Accounting News

Budget Changes To Main Residence Relief

Budget Changes To Main Residence Relief

In his Budget on 29 October 2018, the Chancellor outlined a number of changes to main residence relief. The changes affect the final period exemption and the availability of lettings relief, which applies where a property which has at some...

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The CGT Annual Exemption – Use It Or Lose It!

The CGT Annual Exemption – Use It Or Lose It!

Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares,...

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Employment Allowance – Upcoming Changes

Employment Allowance – Upcoming Changes

The employment allowance (EA) was introduced from April 2014, potentially cutting every employer’s NIC payments by allowing businesses and charities to offset up to a pre-set annual threshold (£3,000 from April 2016, previously £2,000) against their employer PAYE NIC liabilities. Employers...

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Spare Time Earnings May Be Tax-Free

Spare Time Earnings May Be Tax-Free

The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the 2017/18 tax year onwards. In broad terms, the allowance means that individuals with trading income below the annual threshold may not...

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Overdrawn Director’s Loan Accounts

Overdrawn Director’s Loan Accounts

In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cashflow is tight and the company may lend money to the...

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The Importance Of Keeping Good Business Records

The Importance Of Keeping Good Business Records

To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole...

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Inheritance Tax And Potentially Exempt Transfers

Inheritance Tax And Potentially Exempt Transfers

Aside from the annual exemption and the exemptions for particular gifts (such as those out of income or in consideration of marriage), it is possible to make gifts free of inheritance tax – as long as you survive for at...

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Are You Prepared For Making Tax Digital?

Are You Prepared For Making Tax Digital?

From 1 April 2019, VAT registered businesses earning above the current VAT threshold of £85,000 are mandated to keep digital records and submit VAT returns using Making Tax Digital (MTD)-compatible software.   Are you prepared for Making Tax Digital?   MTD means you...

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