The Summer Budget included a new tax break for homeowners whose estates are worth enough to be liable to inheritance tax. How will the new tax allowance work and is there any planning you should be doing to take advantage? Election promise During the run up to the...

The law relating to Class 2 National Insurance contributions changed in April 2015. What does this mean for landlords and what options are available if you receive a demand? Income tax v NI contributions NI contributions are in effect income tax by another name, and...

If a mistake by your payroll manager or your software causes an employee to pay insufficient tax, HMRC can demand the balance from you. In what circumstance might this happen and what steps can you take to avoid the problem? The importance of software Since the...

Are you considering buying a second property? If you’re considering buying an additional residential property, including second homes and buy-to-lets, you will have to pay an extra 3% points in stamp duty from April 1. The surcharge applies on top of the current stamp...

April 6 - Personal Savings Allowance Is Introduced Until now, savers have been paying tax on their interest from current accounts, fixed-term bonds and other savings products, with the rate based on their income tax bracket. From April 6, savers will receive a...

We all know that Taxes should be paid when they fall due, however HMRC will usually agree a payment arrangement, known as Time to Pay (TTP) in order to clear any arrears. Such arrangements allow tax arrears to be collected in a cost effective way; normally over a...

Dividends are commonly used by business owners to extract profits from their company. In most situations this is particularly efficient as dividends don’t attract National Insurance Contributions. However, from 6 April 2016 the tax rates for dividends will increase by...

Let's look at how HMRC chooses individuals and businesses for enquiry once it has received returns: The current tax gap is estimated to stand at just shy of £34bn, with the largest proportion of the gap due to income tax, national insurance contributions and capital...

The number of people being declared bankrupt could now fall dramatically, as the government increases the threshold required for a creditor to begin bankruptcy proceedings, from £750 to £5,000. The change came into effect from 1st October and is the first increase in...

HMRC have announced plans to replace 170 local tax offices across the country with 13 new regional centres as part of a major restructuring project aimed at cutting millions from the taxman’s budget. The radical plan will lead to an estimated 56,000 redundancies as a...

Zer0-rate Construction - Community Buildings Under Schedule 8, Group 5, the construction of a building that is to be used for a relevant charitable purpose can be zero-rated for VAT purposes. This can also extend to include village hall type buildings that provide...

The Budget included a surprise attack on some landlords and yet further changes to the pension rules.  What impact might these have on you? Buy-to-let loans. Over a period of four years starting on 6 April 2017 tax relief at higher rates will be phased out for...