HINTS AND TIPS

What you need to know before filing your self-assessment tax return for 2017/18. It’s a common scenario. As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry...

When and how to begin the process of deregistration. These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold. Limiting your ambition in this...

Tax on Residential Property – How has devolution affected what tax you pay? First-time buyers in England, Northern Ireland – and for a short time in Wales

You’ve got a great business idea, you’ve done all the relevant market research, you have a bulletproof business plan, and you’ve forecasted your first quarters’ cash flow, but have you considered business’ legal structure?

How can you reduce your capital gains tax bill in 2018/19? Whether you’re a buy-to-let landlord, a shareholder, an art dealer or you fall somewhere in between, the chances are you will be familiar with paying capital gains tax (CGT). CGT is payable when you ‘dispose’...

The pros and cons of letting furnished holiday accommodation. When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from certain tax reliefs which wouldn’t otherwise be available to residential landlords, providing...

Obligations from 1 April 2019 onwards. Although the Making Tax Digital (MTD) regime has suffered several setbacks and delays, MTD for VAT remains on course to take effect from its planned implementation date of 1 April 2019. Under the scheme, VAT-registered businesses...

A brief guide to the tax implications of IR35. IR35 is the shorthand name for tax rules concerning the provision of personal services through intermediaries. These rules came into effect on 6 April 2000, but they were significantly amended from 6 April 2017 for...

How to reduce what you owe the taxman.
Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead.

What’s new for 2018/19? Despite year-on-year tax rises, company cars remain a popular benefit.

A guide to measures which discourage ‘phoenixing’ of companies. Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.

What to expect when providing staff with perks. Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards. Whether that’s in the form of the Christmas party or it extends to benefits such as a...

The default basis for landlords’ accounts. Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions. This option was extended to landlords running unincorporated property businesses...

What tax powers are moving away from Westminster? It may feel like we’re living in increasingly uncertain times ever since the UK voted to leave the EU. That centred on most of the electorate’s desire to obtain more devolved powers from Brussels, but in reality,...

What to expect when HMRC comes knocking. Anyone whose business comes under the microscope of HMRC is usually in for a roller-coaster ride. HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely...

How to include charitable donations in your tax planning strategy. Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on your estate. As...

How to complete your self-assessment tax return online. For self-employed people, company directors and those receiving other sources of income, it’s the time of the year to send your self-assessment tax return. Self-assessment is the process used by HMRC to collect...