Blog categories

Budget 2014: What can we expect?

As we head towards Budget 2014, which will take place on Wednesday 19 March, there is no denying the UK economy is in a better place than it was this time last year. GDP growth of 2.4 per cent is predicted for this year and things are looking up, but does this mean that George Osborne will be providing dramatic tax cuts and reforms? Probably not…

How to minimise your tax bill

With the news that HMRC may soon have powers to recover tax directly from your bank account, we offer some advice on keeping your tax bill to a minimum.

A taste of medicine for your finances

Doctors, when was the last time you gave your finances the kind of care and attention you give to your patients?

Submitting your self-assessment return online

Submitting your self-assessment tax-return doesn't have to be hard – especially in the digital age. With the 31 January 2015 deadline just 6 weeks away, we thought we'd put together a fool-proof guide to submitting your online tax return, just in time for Christmas.

Are you efficiently extracting your company profits?

There are many ways of extracting profits from your company, all with different pros and cons from a tax perspective.

To help you work out your options, we've come up with 5 tax-efficient methods of profit extraction.

Using investment schemes to lower your tax bill

There's no doubt about it, investment schemes are not for the amateur investor. The rules can be complex, getting out can be tricky, and the chances of losing money are high.
However, if you're savvy about what you do with your money, you can earn yourself a nice return while making a big difference to your tax bill. The risks are high, but so are the rewards.

Trusts: An introduction

The comedian Rik Mayall shocked the British public last year after he died suddenly at the age of 56. Almost a year on, the future of his £1.2 million estate has been thrown into doubt after it emerged that he failed to leave a valid will, thereby leaving his assets 'intestate'.

Common problems with wills

For the unprepared, the process of making a will and ensuring it is followed properly can contain many pitfalls. Every step taken must abide by the letter of the law and any diversions can result in an invalid will and the moving of the deceased’s estate into the realm of intestacy law.

TAX IMPLICATIONS OF HUNG PARLIAMENT

The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations are just about to start.

Dementia Tax: What Is This?

The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch their allegiance in the June Election. Although this so-called “#Dementia #tax” is not strictly a tax, paying for social care has become more important than #Inheritance #Tax for many families.

Making Tax Digital for Business Delayed

The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital #MTD for Business to 2020 at the earliest.

HMRC Beat Glasgow Rangers

A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case.

New Government Childcare Schemes

Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September.

Dividends - There May Be More Tax to Pay in January

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends.

Pension Tax Relief Change

There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget.

Tax Free Perks Instead of Dividends

When should you take perks instead of dividends?
As a rule of thumb, dividends are the most tax and NI-efficient method of taking income from your company. But there are sometimes better alternatives. What are they and when can you use them?