So, we already knew about some of the announcements before the chancellor, the Rt. Hon. Philip Hammond MP, spoke yesterday, so much so he even made a joke about toilets and leaks. As ever there was good news and bad news for taxpayers, a full summary is on our website but here are some good… Continue reading Autumn Budget – 29 October 2018
A married couple or civil partnership can apply to transfer 10% of the income tax personal allowance from one to the other. Although called the marriage ‘allowance’, it is a transfer rather than an additional allowance. To qualify for the allowance, neither of the partners can be higher rate taxpayers and cannot be claiming the… Continue reading Have you taken advantage of the Marriage Allowance?
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
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)
On Wednesday 23 November 2016 our new Chancellor of the Exchequer, Philip Hammond, delivered his first (and last) Autumn Statement. “No other major economy makes hundreds of tax changes twice a year, and neither should we” – this is perhaps the most welcome measure announced in the Autumn Statement. In recent years the Autumn Statement… Continue reading Autumn Statement 2016
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?
Now the Self Assessment season has passed, it seems a good time for a quick update on the changes coming up in April 2016. None of this is new, but it comes from various Budgets and Autumn Statements (the Government like to keep us on our toes by announcing lots of changes at the same… Continue reading What Changes in April 2016? (Part 1 – Personal Tax)