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Tax

View Tax-free Property and Trading Allowances | Advice

Tax-free Property and Trading Allowances | Advice

Since April 2017, you can earn £1,000 from a trading activity and £1,000 of property-related income, without being liable to income tax. These tax-free allowances are useful as families can generate an extra £2,000 a year of income without increasing their tax bills. Obviously, these small amounts will not be a replacement for your day…

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View Understanding Dividends | How They Are Taxed

Understanding Dividends | How They Are Taxed

Dividends received from shares held in UK companies form part of a tax-payers self-assessment. The payments are made by the paying company without any deduction of tax and therefore the amount received is the sum that needs to be declared. Share Of Profits Dividends are paid out of the company’s retained profits – these are…

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View HMRC’s Drive Towards Digitisation

HMRC’s Drive Towards Digitisation

Digitisation is simply the conversion of text, pictures, numbers, and sound into a form that can be processed by a computer. Add to this the replacement of feet on the ground with algorithms and programs that respond to certain criteria, and we can start to see where the management of our tax system is drifting….

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View Parliament Eases Through The Finance Act 2019

Parliament Eases Through The Finance Act 2019

According to a recent government announcement, 32 million people will be better off as the Finance Bill 2018-19 receives Royal Assent. Treasury Announcement: A basic rate taxpayer will pay over £1,200 less income tax than they did in 2010, thanks to the government’s changes, giving people more help with the cost of living. As well…

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View Tax Planning Considerations For 2018-19

Tax Planning Considerations For 2018-19

The deadline for filing 2017-18 self-assessment tax returns without paying a penalty for late submission has passed (31 January 2019). But a new and pressing deadline now presents itself: 5 April 2019. Tax planning options for 2018-19 As we have outlined in previous posts, most tax planning needs to be considered and actioned before the…

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View The Chancellor Announces That Alcohol Duties Are Frozen

The Chancellor Announces That Alcohol Duties Are Frozen

In what amounts to a single-issue mini-budget the Treasury posted a welcome announcement for the manufacturers and consumers of alcoholic products last week. They said: From today, (1 February 2019) taxes on beer, cider and spirits are frozen for another year, keeping costs down for industry and consumers alike. alcohol duty cuts and freezes over…

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View Have You Planned Efficiently For The 5th April 2019?

Have You Planned Efficiently For The 5th April 2019?

There must be several hundred separate deadlines for UK tax purposes, but the most common is the end of the tax year. In the UK this is 5 April.  Deadly Beginnings Historically, a deadline was a line drawn around a prison. If inmates crossed it, they were shot. This phrase has been extended and is…

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View When Child Benefit Becomes A Liability

When Child Benefit Becomes A Liability

A two parent, two child family can claim £34.40 per week in Child Benefit (CB). In a tax year this adds up to £1,789. As is often the case in life, this becomes just part of the housekeeping and is spent. However, let’s look at Mary, John and their two kids. The child benefit is…

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View A Short Film On Potential Issues In 2018 – 2019 Tax Years

A Short Film On Potential Issues In 2018 – 2019 Tax Years

We’ve put together a short three minute film highlighting some tax issues you may be affected by, and may need to look out for in 2018 to 2019 tax years. Do yourself a favour and grab a cup of tea and check it out. It could save you a lot of money in the long…

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