Veterinary Practice News

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Over £11.4bn in R&D tax relief now claimed

£11.4bn in R&D tax relief now claimed - are you missing out? HMRC has now published its most recent R&D tax relief statistics (2013/14), and the picture remains very positive. The statistics show that companies - both SME and multinational alike - are...

Entrepreneurs’ Relief when selling your business

Your guide to Entrepreneurs’ Relief when selling your business  Entrepreneurs’ Relief (ER) has been around for many years. However, it appears that HMRC are now taking a more active interest in Entrepreneurs' Relief claims and the Government has recently tweaked some...

Self assessment tax return – submission penalties

You may have seen in the press or on the TV a couple of months ago, news stories that implied that it would be easy to get out of paying an automatic £100 minimum penalty for the late filing of a self assessment tax return. The background to the initial news stories...

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...

Are charities really prepared for auto enrolment?

Are charities really prepared for auto enrolment? The law on workplace pensions has changed and by 2017 every organisation in the UK, including charities, must automatically enrol their employees. The ability of pension providers to provide solutions is becoming a...

Auto enrolment – bigger costs for those that wait

The law on workplace pensions has changed with the recent onset of auto enrolment. There are hundreds of thousands of smaller companies across the UK approaching their staging date, and between now and April 2017 millions of workers will be automatically enrolled into...

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),...

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...

Clarification on automatic enrolment and directors

As automatic enrolment continues to take stride across the UK, with the latest wave of firms with fewer than 30 employees being phased in, there are still many cloudy areas surrounding the regulation. In particular, the circumstances regarding automatic enrolment and...

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...

Bank of England economist to speak at June 2015 seminar

Business representatives in the Sheffield area are to be given an “off the record” opportunity on Thursday 18 June 2015 to hear the Bank of England’s latest views on the economy. Economist Will Holman, from the Bank’s agency for Yorkshire & the Humber, will be...

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...

Auto enrolment – are you ready? Big fines for those that delay

From June 1, SMEs employing fewer than 30 staff must be ready to comply with auto-enrolment pension regulations or risk fines of at least £400. Designed to encourage 10 million employees to save towards their retirement, the government regulations are being rolled out...

Pension scams – warnings to those approaching retirement

Those approaching retirement are being urged to be aware of a rise in pension scams, as criminals seek new ways to defraud pensioners. Savers have been urged to be aware of a rise in pension scams, as criminals seek new ways to defraud pensioners. A report produced by...

Savers plan big pension withdrawals after changes

Savers plan to withdraw an average £27,000 Amid greater flexibility in the pensions market, with new freedoms introduced on 6th April 2015, savers are planning to withdraw large sums from their retirement fund this year, a study has found. A study commissioned by...

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...

Key Person Insurance a wise move for many

As you’ll know, in any business, insurance is a basic safeguard of livelihood and future stability. Business protection is all about insuring for the unexpected; protecting your business if something goes wrong. Making sure you have cover for buildings and contents,...

What Budget 2015 means for pensions

After the revolutionary pension reforms and new flexibilities that came from the 2014 Budget, this year, in comparison, announced only minor changes. The further changes to pensions that the Chancellor introduced in the 2015 Budget included plans for a secondary...

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...

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