Latest Private Client Tax

11th December 2018 To file or not to file, that is the question!

In common with many people, our client was notified in January 2018 that he no longer needed to file a tax return.  As he receives income from multiple sources, i.e. a salary, various pensions and savings income, he wasn’t convinced that he had paid the right amount of tax for the year ended 5 April…

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16th November 2018 New Year, New….. Tax Return

  There are only 76 days until the self-assessment tax return deadline of 31 January 2019. If your return is not filed by this date an automatic £100 penalty will be applied. With the festive season on the horizon it’s easy to push the tax return deadline to the back of your mind, however don’t…

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8th November 2018 EIS: v2?

Observers of recent Budgets will have noticed that the Chancellor has made several references to “EIS Knowledge Intensive Funds”, as a new initiative to help finance growth in innovative firms. He has even invented a new phrase to describe this type of funding: ‘Patient Capital’. The initial March 2018 Consultation Paper has now closed for…

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8th November 2018 Entrepreneurs’ Relief changes

The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in…

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15th October 2018 Preserve your wealth

Discover how to manage your wealth effectively at our annual event led by our wealth management and tax experts. There will be three presentations followed by a light lunch – a great networking opportunity. Tax planning tips & traps Barbara Nicholas, Tax Partner at Whiting & Partners  Passing on Wealth – How hard can it…

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26th September 2018 TechCos: Preserve ER with new tax election

Those companies that continually go through funding rounds, such as your typical techco start-up, should be aware that HMRC are introducing a new tax election wef 6-Apr-19: Proposed legislation contained within the Finance Bill 2018 This election will allow shareholders who hold at least 5% of the company on 6 April 2019, and who are…

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25th September 2018 Registering for self assessment

The deadline for registering for self assessment is 5 October for the 2017/18 tax year. Anyone submitting a self assessment return for the first time – including higher income child benefit charge (HICBC) taxpayers – need to register by 5th October 2018 so that they can complete and file their return by 31st January 2019…

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4th September 2018 EIS Test Case: Capital gains tax exit exemption not linked to income tax entry claim.

In a recent HMRC test case (Ames v CRC), the Upper Tribunal considered whether it was necessary for EIS income tax relief to have been claimed when an EIS investment was made, for the transaction to then potentially qualify for exemption from capital gains tax when the investment was sold. For the case in question,…

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30th August 2018 Preparing for Retirement

Retiring early is the dream for all of us, it is a chance to do more of what you enjoy, yet unsurprisingly the majority of us have never tried to calculate how much money we will need to save to live comfortably in retirement.  Your likely income needs will depend upon whether in retirement you…

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28th June 2018 Trading Allowances Change

Do you remember when eBay first emerged and become a revolutionary trading platform for buying or selling and, yes, turning a profit? As social-media has expanded, so have trading websites to the extent that there’s hardly a town, village or group that does not have a ‘buy’n sell’ page.   HM Revenue & Customs have…

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