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Tax codes and collecting tax on untaxed interest
If you are not within self-assessment and have interest in excess of the savings allowance (£1,000 for basic rate taxpayers; £500 for higher rate taxpayers), HMRC will use...
Reduction in dividend allowance from 6 April 2018
Did you know about these dividend allowance changes? From 6 April 2018, the dividend allowance is reduced to £2,000. If you are a shareholder in your own company and have...
ISAs – inherited on death
For deaths after 5 April 2018 there is a welcome simplification. From the date of the account holder’s death they will retain their tax free status. So there will be no...
Trust Register
As a result of the difficulties that agents have had in accessing this, HMRC have agreed that despite the deadline of 31 January 2018 for registering existing trusts on this,...
Spring Statement 2018
This will be announced by the Chancellor on 13 March 2018. Significant tax or spending announcements should not be made unless the economic circumstances require it. The...
Rumoured tax changes that did not make the final budget…
At a recent tax update course, the speaker mentioned that the Treasury drafted various proposals to change certain aspects of our tax system in case the Government decided to...
Making Tax Digital update – VAT first up
The government recently indicated that they are still fully committed to their plans to operate a digital tax system. From April 2019, when submitting quarterly VAT returns,...
Landlords and carpets
Do landlords get tax relief when replacing a carpet? This is at face value a simple question but often causes tax advisors difficulty, mostly because the rules keep changing!...
HMRC scrapping credit card payments
Please be aware that if you are planning to settle your tax bill by using a credit card, you will only have until 12 January 2018 to do this. HMRC have announced that they...