunate position where most people earning a PAYE salary or wage or receiving a pension do not need to complete a tax return. However, each year, as working and lifestyle patterns change, the number of tax returns increases. More than 11,500,000 were filed for the 2016-17 tax year. […]
What qualifies for R&D Tax Relief?
A project may qualify for R&D tax relief if it has a result that creates a breakthrough in knowledge or competence within your field. Additionally, this may also be the case if work is carried out to resolve an uncertainty. Developing a new product is not sufficient enough to qualify. The key is the advancement […]
VAT and Duty on Dispatching Goods Within The EU
Dispatching goods within the European Union (“EU”) is relatively straightforward as the EU operates under a single market which guarantees four key freedoms across the twenty-eight members states. These are the free movement of goods, capital, services and persons. Whilst the Brexit negotiations are far from concluded, it seems that the UK government is looking […]
Venture Capital Schemes – The Risk-to-Capital Condition
For companies looking to raise funds based by a venture capital scheme and for investors looking to benefit from the tax relief, HMRC have introduced a key new condition – the risk-to-capital. This condition is being applied to the Seed Enterprise Investment Scheme (SEIS), the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT). The […]
The Enterprise Investment Scheme
It is a win-win situation for the Company and the Investor! The Enterprise Investment Scheme (EIS) has been made available by the government to help small to medium sized companies grow by acquiring investments. It is one of four schemes available and it provides tax relief for investors who purchase shares. Therefore, it acts […]