Summer Budget 2015 – Changes to Expenses Claimable Against Property Income

  Property Investors Hit Hard The following changes were proposed regarding what can be claimed as expenses against property income: 1. Restriction to the amount that a higher rate tax payer can reclaim on their mortgage interest against property lettings to 20% (only applies to residential property – not holiday lettings or commercial property). 2. […]

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Summer Budget 2015 – Changes To Taxation Of Dividends

What does it actually mean? Following the Budget announcements in July many Ltd Company Directors will be asking “ok, so how will that actually affect me?” At this stage it is hard to say exactly as the information available is still very limited. But making some fairly logical assumptions (possibly dangerous to apply logic to a […]

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Self Assessment Tax payments on account

What are ‘payments on account’?  ‘Payments on account’ are advance payments made to HMRC towards your personal income tax bill (including Class 4 National Insurance if you’re self-employed).   What triggers the need for payments on account? HMRC require that individuals pay on account towards their income tax bills when: – their tax bill is over […]

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Could You Be Claiming R&D Tax Credits?

Don’t Be Put Off By HMRC Guidance! The HMRC guidance on R&D claims sounds pretty ominous and most people who read this (myself included) will conclude that they probably don’t meet the criteria to make a tax credit claim. But in fact you might well be eligible for a claim! I’ve been speaking with ForrestBrown, Chartered Tax […]

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HMRC Focuses On Property Lettings

Rise in landlords sparks HMRC campaign More and more people are investing in second properties, and HMRC have recognised that there may be many people who are not declaring this income via Self Assessment each year. In their ‘Measuring Tax Gaps 2012’ report HMRC estimated approximately £550m in undeclared property income. Understandably this is an […]

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Childcare Vouchers vs Tax Free Childcare from Autumn 2015 (for Freelancers)

Which is best for Ltd Company Directors – Childcare Vouchers or the new Tax Free Childcare Scheme?   The Government has announced plans to provide Tax Free Childcare from 2015.  Under the scheme childcare costs up to £10,000 per year become effectively ‘tax free’ as HMRC will contribute 20% of the cost. They’ve published a […]

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