Category Archives: Tax, Audit & Accounts

March 02, 2015

There may be trouble ahead

The Stamp Duty Land Tax amendments in George Osbourne’s 2014 Autumn Statement caused an unprecedented frenzy to rush through the sale of high value properties, particularly in London and the South East. The new rules meant that there would be significant increases in Stamp Duty for properties exchanging for more than £937,000.
February 19, 2015

Are we leading up to a state-controlled Great Britain?

It was announced by George Osborne in his last Budget that HM Revenue & Customs (“HMRC”) will have powers to collect unpaid tax directly from the bank accounts of debtors, including from ISA accounts.
January 13, 2015

Don’t miss the 31 January deadline!

With the festive season behind us, many individuals will be turning their attention towards the looming deadline for Self-Assessment Tax Returns. If you need to file a tax return online and you haven’t yet registered online to do so, act now to make sure you don’t miss the 31 January deadline.
January 08, 2015

Considering incorporation? Plan carefully!

Happy New Year to all. It is an election year so traditionally we would all be looking forward to some kind of tax give away as a bribe. Not this year.
December 18, 2014

Stamp Duty reforms – is it too good to be true?

One of the significant announcements in the recent Autumn Statement was the Stamp Duty reforms moving from a single rate on the purchase price to a system of paying tax on the property price within each band.
December 15, 2014

Collection of unpaid tax through your tax code

Currently, HM Revenue and Customs can collect tax debts of up to £3,000 by adjusting your Pay As You Earn (PAYE) tax code. HMRC refers to this as ‘coding out’. The effect of this is to recover the debt from your income, by increasing the amount deducted from your income during the tax year.
December 08, 2014

Advancement through innovation

The recent tragic death of Australian cricketer Phillip Hughes leaves any sports fan feeling numb. We’ve also recently seen a terrible accident in Formula 1 leave Jules Bianchi with life threatening injuries. Events that both sports will now contemplate and consider what action should be taken to improve safety further.
December 03, 2014

Chancellor announces tax break for Wallace and Gromit (and other children’s television programmes)

Continuing the expansion of tax reliefs for creative industries, the Chancellor today announced a new tax relief for expenditure on the production of children’s television programmes. This is a welcome addition to the tax reliefs already available for film, high end television, animation, video games and theatre production.
November 10, 2014

Halloween – Ghastly frights and corporate delights

So, like any other evening, I was taking the crowded Central Line on the way to meet a friend. I was lost in my own thoughts until I realised I was sitting opposite a zombie. Yes, a zombie. And then it occurred to me that of course: it was Halloween.
October 15, 2014

High Income Child Benefit Charge – HMRC’s “lazy response”

The so-called High Income Child Benefit Charge was introduced with effect from 7th January 2013, i.e. the 2012-13 tax year. The charge applies to the receipt of child benefit where the income of either the claimant or their partner exceeds £50,000.
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