February 2017 Tax Tips & News | Wright Vigar

February 2017 Tax Tips & News

 In 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 childcare

February questions and answers

Q. Due to unforeseen circumstances I have recently had to sell my house and down-size to a smaller property. I sold the house for £20,000 less than I paid for it. Can I offset this loss against income from my business and reduce my income tax liability for this year?

Q.  I have some spare cash earning virtually no interest in the bank and I have decided that I would like to buy a flat for my daughter, who is currently just 16. Am I correct in thinking that she cannot own the property until she is 18? Is there an alternative for ownership? What are the tax implications surrounding this proposal?

Q. I have been trading for several years. I am not currently registered for VAT but think my income is getting close to the VAT registration threshold. What items can I exclude from my ‘taxable turnover’ calculation?

February key tax dates

Recent Posts

Start typing and press Enter to search