News and Updates

 

New increase to pension contributions 2019/20

Pension Contribution change The automatic enrolment workplace pension scheme is set to increase from 6 April 2019. All employers with staff in a pension scheme must take action to ensure that at least the minimum amounts are being paid in to their pension scheme. The...

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National Minimum Wage Increase 2019/20

National Minimum wage As of 1 April 2019, the national living wage and the statutory national minimum wage for those aged 25 and over, will increase 4.9%, from £7.83 to £8.21 Chancellor Philip Hammond said in the October Budget that this will hand a full-time worker...

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Pension scammers!

Don’t let a scammer enjoy your retirement! With the increase of pension contribution soon arriving, don't let pension scammers enjoy your hard earned retirement. Scammers can be articulate and financially knowledgeable, with credible looking websites, testimonials and...

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New rent-a-room relief rules

In July 2018 HMRC proposed new legislation to limit the circumstances in which rent-a-room relief can be claimed. When and how will the new restriction apply? Rent-a-room recap Rent-a-room relief (RARR) allows anyone who lets all or part of their homes, say to a...

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Making the most of tax free allowances in 2017/18

There are now several allowances that apply to an individual’s income. The way that they interact mean that you can potentially receive £22,500 of tax-free income for 2017/18. How can you ensure you take maximum advantage? ALLOWANCES For 2017/18, the personal...

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Changes to VAT Flat Rate Scheme

Significant changes have been announced for the amount of VAT that many small businesses will have to pay. This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on goods, including raw materials - such as firms providing services....

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HMRC’s spin on the new EA rules

One-man companies can no longer qualify for the employment allowance (EA). However, the latest official guidance indicates that this rule may be easy to dodge. What's the full story? Tax on employers The employment allowance (EA) was introduced in April by the...

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VAT MOSS – Where are we now?

HMRC's mini one stop shop (MOSS) for accounting for VAT on digital services sold in other EU countries seems to have settled down. HMRC has also simplified the rules for some businesses. How might these changes affect you? Digital services Since 1 January 2015, if you...

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No more relief for goodwill and intangibles

The Finance Act 2015 and proposals in the Finance Bill restrict the tax relief which your company clients may claim in respect of goodwill and certain other customer-related intangible fixed assets. What are the new rules and what action do you need to take? GOODWILL...

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April 2020 changes to private residence relief

In July 2019 it was confirmed the government’s plans to:

  • reduce the final period exemption from 18 months to 9 months (unless special circumstances where 36 months); and
  • restrict the letting relief to cases where the owner is in shared occupancy.

Both of these changes will apply to disposals on or after 6 April 2020 and are retroactive.

As a result many landlords who once occupied a property before renting it will have a gain for an additional 9 months and no longer receive lettings relief which can be up to £40,000 and may therefore need to consider selling any properties before April 2020 where the change in the position will cause a significant increase in taxable gains once the changes come into effect.