Entries by Chris Watson

Pension flexibility proves taxing

Lump sum withdrawals under pension flexibility rules are resulting in over-paid tax as a result of the use of emergency tax codes, it has been revealed. So if you are thinking about using pension flexibility, it really pays to take advice before asking for the payment. Recent statistics from the taxman have highlighted the over-taxation […]

Is your estate planning up to date?

Death taxes are set to double to a massive £10bn by 2030, according to recent new analysis – almost double the Inheritance Tax (IHT) receipts for the 2018/19 tax year The prediction by financial services firm Canada Life came as it was revealed the Treasury benefitted from record IHT receipts of £5.2bn in 2018 – […]

In this May 2019 issue:

Doctors tapering off as pension tax rules bite; Record IHT tax take parallels estate planning confusion; Payslips for all; Van or company car: what’s the real thing? How long do you want to work…? Doctors tapering off as pension tax rules bite Measures designed to limit the cost of pensions tax relief to the Treasury […]

In this April 2019 issue:

Probate fees hike delayed. Remember the Spring Statement? Up and running – MTD for VAT is live. Painful lessons from the loan tax charge. Property tax payment window cut. 1. Probate fees hike delayed An expected revision of the probate fees structure for England and Wales set for 1 April has been delayed. The proposed […]

MTD for VAT goes live

It has finally happened. After tests, pilots and amid continuing controversy and concern from small business leaders, Making Tax Digital (MTD) for VAT hit its deadline and went live at the start of this month. It means that all VAT registered businesses above the £85,000 threshold are now required to keep their records digitally and […]

Under the microscope

As figures reveal, HMRC’s investigative work is more focused and better targeted than ever before. In 2017-18 the taxman collected £30.3bn through compliance activity. There are now many more trained investigation specialists – and they are using the latest technology and information at their disposal to launch campaigns and set up taskforces designed to maximise […]

Making New Year resolutions that work

It’s that time of year when we look to make resolutions. Filled with good intentions we set off on our New Year exercise regime with vigour, only to stop going to the gym in February. It can be the same with the resolutions you make for your business. But here are three resolutions that you […]

Do you still qualify for entrepreneurs’ relief?

The good news is Entrepreneurs’ Relief remains an attractive proposition for many business owners as they look to sell all or part of their company. The less good news is the changes to the system announced in Chancellor Philip Hammond’s recent Budget, which could impact on their qualification for the scheme. Two additional tests have […]

Some Budget cheer for SMEs – but challenges remain

Chancellor Philip Hammond responded to some of the challenges facing Britain’s smaller businesses in his Budget announcements. The measures to support struggling high street businesses and cuts to the cost of apprentices are really welcome moves. And they have been seen as a sign that the Chancellor has listened to the concerns of the small […]

Will the Chancellor listen?

He may not have much ‘wriggle room’ and the national focus may be on the thorny subject of Brexit, but the UK’s small businesses will be watching and hoping Chancellor Philip Hammond responds to the challenges they face. The perceived wisdom is that the Chancellor’s statement on October 29 will be very much a holding […]