18 June

How To Renew Your Tax Credits

If you receive Tax Credits, these normally need to be renewed each year. However, you may be sent a letter from HMRC stating that the Tax Credits will be renewed automatically.  In this case, there is no action required so long as the details are correct. You are only able to renew your Tax Credits […]

4 June

What Makes a Company Car a Pool Car?

A question that we are often asked is “What Makes a Company Car a Pool Car?” The following five conditions must all be fulfilled for a car that is provided by a company to be considered to be a Pool Car: –          The car is made available to, and actually used by, more than one […]

24 May

HMRC Second Incomes Campaign

The latest group to come under scrutiny from HMRC are those individual taxpayers who are earning a second untaxed income. As a precursor, the HMRC have launched the Second Incomes Campaign that provides the opportunity for any employed taxpayer who is resident in the United Kingdom and who has additional untaxed income to bring their […]

24 May

Are You Trading?

Posted by in Guides

The economic downturn has led to more and more people using online auction websites, car boot sales or market stalls to sell items. This does not automatically mean that you are trading and would, therefore, need to be registered for tax and, possibly, VAT.  However, it can difficult to identify the point where trading starts. As […]

21 May

Will Capping the Income to Mortgage Ratio Cool the London Property Market?

The ongoing steep increase in house prices is starting to cause a real concern that the UK economic recovery could be undermined. The average marketed price of a property in London has risen by an astonishing £80,000 since the start of the year with the average price in the capital now exceeding £590,000 for the […]

7 May

2013-14 Tax Return – The Benefits of Submitting Your Return Early

The 2013-14 tax year ended on 5th April 2014 and the last date for submitting your tax return for this period is 31st January 2015. As a result, the common natural instinct is not to even start thinking about this until after Christmas! However, there are benefits from submitting your tax return early to HMRC.  […]

30 April

Contractor Loan Schemes and Employee Benefit Trusts – The Latest News

In January, the HMRC published a consultation document, Tackling Marketed Tax Avoidance.  Two of areas covered in this proposed anti-avoidance strategy were Employee Benefit Trusts (EBTs) and Contractor Avoidance where contractors used offshore intermediaries and EBTs who make loans in place of remuneration to avoid Income Tax and National Insurance Contributions. The gist of the […]

29 April

Old Style £50 Note is Withdrawn from Circulation

Posted by in Newsletters

The old-style £50 note which features a portrait of Sir John Houblon, the first governor of the Bank of England, is to be withdrawn from circulation on Wednesday 30th April.  As a result, from 1st May, shops are unlikely to accept this note as payment.  The new-style notes featuring portraits of Matthew Boulton and James […]

26 April

Securing A Mortgage Just Got Tougher

From Saturday 26th April, the full implementation of new rules designed by the Financial Conduct Authority come into effect across the UK mortgage lending sector.  These rules, the Mortgage Market Review, aim to protect consumers from the reckless lending that led to the crash in 2008 by changing the criteria on which a lending decision […]

17 April

Ever Wondered Why the Tax Year in the UK Starts on 6th April?

Have you ever wondered why the tax year in the United Kingdom runs from 6th April to 5th April?  The reason is steeped in history. Prior to 1752, the New Year’s Day in Britain used to be in on 25th March, the Spring Quarter day, and the tax year started on the same day. Back in […]