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NEW VAT Flat Rate Scheme Changes

The Flat Rate Scheme (FRS) was originally introduced as a simplification scheme to help reduce the administrative burden for smaller businesses. It is not a tax allowance and businesses using the scheme should broadly pay the same amount of VAT as they would on standard VAT accounting. In the Autumn Statement the Chancellor of the […]

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Budget 2017 – The last Spring Budget?

The last Spring budget? Mr Hammond opened his budget speech by declaring that his “last Spring budget” was not the first! Apparently Norman Lamont presented the first “last Spring Budget” 24 years ago.  However the tax landscape has changed greatly since then and the system of announcing intentions, running consultations and only then introducing legislation, […]

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Budget 2017 – Business Rates

Budget changes to soften the impact of 2017 rates revaluation Many businesses are dreading the impact of the five yearly revaluation which will take effect in April 2017.  Details of a transitional relief were announced in the 2016 Autumn statement, ensuring that no small property would see more than a 5% increase before inflation due […]

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Budget 2017 – NICS for the self-employed

Big changes planned for NICs payable by the self-employed Mr Hammond was keen to point out that the self-employed are paying less in NIC than the employed, a fact which he described as unfair.  In his comparison he conveniently made the difference appear greater by quoting both employee’s and employer’s NIC contributions when describing how […]

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Budget 2017 – R&D tax relief is safe!

Research & Development Tax Relief is Safe! Many businesses have been concerned that the economic impact of Brexit might have a detrimental effect on the enhanced tax relief and tax credits currently available for R&D expenditure.  The fact that the government were conducting a review was regarded by many as an indication that they might […]

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March 2017 Tax Tips & News

Welcome to March’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need any further assistance just let us know. Changes IR35 rules confirmed Tax-free access to pension advice Salary v dividend Changes to company carry-forward of losses confirmed […]

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Salary Sacrifice – Wounded not Slain

Salary sacrifice is when you agree to give up part of your salary in return for non-cash benefits.  The first known case of this in practice was a voluntary car loan scheme set up in 1954 by John Waddington Limited for its employees, who in return for the use of a car accepted a weekly […]

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February 2017 Tax Tips & News

Welcome to February’s Tax Tips and News, our newsletter designed to bring you one step ahead of the taxman. If you need any further assistance just let us know. HMRC’s tougher approach to offshore tax evasion Pilot scheme for Making Tax Digital Employers beware of plans to change Scottish income tax threshold Coming soon: tax-free […]

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Making Tax Digital

HMRC’s plans to achieve a more accessible and transparent tax system has been given the title of Making Tax Digital – or MTD for short. This will help businesses steer clear of errors, and HMRC claim reduce an £8bn shortfall to the public purse. Under MTD there will be a requirement for the majority of […]

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Stamp Duty Land Tax – Additional residential property rate

April 2016 saw the introduction of a 3% surcharge on certain residential property transactions. The national press have variously described this as a tax on second homes, or a tax on buy-to-let properties. This may cause some people to assume that it will not affect them, but the charge is a lot wider than a […]

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