The Budget 2018

Highlights Increases to the personal allowance and basic rate band Extending off-payroll working to medium/large organisations  A temporary increase to the Annual Investment Allowance Freezing the VAT registration threshold for a further two years Changes to Entrepreneurs’ Relief and private residence relief Measures to tackle the plastic problem The Budget 2018 Our summary provides an …Read More

VAT Basics

VAT – The Basics

In a rolling 12 month period, if a business makes over £85,000 worth of taxable supplies (sales of goods or services), it is legally obliged to register for Value Added Tax (VAT). The business must then charge VAT on its future taxable supplies and submit returns to HMRC. It is also possible to voluntarily register …Read More

When do you need to submit a self assessment?

When do you need to submit a self-assessment?

Despite ongoing consultations and efforts to simplify the system, many taxpayers are still left unsure of what it is they’re meant to do. Since filing a self-assessment late carries a hefty penalty fee, knowing when you’re required to complete a tax return is very important. The chances are that, if you completed a self-assessment for …Read More

Should you incorporate your buy-to-let business?

Should you incorporate your buy-to-let business?

If you are currently a landlord or considering becoming one, you may already be aware of the recent changes in the buy-to-let sector. With a now much less generous tax system in operation when personally buying property and letting it out, many landlords are considering incorporating their buy-to-let businesses. Essentially, it means your properties would …Read More

Employee or subcontractor?

Employee or subcontractor?

The recent change to IR35 legislation over work being carried out for the public sector has been among a number of items in the news bringing attention to whether someone is a member of staff or a contractor. Recently, a Tribunal decided that Uber drivers were staff and another tribunal decided that Deliveroo delivery drivers …Read More

Staff Christmas Party

Treating your staff at Christmas

Another year is nearly at an end and many business owners’ thoughts will be on treating their staff at Christmas for the twelve months that have just passed. In this article, Kelsall Steele looks at what you can spend on your staff this festive season without leaving yourself open for a bill from HMRC Christmas …Read More

Making Tax Digital

Making Tax Digital: New Timetable

HMRC have announced significant changes to the timetable for the implementation of Making Tax Digital. We have previously written about HMRC‘s original plans for the implementation of Making Tax Digital, which would have come into effect from April 2018 for a number of businesses and landlords with gross income exceeding the VAT threshold (currently £85,000), and …Read More

Dividend Tax

Dividend Allowance Changes

Podcast: Listen Now The new dividend tax regime was introduced by former Chancellor of the Exchequer George Osborne. This has only been in place since April 2016, but it is already to be amended in April 2018, following announcements in the Spring 2017 Budget. Before April 2016, a basic rate taxpayer paid no tax on …Read More

Spring Budget 2017

Spring Budget 2017

Highlights Increases to the Class 4 National Insurance rates Reduction in the dividend allowance Personal allowance  to increase as planned New NS&I investment bond available from April 2017 Corporation Tax to fall to 19% from April 2017 ISA Allowance to rise to £20,000 Spring Budget 2017 The Chancellor’s Spring Budget contained some significant announcements and confirmed a …Read More

Self-employment Business start-ups – FAQ

Self Employment FAQ Starting-up in business, becoming self-employed, can be a bit of a daunting process, especially if you are not sure of some of the steps you need to go through. There are a few ‘hoops’ you need to jump through so we have put together a few basic pointers for those who are thinking of …Read More

Autumn Statement 2015

Autumn Statement 2016

Highlights Reduction in corporation tax confirmed New £23bn National Productivity Investment Fund Personal allowance to increase as planned National Living Wage and National Minimum Wage to increase Increase in insurance premium tax Fuel duty frozen again Autumn Statement 2016 The Chancellor’s Autumn Statement 2016 contained some significant announcements and confirmed a number of changes. Our summary provides an overview of …Read More

Pre-Registration VAT Expenses

Pre-registration claims for VAT – looking back If you have recently become VAT registered and are about to prepare your first VAT Return, don’t forget to look back at your previous expenditure to see if there’s any pre-registration expenses that can be claimed for. If you have purchased goods in the last 4 years that …Read More

Dividend Tax

Changes to Dividend Tax

Dividend Tax Credits Up until 5 April 2016 dividends paid by UK Companies normally had an attached 10% tax credit of the grossed dividend. Therefore if you received a dividend of £90, there would be a deemed tax credit of £10, making the total gross dividend £100. This dividend tax credit was non-refundable but could be …Read More

Personal Savings Allowance

Taking Interest

Personal Savings Allowance For 2016/17 if you are a basic-rate taxpayer (i.e. your total income does not exceed £43,000) then you can earn £1,000 in savings interest without paying any tax on this. This is called the ‘personal savings allowance’. For higher-rate taxpayers (i.e. your total income falls between £43,001 and £161,000), the personal savings …Read More

Agricultural Property Relief

Inheritance Tax and Agricultural Property Relief

Will your property qualify? With many farmers seeking to diversify and maximise returns from farm assets, they may have inadvertently taken these assets out of what qualifies as agricultural property, and hence affected any claim for Agricultural Property Relief (APR). Eligible Property Agricultural property is broadly defined as agricultural land or pasture, but also includes: …Read More