Changes were announced to capital allowances in the Autumn Budget. These include an increase in the Annual Investment Allowance (AIA) available. Make sure your business does not fall foul of the transitional rules which apply. Increased AIA from 1 January 2019 You will no doubt be aware that the maximum AIA has been set at… Continue reading Hot Topic! Maximise your capital allowances
The following Tax Events are due on 31st January 2018: Personal Tax Events Deadline for submitting your 2016/17 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2016/17 liability together with the first payment on account for 2017/18 are also due. This deadline is relevant to individuals who… Continue reading 14 Days left to submit your 2016/17 self assessment return
Yesterday saw a budget that focused, as expected, on housing and a stormy economic forecast. Our full summary is available on our website, but the key tax developments are summarised below. Personal Tax Rates and Allowances The personal allowance is currently £11,500 and will increase to £11,850 in April 2018. The higher rate threshold similarly… Continue reading Autumn Budget 2017
This is a facility that the Inland Revenue introduced in 2016 which allows the voluntary disclosure of any UK tax liabilities that relate to offshore income or assets, which have not previously been disclosed to the UK tax authorities, to be declared. This includes: Income arising from a source outside the UK Assets situated or… Continue reading HMRC’s Worldwide Disclosure Facility (WDF)
Before any purchase takes place you should always take advice as tax savings are there to be made. In many cases the contract drawn up by solicitors will need to be worded carefully to ensure tax savings can be considered. The Capital Allowances Act 2001 entitles a purchaser to claim tax relief in respect of… Continue reading Thinking of buying commercial property?