When new legislation is suggested or introduced by the Government, there will nearly always be winners and losers, those for and those against. Whilst some may tag the anti-lobby as doom mongers, their opinion is normally based on significant past experience and a deep understanding of those likely to be affected. So, when the government […]
An increasing number of families across the country are facing the prospect of significant Inheritance Tax (IHT) bills. Chichester is at the forefront of this mounting problem as asset rich, cash poor (relatively) families fail to make use of strategies to mitigate the impact of IHT. Whilst many over 50s will be counting the benefit […]
Property owners need to be aware of significant changes to Capital Gains Tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. […]
Making Tax Digital, the initiative introduced by HMRC in April requiring businesses to keep digital records for the calculation and submission of VAT returns, has met with early reluctance to register. Whilst many businesses may have ignored the passing deadline, in the belief that they were already compliant as a result of using approved accounting […]
Our Spring 2019 Tax Briefing is now available for you to download. In this edition we look at key tax topics as we approach the new tax year and crucial dates around the Brexit process and introduction of Making Tax Digital for VAT. Employee Benefits Vat: Brexit Realities MTD Facts and Fiction Pension Health Check […]
From April 2020 the IR35 system will be extended to cover businesses using contractors and freelance staff in the private sector. A move which is expected to net the treasury an additional £1bn in tax in its first year. With IR35 a long running bone of contention anyway, there is a great deal of concern […]
For around 12 months now there has been much discussion about a review of the point at which companies must register for VAT, the VAT Threshold. Currently set at £85,000 of taxable turnover, the Chancellor was reported as planning a reduction of this figure to around £20,000 as part of his budget statement in November […]
Having identified that their calculations may have contained an error, HMRC has announced that it is set to review the tax returns of around 30,000 individuals, to address concerns that some may have been overcharged. The issue is believed to be isolated to tax bills issued in 2016/17 and specifically relating to the personal savings […]
The Treasury has announced that Chancellor Phillip Hammond is going back on a promise made by his predecessor, George Osborne, to scrap Class 2 NI Contributions. The abolition which was originally planned to come into effect this year, had already been put on ice by the Chancellor citing concerns that it would actually increase the […]
Over 20,000 freelancers and contractors that used offshore-based umbrella schemes to disguise their income over the last 20 years will have to repay an average of £50,000 in unpaid taxes, HMRC says. Responding to a deadline of 31st May to register earnings held or managed in these trusts, almost 21,000 people had declared their involvement […]
Amid much talk of further tax rises in the pipeline, to help offset the impact of Brexit and to support the Governments planned spending increase on the NHS, HMRC has announced that it had a record tax take in the 17/18 tax year. The total take of just over £605 billion is up 5.4% on […]
If you have multiple VAT registered businesses, it is worth checking that you are claiming the right VAT in each instance to avoid HMRC disallowing claims for input/output tax. When reviewing returns from each business, HMRC will not only want to see a clear line of documentation relating to each transaction but will also seek […]