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Why choose HGH?

Taxation

Benefits in kind: Everything you need to know

Posted: 25th Oct 2019 by Clair Watmore Blog

Benefits in kind…what does it actually mean and is it worth investing time and money in? Well, benefits in kind, or “perks” is separate to salary or wages. Commonly these include company cars, childcare vouchers, health insurance, company credit cards, pension schemes, cycle to work schemes, gym memberships, or any vouchers given by employers. If… Read more

Relief from VAT on bad debts

Posted: 12th Aug 2019 by Robert Salenius Blog

VAT bad debt relief allows businesses that have made supplies on which they have accounted for and paid VAT but for which they have not received payment to claim a refund of the VAT. It is quite possible within the VAT system for a business to be in the position of having to pay over… Read more

Top Tax Tips for Airbnb hosts

Posted: 11th Jul 2019 by Robert Salenius Blog

Airbnb is one of the ‘go-to’ places for affordable holiday accommodation and short-term lets. If you have a spare room it’s a great way of earning additional income; however, there are tax implications that you should be aware of. Our tax expert, Robert Salenius, provides some helpful guidance if you are thinking about becoming an… Read more

Sign contract by the end of September to save VAT on solar panel installation

Posted: 19th Jun 2019 by Clair Watmore Blog

The Chartered Institute of Taxation (CIOT) is alerting home owners that the cost of VAT on most solar panel installations, and all wind and water turbines, will go up from the start of October. The UK has a reduced rate of five per cent VAT for the installation of energy-saving materials in residential accommodation. However,… Read more

MTD – Deadlines approaching for first VAT returns

Posted: 29th May 2019 by Clair Watmore Blog

Eligible businesses with a taxable turnover over the VAT threshold of £85,000 had to register for Making Tax Digital to submit their VAT returns from 1 April 2019. Businesses initially affected by this new initiative include sole traders, partnerships, LLPs, landlords and charities. The start date for some businesses has been deferred to 1 October 2019,… Read more

Tax Rates Card 2019-20

Posted: 28th Mar 2019 by Clair Watmore Blog

Following the Spring Statement, the 2019-20 tax rates card summarises the main changes which apply to your business or personal lives. The tax card contains lots of useful information such as: Personal tax rates Several changes have taken place to the personal tax rates, including the amount of income everyone can earn tax free. The… Read more

Are you prepared for the 2019/20 payroll changes?

Posted: 27th Mar 2019 by Clare Walker Blog
Payroll

The new payroll year begins April 2019 and employers should be aware of the following changes: Income Tax National Insurance Employment Allowance Student Loan Repayments Postgraduate Loan Deductions Starter Checklist Statutory Payments Minimum Wage Payslips Tax-Free Childcare Schemes Automatic Enrolment Income Tax allowances The basic personal allowance for the tax year commencing 6th April 2019… Read more

Making Tax Digital Mythbusters

Posted: 21st Mar 2019 by Clair Watmore Blog

With Making Tax Digital for VAT around the corner we have decided to demystify some of the most common misconceptions surrounding MTD in our myth-buster infographic below.

8 Tax Planning Tips To Save You Money

Posted: 19th Mar 2019 by Robert Salenius Blog

1. If your taxable income will be £50,000 or more for the current tax year 2019/209, you might consider paying a pension contribution before the end of the year to reduce your exposure to higher rate tax. 2. If you or your partner receive child benefit and you or your partner has taxable income over… Read more

Spring Statement: What SME’s need to know

Posted: 14th Mar 2019 by Clair Watmore Blog

Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019. In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on… Read more