Taxation

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

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

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

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

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.

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

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

HMRC’s Making Tax Digital switchover – the biggest change to VAT in decades – is on its way and with only a couple of months to go until the 1st April 2019 deadline, it’s essential that every business is fully prepared. What does MTD mean for me? From 1 April 2019, all VAT-registered businesses with… Read more

What is Making Tax Digital (MTD)? Find out in our Making Tax Digital: An easy to read guide Find out more about Making Tax Digital: Making Tax Digital – Frequently Asked Questions Hunter Gee Holroyd Making a Difference Summer 2018  

You may have heard about some major changes happening to the UK tax system – Making Tax Digital. What is it all about and how do you and your business need to prepare for it? What is Making Tax Digital? Making Tax Digital (MTD) is the most significant change HM Revenue & Customs (HMRC) has… Read more