Latest blogs for Private Client Tax

5th December 2017 Charity Accounts: New Independent Examination Rules

  For many years now, many mid-sized UK charities have been required to subject their annual statutory accounts to independent examination. For such charities, with income within the range of £25,000 to £1m and gross assets of less than £3.26m, an independent examination is a lighter touch of independent scrutiny than a full audit. As…

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26th November 2017 Buy to Let – minimising income tax

In recent years the tax system has been used increasingly to try to influence behaviour in the buy to let property market – the increases in Stamp Duty Land Tax, the restriction of tax relief for mortgage interest and the higher rate of capital gains tax for residential property sales are all examples of government…

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24th November 2017 Autumn Budget – Property taxes

SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…

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27th October 2017 Tax Relief on pension contributions – Budget Day looms….

  At the moment, tax relief remains available on pension contributions at an individual’s top rate of tax, making pensions a very tax efficient form of investment. Especially when the new provisions for flexible access of pension funds is taken into account.   But we have yet another Budget approaching, on 22nd November, and it…

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5th October 2017 Simple Assessment

  HMRC have now implemented their ‘Simple Assessment’ project, where they use the information already available to them from employers, pension providers, the DWP and banks to calculate the tax for those with straightforward or ’Simple’ tax affairs, without the need for a tax return to be completed.   In theory this sounds like an…

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19th September 2017 HMRC advice on phishing emails and bogus contact

  I have blogged on this subject before. Unfortunately, this type of fraud is on the increase.   HMRC have published an up-dated warning with examples of bogus emails, text messages, and social media scams purporting to be from HMRC.  They also mention again bogus callers leaving messages about the need to make immediate tax…

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18th September 2017 R&D Tax Relief: HMRC publish take-up report.

R&D tax relief, to provide government subsidies to those companies that develop innovation products, services or systems, has been with us for 17 years now. The latest HMRC R&D tax relief take-up report, encouragingly, shows that the following recent improvements to the scheme have increased the amount of tax relief claimed by 22% over the…

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12th September 2017 Childcare Services compensation

  The government are offering compensation to those who have been affected by problems with the implementation of Tax-Free Childcare. Individuals who have been affected may be able to get a government top-up as a one-off payment for Tax-Free Childcare. The government will also consider refunding any reasonable costs directly caused by the service not…

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6th September 2017 Bank of Mum and Dad!

  A parent with spare funds to invest may like to consider purchasing a property for their student son or daughter to live in whilst at university, in order to save on student accommodation costs.   We recently advised a client that, so long as their son or daughter lives in the property as his…

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31st August 2017 Caution over 2016/17 P800 tax calculations issued by HMRC

If you are employed or getting a pension, HMRC will check that you have paid the right amount of tax for the tax year.  If you have under or overpaid, they will issue a P800 tax calculation.  The calculation is broken down into various sections to show your income, deductions, tax allowances, and the tax…

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