Lifetime ISAs

Feb 20, 2017

A reminder that from 6 April 2017 Lifetime ISAs are available as an alternative tax-free investment.

The lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives…

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Duty free limits

Feb 16, 2017

While we are members of the EU, it continues to be the case that there are no limits to the alcohol and cigarettes you can bring back to the UK. However, if customs officials believe you are bringing…

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All is fair, unless you expect HMRC to minimise your tax bill

Feb 14, 2017

Although HMRC refer to taxpayers as customers, and thereby suggest a degree of customer service, in the real world this rarely extends to offering “customers” pro-active tax advice.

Historically,…

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Wholly and exclusively

Feb 09, 2017

The title of this posting describes an important concept when considering claims for expenditure to reduce our tax bills.

By and large, HMRC will accept claims that have been expended wholly…

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A step closer to Making Tax Digital

Feb 08, 2017

We have advised readers in previous postings that HMRC seem to be intent on digitising the upload of small business accounting data from April 2018. From this date, affected self-employed traders (including…

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Are you claiming the costs that you incur on behalf of your employer

Feb 06, 2017

HMRC have the following advice to offer:

“You may be able to claim tax relief if you have to use your own money for travel or things that you must buy for your job. You must have paid tax…

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Storm damage

Feb 01, 2017

Costs that businesses incur to clean up after the recent storms, that affected the north and east coasts in particular, need to meet the usual qualifying criteria that they are incurred “wholly and…

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Director disqualified for seven years

Feb 01, 2017

Directors have a responsibility to maintain, preserve and deliver up records that are adequate to explain the financial position of their company. If they fail to do so, they run the risk of being disqualified…

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Considering investing in plant or equipment

Feb 01, 2017

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:

  1. Cash…

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