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Landlord Tax Changes

Property l

Recent budgets have seen several significant changes to the taxation of income from letting out residential property. These changes are likely to impact on the taxation of all current property landlords, as well as future decisions as to whether to remain or become a landlord.

Download the full PDF here.

Happy New Tax Year!

General l

We start the merry go round again moving 1 year closer to the introduction of Making Tax Digital on the 6 April 2019.

We are heavily involved in helping our clients bring up to date their bookkeeping onto cloud-based accounts solutions to ensure you have the information available each quarter at a reasonable cost. If you need help or advise in doing this please contact us as soon as possible and we can get you started and include some free training.

With the 25 May looming the whole concept of GDPR – General Data Protection Regulation – is starting to become an issue for all those people who hold data on customers, guests, suppliers, marketing databases and employees. We will write shortly to advise you of what you may need to do and how to do it and where to go to do it. Please don’t think this doesn’t apply to you as nearly every business in the UK will be affected with fines running at 4% of your turnover for non-compliance -the regulator is funded solely by the number of fines they issue!

Finally, this is a great story of how the 6 of April came to be the start of our tax year. Enjoy! Click Here

Happy 2018/19

April 2018 Tax Insider

Accounting, Tax/VAT Cases l

This Months Edition includes:

– Thinktank wants major reform of ‘inefficient’ tax system
– More workers aim to become self-employed
– Small firms not ready for data protection shake-up
– Small businesses ‘hugely’ embrace apprenticeships

Download Here

From sole trader to a limited company

Accounting, Tax/VAT Cases l

With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.

There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million.

Last year’s statistics also showed this trend is no flash in the pan as the number of actively trading companies increased by around 610,000 since 2010.

If you’re a sole trader who has weighed up the pros and cons and decided to form a limited company, here’s what you need to know to complete the transition.

Downlaod Here

Clipping the wings of phoenix companies

Accounting, Businesses, Law l

Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.

However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency.

Known as ‘phoenixing’, this practice transfers the business, but not the debts, of the insolvent company to a new company.

But what is the problem with phoenixing, and what does the law say about it?

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Tax and employee benefits

Businesses, Personal Tax, Tax/VAT Cases l

Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards.

Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flextime, it all helps to ensure employees feel valued and motivated.

82% of workers feel motivated after receiving some form of recognition from their employers, according to research by the Rewards and Employee Benefits Association.

While that’s all good and well when it comes to looking after your staff, you also need to consider the tax implications of offering attractive employee benefits.

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Year End Tax Guide 2017-18

Personal Tax, Tax/VAT Cases l

Included in this article:
– PERSONAL ALLOWANCES
– ISAs
– PENSION CONTRIBUTIONS
– INHERITANCE TAX
– CAPITAL GAINS TAX
– NON-UK DOMICILE TAXATION
– TAX CREDITS
– CORPORATION TAX
– BUSINESS DEDUCTIONS
– ENTREPRENEURS’ RELIEF
– VAT
– PENALTIES
– UPCOMING CHANGES

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Cash basis for landlords

Accounting, Property l

Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions.

This option was extended to landlords running unincorporated property businesses from 6 April 2017.

However, while traders must elect for the cash basis, it applies by default to landlords who meet the qualifying conditions.

Click Here to Downlaod

Business Finance

Businesses, Growth l

Raising finance is a crucial but challenging aspect of running a successful business, whether you’re launching a start-up or looking to expand your operations.

You can have the best product in the world, a solid business plan and a comprehensive marketing strategy, but if you can’t access the necessary inance success will be much harder to achieve.

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Research & Development Tax Credits

Accounting, Businesses, Corporation Tax l

R&D tax relief currently provides an enhanced deduction of 230% of qualifying R&D revenue costs. This is made up of:

  • 100% of the costs which would normally be deducted without R&D tax relief; and
    130% of those tax deductible costs.

This means that for every £100 of qualifying R&D costs, £230 is deducted from the company’s pro ts, or added to the company’s trading losses for tax purposes.

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Selling goods and services overseas for beginners.

Businesses l

Depending on your sector and your export destinations, deciding to sell products and services abroad can increase your expenditure, consume your time, and introduce new regulatory and administrative complexities.

Additionally, the decision taken by the British people to leave the EU has caused uncertainty for UK businesses trading in EU member states. It is understandable why an aspiring exporter might be slightly hesitant about committing to expand overseas.

Property Income and Tax

CGT, IHT, Personal Tax, Property l

There are many ways to earn an income from property such as residential properties, furnished holiday lettings, commercial properties and renting out a room in your house.

The exact tax treatment and allowable expenses will differ depending on the type of property you own and your level of income.

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