Tax: some big changes are on the way

April 6 will see some significant changes that will affect the savings and dividends income of most UK taxpayers. The reforms cover an increase in personal allowance; the introduction of the new personal savings allowance; and changes in dividend taxation. The changes aren’t doom and gloom for everyone, though, as many people will pay less tax. … Continued

Missed Self Assessment deadline – what’s the worst HMRC can do?

The taxman is on the ball when it comes to penalties for missed Self Assessment submissions and tax payment deadlines. And the only guaranteed way of avoiding these is to meet the published timetable. However, there are unfortunate circumstances that can cause you to miss a deadline. So, what can you do to avoid paying … Continued

HMRC: how to spot an online fraudster

The taxman tells customers how to spot an online fraudster in the run up to the online Self Assessment deadline. It’s the time of year when HMRC sends out more than one million Self Assessment emails reminding customers of the fast approaching 31 January deadline for online returns.  It’s also the time of year that … Continued

Dividend tax increase may impact you sooner than you think

Dividend tax is all set to increase on 6 April 2016. But it could impact some people sooner with rumours that the 25 November Autumn Statement may include HMRC anti-avoidance measures. Should you be worried about this? Read on to find out. What’s happening to the dividend tax rate? This year’s Summer Budget gave us … Continued

Scottish income tax rate – will it affect you?

The new Scottish income tax rate will come into effect on 6 April 2016. If you are an employee or have employees who are resident in Scotland for the majority of the tax year then they may be given Scottish taxpayer status; regardless of where their job is based in the UK. What will happen … Continued

Reduce your tax bill by transferring shares to your spouse.

Is share transfer allowed? Yes, it is! You may remember HMRC losing a court battle with Arctic Systems a few years ago over income shifting between husband and wife. And even though there were hints that HMRC would introduce new legislation to remove the tax advantage that share transfer to a spouse offers, it hasn’t … Continued

Are company ‘pool’ cars a viable way for you to save on tax?

With company car tax set to rise again it’s important that you’re completely up to speed on where savings can be made. One potential saving is through the use of ‘pool’ cars. But, how do you go about it without getting on the wrong side of HMRC? Company cars vs. pool cars Since 2002 individuals … Continued

Celebrities: tax dodging or a clever way of using tax allowances?

Members of Take That, George Michael, David Beckham, Katie Melua, and now Jeremy Vine have all been accused of tax dodging or sheltering in order to protect their earnings. But, should they be criticised for being immoral, or congratulated for attempting to make the most of their tax allowances? And, should we think about doing … Continued

Entertainment – when is it tax deductible?

If like a lot of people you’re under the impression that entertaining simply isn’t tax deductible, think again as there are some situations that you can claim back your tax when entertaining a particular group of people. Read on to find out how you can take advantage of it.   A perk of the job … Continued

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Taking on the new Tax Year – looking to the future

Accountants and clients alike can share a sigh of relief as we reach the tax year-end, accounts are filed with HMRC, and everyone is ready to take on the new tax year with renewed energy and strength.   As we start the new tax year, it is important that clients reflect and take a fresh … Continued

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