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Tax

View When Trivial Benefits Can Be Significant

When Trivial Benefits Can Be Significant

The following extracts from HMRC’s website explain how certain benefits to employees can be tax-free. Surprisingly, HMRC describe these as “trivial” benefits. Tax-Free Benefits You don’t have to pay tax on a benefit for your employee if all of the following apply: it cost you £50 or less to provide it isn’t cash or a…

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View Goodbye 2019, Hello Opportunities

Goodbye 2019, Hello Opportunities

We are approaching the end of the calendar year, goodbye 2019, and the end of the of the current tax year, 2019-20, will draw to a close 5th April 2020. Uncertain Future Add to this self-assessment deadlines, Brexit changes, election results and will we – won’t we – have a budget speech any time soon,…

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View Capital Gains Tax Update And Residential Property

Capital Gains Tax Update And Residential Property

UK resident anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply? You need to consider the changes to the reporting and payment of this CGT charge from 6 April 2020. CGT Payment and Report Changes The general rule will be that for relevant disposals on or after…

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View All Is Not Lost | Ensure Your Business Survives

All Is Not Lost | Ensure Your Business Survives

If your business makes a trading loss its ability to survive the loss will depend on a number of issues. They include: Did your business have sufficient reserves to absorb the loss? If not, are the business owners able to introduce new capital to cover the losses? Or, Are the business bankers willing to step…

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View Finance Considerations for Practices Signing PCN Contracts

Finance Considerations for Practices Signing PCN Contracts

It’s likely you’re already familiar with Primary Care Networks (PCNs). They are part of the new five-year GP contract where practices will receive additional funding by joining networks. Those networks are likely to see practices service a larger community and work together to achieve scale. This is part of the NHS long-term plan to: Improve…

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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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