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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

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... Read More

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... Read More

Income Tax is generally payable on taxable income received by individuals in the UK, including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income.However... Read More

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... Read More

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited... Read More

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... Read More

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 parties or similar ann... Read More

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 investme... Read More

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of partnership losses.For the 2016-17 tax year,... Read More

There have been many changes to the way stamp duty land tax (SDLT) and equivalent regional taxes are charged in recent years. This has included changes to the way in which SDLT is calculated for residential property purchases from 4 December 2014. Th... Read More

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you need to:Amend your VAT records if you discover they contain errors; Correct errors on VAT returns you’ve already sent to HMRC; Claim a refund if yo... Read More

There is an annual Capital Gains Tax (CGT) exemption for individuals (who live in the UK) as well as executors or personal representatives of a deceased person’s estate. The exemption is £11,300 for the 2017-18 tax year. A husband and wife each have... Read More