VAT on building a new home

If you’re building a new home, you may be able to reclaim the VAT back on the materials used, potentially making a lot of difference to the final costs. You can apply for a VAT refund on building materials and services if you’re: building a new home converting a property into a home building a non-profit communal… Continue reading VAT on building a new home

Is your child about to collect their GCSES? – You need to tell the Tax Man

(A-levels, further education or an approved training course, you MUST tell the taxman if you're claiming child benefit or risk losing out on thousands of pounds a year) June was a busy period for students throughout the UK as they completed their GCSE and A-Level exams, but what happens to your child benefits afterwards? Your… Continue reading Is your child about to collect their GCSES? – You need to tell the Tax Man

Tax refund scams warning from HMRC

HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on… Continue reading Tax refund scams warning from HMRC

Clause 24 in the Finance Act – Is it affecting you?

We have known for some time that Landlords have been hit hard by recent tax changes: Clause 24 restricting relief for interest; 8% extra capital gains tax; 3% extra stamp duty. Clause 24 of the Finance Act set out restrictions for individuals on claiming loan interest as a cost against property investment income, for individuals… Continue reading Clause 24 in the Finance Act – Is it affecting you?

P11d returns – Recap on the general principles of what is allowable.

BUSINESS TRAVEL As we approach the time when employers have to deal with P11d returns, it is worth having a recap on the general principles of what is allowable. Travel expenses have specific tests which must be satisfied in order for an employee to gain a deduction. These rules are different from the general rule… Continue reading P11d returns – Recap on the general principles of what is allowable.

P11Ds – Return of Expenses and Benefits

It is that time of year again when your organisation’s P11D forms will need to be prepared and submitted to the Inland Revenue. The most common entries being the car or van benefit, with or without fuel for private use. In addition to the above, directors/employees are sometimes provided with private health insurance.  The best… Continue reading P11Ds – Return of Expenses and Benefits

Why has my tax code changed?

“How do I know if my tax code is correct?” Your tax code is used by your employer to calculate how much tax needs to be deducted from your pay. HMRC tells your employer which code to use to collect the right amount of tax from you. You can check your income tax online to… Continue reading Why has my tax code changed?