Blog

Home based travel costs

Doctor Samadian works from home and has contracts with a number of private and NHS hospitals.

As he has a home-based office, from where he runs and administers his business, he has claimed for the costs of travel as follows:

·         from his home/work base to his various, contracted private hospital clients;

·         from the NHS...

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Good news for exporters

The UK’s 5 major high street banks have signed up to work with the new Department for International Trade to revolutionise the way businesses access international markets.

Barclays, HSBC, Lloyds, NatWest and Santander are getting behind the government’s drive to populate a new and unique Directory of Exporters. The Directory will link UK companies with contacts...

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Tax free Childcare

This new scheme will be rolled out to parents next year. The scheme will be made available gradually to families, with parents of the youngest children able to apply first. You’ll be able to apply for all your children at the same time, when your youngest child becomes eligible. All eligible parents will be able...

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Tax Diary August/September 2016

1 August 2016 - Due date for Corporation Tax due for the year ended 31 October 2015.

19 August 2016 - PAYE and NIC deductions due for month ended 5 August 2016. (If you pay your tax electronically the due date is 22 August 2016.)

19 August 2016 - Filing deadline for the CIS300 monthly return for...

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NIC Employment Allowance

For 2016-17, the EA is set at £3,000. This means that if you are eligible, you will not have to pay employers’ Class 1 contributions up to this amount. The following set out some of the less well known facts about this allowance:

·         The EA can only be used against your employer Class...

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Where there is a Will

If you leave your entire estate to charities, will you be turning in your grave if disinherited relatives mount a challenge to break your last will and testament, and succeed?

In a 2015 case heard by the Court of Appeal, a disinherited daughter challenged her deceased mother’s Will.

The background to the case is illuminating. The daughter...

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Buy-to-let landlords action required

Buy-to-let landlords need to start considering their options, in particular, those who have borrowed heavily in order to build their property portfolio.

As we have mentioned previously in this newsletter, from April 2017 deductions for finance charges will be progressively reduced and replaced by a 20% tax credit. This will promote a number of landlords into...

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A new broom

Philip Hammond has been appointed Chancellor of the Exchequer as George Osborne returns to the backbenches.

Mr Hammond has already confirmed that there will be no emergency budget, and he will be presenting the usual Autumn Statement later in the year and a new Finance Bill March 2017.

The immediate impact for UK tax payers is therefore...

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Buy-to-let landlords expenses

When you work out your taxable rental profit you can deduct allowable expenses from your rental income. The expenses must be wholly and exclusively for the purposes of renting out the property. This means that if an expense wasn’t incurred for the purpose of your property rental you can’t offset the cost against the rental...

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Do not forget to pay your tax

The 31st July is rapidly approaching. If you are registered for self-assessment, make sure you pay the second instalment for 2015-16, that falls due on this date, unless no payment is due.

If you are self-employed, and if you are confident that your profits have fallen in the accounts year to 31 March 2016, compared to...

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