by Jessica Garbett | Jan 8, 2018 | ACCA, HMRC, personal taxatation
Rules around the allowance, what happens on year of eligibility and on death. Taxpayers living in the UK are entitled to a personal allowance and – if married or in a civil partnership – may also be able to claim marriage allowance or married couple’s allowance...
by Jessica Garbett | Jan 5, 2018 | ACCA, budget, personal finance
Annual limit uprated on junior ISAs, but not adult ISAs. The Individual Savings Account (ISA) annual subscription limit for 2018/19 will remain unchanged at £20,000. The annual subscription limit for junior ISAs and child trust funds for 2018/19 will be uprated in...
by Jessica Garbett | Jan 4, 2018 | ACCA, HMRC, personal taxatation, property taxation
Rent-a-room relief increased to £7,500. From 6 April 2016 the level of rent-a-room relief increased from £4,250 to £7,500 per year. How does the scheme work? The rent-a-room scheme is a relief which provides that the rent received by an individual from a lodger (up to...
by Jessica Garbett | Jan 3, 2018 | ACCA, budget, business taxation, personal taxatation
Untaxed band for dividend income falls to £2,000. From 6 April 2018 the level of dividend income received tax-free will be reduced from £5,000 to £2,000. The tax rates applying outside this band remain unchanged. Dividends above the £2,000 threshold will be taxed at...
by Jessica Garbett | Jan 2, 2018 | ACCA, business taxation, HMRC, personal taxatation
Main residence nomination s222 (5a) Taxation of Chargeable Gains Act 1992 (TCGA 1992) Taxpayers with two or more residences may choose which property is to be treated as their main residence for capital gains tax purposes by lodging an election under TCGA 1992,...
by Jessica Garbett | Jan 1, 2018 | administration
Just a note to wish all our clients and contacts Happy New Year. We are back in the office tomorrow, 2 January. January, of course, is a busy month with Self Assessment work, so if you still owe us papers, please get them over ASAP to minimise last minute rushes. A...
by Jessica Garbett | Dec 20, 2017 | ACCA, business taxation, capital taxation
CGT indexation allowance to disappear from 1 January 2018. This measure means that when a company makes a capital gain on or after 1 January 2018, the indexation allowance that is applied in order to determine the amount of the chargeable gain will be calculated up to...
by Jessica Garbett | Dec 18, 2017 | ACCA, business taxation, personal taxatation
A recap on who, what and when, designed to help with 2016/17 self-assessment tax returns. When are the changes from? From 6 April 2016 people who live in Scotland pay a proportion of their income tax to the Scottish government. The Scottish rate of income tax (SRIT),...
by Jessica Garbett | Dec 18, 2017 | ACCA, business taxation
Carry out R&D? RDEC claimants could benefit from the Budget. Companies that carry out Research and Development (R&D) and claim Research and Development Expenditure Credit (RDEC) may benefit from announcements in the Autumn 2017 Budget. Increasing the amount...
by Jessica Garbett | Dec 15, 2017 | ACCA, VAT
Online fraud comes in for battery of anti-evasion moves. The government has announced two major changes in its anti-VAT fraud measures as a result of consultations earlier this year. These are: 1. Reverse-charging in construction A new VAT domestic reverse charge will...
by Jessica Garbett | Dec 14, 2017 | ACCA, budget, business taxation
Six-year limit removed for depreciatory transactions within a group. Legislation will be introduced in Finance Bill 2017/18 to remove the six-year limit imposed by section 176(1) of the Taxation of Chargeable Gains Act 1992 (TCGA) to prevent companies from claiming...
by Jessica Garbett | Dec 13, 2017 | ACCA, business taxation
Corporation tax clarified for the sale of intangible fixed assets. The tax position on the disposal of a company’s intangible fixed assets involving non-cash consideration has been clarified. The measure also amends the rules in relation to licences for intangible...
by Jessica Garbett | Dec 12, 2017 | ACCA, business issues, VAT
New UK trade and tariff regime outlined in bill. The Taxation (Cross-Border Trade) Bill was issued on 21 November. It creates a new UK customs regime, based on but independent of EU law, with a prevailing focus on continuity for UK business. However, as the bill...
by Jessica Garbett | Dec 11, 2017 | ACCA, budget, business taxation, capital taxation
Substantial shareholding exemption made easier to claim. The government is to amend the substantial shareholding exemption (SSE) legislation and the share reconstruction rules to avoid unintended chargeable gains being triggered where a UK company incorporates foreign...
by Jessica Garbett | Dec 8, 2017 | ACCA, business taxation, HMRC, personal taxatation, VAT
VAT to be all-digital from April 2019. The chancellor has announced the passage of enabling legislation in the Finance (No.2) Act 2017 allowing, subject to secondary legislation, for HMRC to require businesses to keep records digitally. VAT is the only area that must...
