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Do you pay tax on assets or cash you inherit?
10/10/2017
As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT nil rate threshold of £325,000. There is also a new IHT main residence nil-rate band Read more...


Tax implications on divorce or separation
10/10/2017
When a couple is separating or divorced it is unlikely that they are thinking about the tax implications. However, as the dust begins to settle it is important that the tax consequences of the break-up are given proper consideration. Whilst income tax does not automatically cause an issue for separating couples, as it is an individually Read more...


Land Registry property alert service
10/10/2017
HM Land Registry's property alert service is a free (for up to 10 registered properties) service to help protect property from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties, where there is a concern that it might be subject to a fraudulent sale or mortgage. The property Read more...


Check your National Insurance record online
10/10/2017
HMRC offers an online service to check your National Insurance record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax Read more...


Employing someone to work in your home
10/10/2017
When you employ someone to work in your home, it is your responsibility to meet their employee's rights and deduct the correct amount of tax from their salary. This can include domestic staff such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed or paid through an agency. If you employ Read more...


Capital allowances when you sell an asset
10/10/2017
Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of their taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc, last for a reasonably long time and the tax rules do not allow you to automatically deduct the full Read more...


Christmas party and other social events
03/10/2017
In a recent newsletter we looked at the tax implications of giving Christmas gifts to your staff and the complications that can arise. In this newsletter, we will take a look at the tax breaks available for staff Christmas party or similar annual events. In general, the cost of a staff party or other annual entertainment is allowed as a Read more...


Landlords’ finance charges restrictions
03/10/2017
The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The tax relief on mortgage costs used to buy investment properties is gradually being restricted to the basic rate of tax. Landlords of Read more...


Self-Assessment e-filing deadline
03/10/2017
As existing Self-Assessment tax filers will be aware, the deadline for online submission of your 2016-17 Self-Assessment tax return is 31 January 2018. This is also the date that the payment is due for the balance of any Self-Assessment liability for 2016-17, and the due date for any payment on account due for the current 2017-18 tax Read more...


Benefits and limitations of the VAT Flat Rate Scheme
03/10/2017
The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation. Using the FRS, you simply pay VAT as a fixed percentage of your VAT inclusive turnover. The actual percentage you use depends on your type of business. Read more...

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