Entries by Chris Watson

Tax return warning over pensions’ growth

AN HMRC warning that high earners are failing to report pensions’ growth on their tax returns means thousands of people could face large bills in the future, it has been claimed. The alert comes from insurer Royal London. It explains that when completing annual tax returns, taxpayers are asked if they have put money into […]

Tory majority: what it may mean for business and tax

The results are in and Boris Johnson and the Conservatives have emerged from the general election with a substantial majority. Political commentators are predicting a Budget from the new government early next year and small business owners will be looking with interest to see what measures it will contain for them. And which of its […]

R&D tax credit claims up 20 per cent

There has been a 20 per cent increase in the total number of claims for R&D tax credits, according to the latest HMRC figures. And the good news is that the increase in the take-up is being attributed to a growing number of SME claims, with the department forced to add extra resource to meet […]

Accidental landlords on the wain

The number of homes let by ‘accidental landlords’ has fallen for the first time in five years, a new report reveals. So-called accidental landlords are those who didn’t buy a property with the intention of letting it out, but who have ended up doing so. That’s usually because they cannot sell and need to move, […]

Loan Charge review announced

An independent review of the Loan Charge will be led by Amyas Morse, former chief executive of the National Audit Office, it has been revealed. Announced by Chancellor Sajid Javid, the appointment follows months of pressure from MPs, taxpayers and campaigners concerned by the controversial charge and its impact on people. The Loan Charge came […]

HMRC collects record £5.4bn ‘death taxes’

The government’s coffers have been boosted by a record £5.4bn in inheritance tax, new figures have revealed. The number of estates paying inheritance tax (IHT) has also risen sharply, with figures released by HM Revenue & Customs (HMRC) revealing 28,100 estates paid it in 2016-17, an increase of 15 per cent on the year before. […]

Driving changes in company car tax

Do you know your WLTP from your NDEC? If you drive a company car or administer a company car scheme it pays to understand the distinction between the two. And you may also want to review your company car needs in the light of changes to the tax rules coming in next year. New vehicle […]

Not such a happy New Year for some

A glitch in the HMRC system means self-employed workers could be landed with an unwelcome start to the New Year – and a higher tax bill in January. The implications for cash flow are obvious, where money set aside for your tax payments could end up being spent over the next six months. And not […]

Let’s get this party started!

The sun may be shining and the temperature heading in the right direction – but many businesses are already turning their attention to booking the annual Christmas ‘do’. And it pays to know the party rules. Most employers are aware that they can throw a staff party for their workers at a cost of up […]

UK industry calls for off-payroll tax delay

The countdown is on for changes to ‘off-payroll’ working rules to be extended into the private sector – a move that could have significant impact on some businesses and sole traders. The IR35 – also known as ‘off-payroll’ – rules allow HMRC to tax sole traders as employees if it deems their working arrangement are […]