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Physiotherapist News

Your trusted healthcare accountant specialists

ATED: Updated procedures and details on ATED returns

Since 2013 a range of measures have been introduced to discourage the holding of residential property in the UK via companies, partnerships and collective investment schemes. In summary, these measures are: Stamp Duty Land Tax (SDLT) is payable at 15% on the...

Extra tax relief on pension contributions – act before you miss out!

Changes to tax relief on pension contributions were announced in the recent budget and you may wish to take advantage of the increased annual allowance for the 2015-16 tax year. Prior to these changes, tax relief on an individual's pension contributions was limited to...

Owning a property via a company – big tax changes!

Last month, at the annual HLB International Audit & Tax Conference in Amsterdam, I spoke to member firms about the current real estate developments in the UK from a tax perspective. There have been some big changes recently, including Stamp Duty Land Tax (SDLT), the...

What is eligible for Agricultural Property Relief?

Inheritance tax is becoming increasing complex for farmers and agricultural business and land owners, and careful planning is essential in making a successful Agricultural Property Relief (APR) claim. Inheritance Tax (IHT) is normally payable on an estate when...

What is the best vehicle for tax purposes?

Operating a business tax efficiently is a key concern to all businesses. What is the best vehicle for tax purposes? The choice of a suitable business medium, for example, sole trader, partnership or limited company may have a substantial impact on the level of...

Claiming the marriage allowance – updated guidance

The Low Incomes Tax Reform Group have published their updated guidance on how to apply for the new transferable personal allowance, known as the marriage allowance, for married couples and civil partners which came into effect on 6 April 2015. The transfer of part of...

Dividend income shake-up: your questions answered

The Chancellor, George Osborne, announced in the Summer 2015 Budget a shake-up in the way dividend income is taxed from April 2016. As the announcement has added to the complexity of the current dividend system the reaction has been, unsurprisingly, one of confusion...

The family home: new Inheritance Tax (IHT) rules

The government has announced, in the Summer 2015 Budget, the introduction of a new transferrable nil rate band for the family home. The additional band will apply where a residence is passed on death to direct descendants such as a child or a grandchild. What are the...

Chancellor gives Annual Investment Allowance certainty

The Chancellor announced in the Summer 2015 Budget that the Annual Investment Allowance will be set permanently at £200,000 from 1 January 2016. He has previously said that this would be included in the Autumn Statement, but this earlier announcement provides welcome...

Manufacturers to increase focus on innovation?

UK manufacturing executives see innovation as a pivotal part of their strategic focus going forward, according to the KPMG Global Manufacturing Outlook 2015, a survey of 386 senior executives, released earlier this month. Key takeaways from the report: 50% of...

Summer 2015 Budget summary and key details

George Osborne delivered his Summer 2015 Budget yesterday, Wednesday 8th July, less than four months after he delivered the last one. Since his last Budget, in March, a lot has happened - including, in particular, the Tories' election victory. Read our Summer 2015...

Planning for capital expenditure in the next few months

For many businesses the prospect of obtaining a 100% tax deduction for the cost of plant and machinery purchased by the business is attractive. Announcement from the Summer 2015 Budget The Chancellor announced in the Summer 2015 Budget that the Annual Investment...

Has inheritance tax planning been turned on its head?

From time to time there is a change to the income or corporation tax system which can significantly impact on capital tax planning. Some would argue that the new tax treatment of pension funds is one such change. Where an individual has not bought an annuity, a...

Manufacturing skills shortage: retaining key employees

Arguably one of the biggest challenges facing many manufacturers is the shortage of qualified, highly-skilled employees. With a shortage already building, a recent report published by the Government office for Science forecast that there will be thousands of jobs to...

New VAT refund scheme for certain charities

In Finance Act 2015 the government introduced a VAT refund scheme for palliative care charities, search and rescue charities, air ambulance charities and medical courier charities. The scheme came into effect from 1 April 2015. The legislation itself is brief and many...

VAT recovery on car-derived vans and combi vans

HMRC have issued a list of makes and models of car derived vans and combi vans which VAT registered businesses can use to determine if the VAT paid on the purchase can be reclaimed as input tax. The issue is that VAT will normally be claimable in full on the purchase...

Tax Rates and allowances 2015/16 – summary and details

Tax Rates and Allowances 2015/16 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2015/16 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Reducing the cost of buying a home – SDLT reform

One of the welcome announcements in the Autumn Statement included the immediate reform of Stamp Duty Land Tax (SDLT) on the purchase of residential property. Until this announcement SDLT was charged at a single percentage of the price paid for the property, depending...

Budget 2015 and Tax Rates 2015/16 Booklets

Budget 2015 Summary George Osborne presented the final Budget of this Parliament on Wednesday 18 March 2015. In his speech the Chancellor reported 'on a Britain that is growing, creating jobs and paying its way'. Towards the end of 2014 the government issued many...

Up front tax savings on incorporating a business removed

Owner managers have increasingly chosen to operate their businesses through the company medium in recent years as some regulation has reduced for the smaller company and because it is more conducive to minimising personal tax and National Insurance liabilities....

Capital or Revenue expenditure? A brief discussion

Should a client face an enquiry from HMRC into their tax return and accounts, a common area that is reviewed is any deduction that may have been claimed in the accounts for repairs and renewals. This arises because whilst a repair to an asset is an allowable item of...

Tax relief on business sales looks set to change

With the uncertainty surrounding Entrepreneurs' Relief (ER), we look at whether entrepreneurs should consider finalising the sale of their business before the general election in four months' time. There are strong concerns that the relief could face reform by the...

Changes to the Construction Industry Scheme (CIS)

The government has announced that it will implement a package of improvements to the CIS. The stated aim of the changes is to reduce the administrative and related cost burden on construction businesses. The measures should result in more subcontracting businesses...

What is R&D tax relief? (video) Generous tax relief

Research & Development (R&D) tax reliefs are HMRC incentives created to encourage innovation and technological advances in the UK. R&D tax relief is a widely available, but often overlooked tax relief. Since the introduction of R&D tax relief the rates of relief have...

Personal allowances and tax bands 2015/16

See personal allowances and tax bands for 2016/17 here. For those born after 5 April 1948 the personal allowance will be increased from £10,000 to £10,600. The reduction in the personal allowance for those with 'adjusted net income' over £100,000 will continue. The...

Impacts on the tax efficiency of goodwill on incorporation

Two very significant changes were announced in the Autumn Statement that come into force immediately and impact upon the tax efficiency of incorporation. These measures are likely to significantly reduce the tax benefits associated with goodwill. These need to be...

Tax Relief on Ivestments – SEIS, EIS, VCT & SIR

Save tax with the new Government investment schemes! You can reap a range of tax relief opportunities, ranging from income tax relief of up to 50% to reinvestment relief with 50% exemption on capital gains. A number of Government approved schemes are available to...

Pension freedom 2015 – a flexible future?

In the 2014 Budget, George Osborne announced 'pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, anytime they want'. Some of the changes have already taken effect but the big changes will come into effect on 6...

VAT for digital business and ‘Mini One Stop Shop’ (MOSS)

The one-stop VAT service starts from 1 January 2015 for businesses supplying what are collectively known as 'digital services' in the EU. The effect of the measures are that a business will not have to account and pay VAT separately in each country where they do...

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