Taxation

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

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

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 allowances The basic personal allowance for the tax year commencing 6th April 2019 increases to £12,500 and the standard tax code is 1250L. As a result, there will be a general uplift of tax codes with suffix… 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