Tax News

Tax specialists in Sheffield, Doncaster and Northampton

Making Tax Digital and VAT: are you ready?

Making Tax Digital (MTD) will commence in April 2019 under the current Government timetable.  Initially this will only be for VAT purposes, with the wider roll out of MTD having been delayed until the system has been shown to work well for VAT and not...

Hawsons Assist on a Management Buy Out at the Swift Group

Swift Group, the Yorkshire based Caravan, Motorhome and Holiday Home Manufacturer, completed the second phase of a Management Buy Out (“MBO”) on the 12 March 2018, which sees management increase their shareholding. Swift is the largest single brand leisure...

Tax Rates 2018/2019

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.   The cost of...

Employing the Millennial generation

They appear to be gaining a notorious reputation for being flighty, demanding and difficult in the workplace. How accurate is this reputation of the millennial, and how do employers retain this “problem” generation? Millennials (the generation born between...

Make Do & Mend?

Hot on the heels of Transport for the North’s Strategic Transport plan published in January which announced such marquee long term projects such as Northern Powerhouse Rail including an exciting brand-new line linking Leeds, Bradford and Manchester, Network Rail...

Canny romantics: The tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the tax breaks married couples can benefit from and how it can pay to get hitched. 1. The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners to...

Autumn Budget 2017: Summary

The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to...

VAT can be Charitable – here’s how your charity can save on VAT

Charities have always had challenges with Value Added Tax. There are, however, concessions available to charities which mean that some goods/services are not subjected to VAT, or are subjected to the lower rate of 5%. VAT Can be charitable. 1. Rent - If a...

It’s no sacrifice: Changes to optional remuneration arrangements

If you have made use of salary sacrifice arrangements in connection with the provision of benefits, you will be aware that they enable employees to pay less tax and NIC’s than if they had been remunerated entirely in cash. In addition, employers may...

Inheritance Tax: The things you need to know

Inheritance tax is a tax on the estate of someone who has died, and with property prices continuing to rise along with the recent introduction of the residence nil rate band (RNRB), the number of people that will become liable for inheritance tax will only increase....

What is an Enterprise Investment Scheme and what are the benefits?

EIS: A brief background In 1994, the Government launched a scheme called ‘The Enterprise Investment Scheme’ or EIS for short, and this scheme was created in order to encourage individuals to invest in companies that were in the early stage of their lifespan. It was...

HMRC – Shopping for undeclared VAT

Retailers – Currently there appears to be a HMRC control exercise, being undertaken across the UK, on all types of retailers.This exercise may involve an Inspector visiting the client’s premises. Please note: HMRC legislation states that the retailer MUST...

Input Tax – Beware of the pitfalls!

VAT expert Tony Nickson outlines the pitfalls to avoid when reclaiming input VAT. 1. Reclaims for purchases made before VAT registration It is important to ensure that the maximum amount of input VAT is reclaimed on your business expenditure. This includes...

Tax payment due 31 July – have you paid?

If you are self-employed or registered for Self-Assessment, then you may be required to make a tax payment by 31 July. This relates to the second instalment on account for the 2016/17 tax year. How do I pay? HMRC offer a number of ways to make your July...

R&D tax incentives – don’t miss out!

Research and Development (R&D) tax incentives can provide additional tax deductions and enhanced cash flow for companies that develop new products, processes or services. Although widely available, many companies wrongly believe they are not eligible for R&D tax...

Making Tax Digital: Government delays introduction

Tax expert Craig Walker comments on the latest twist to the government’s plans for Making Tax Digital (MTD). New timetable Ministers have announced a delay to the roll out of MTD to ensure businesses have more time to adapt to the changes. Implementation...

Farmers’ Averaging: It pays to spread

The tax relief known as farmers' averaging is designed to provide tax relief for farmers who can be affected by fluctuating profits. Averaging rules were first introduced to the UK tax system in 1997. Two consecutive years can be added together and half assessed in...

The Election result: What are the tax implications?

The general election has ended in a hung parliament – the Conservative party have the most seats but do not have an overall majority. Theresa May has announced that she will form a government with the support of the Democratic Unionist Party (DUP). What does this...

Changes to inheritance tax could impact charity legacies

According to the legacy consortium Remember a Charity, over 1,000 fewer individuals could donate to charities as part of their wills as a result of changes to inheritance tax allowances. In the 2015 summer Budget, a new inheritance tax framework was announced which...

Making Tax Digital: An update

What is Making Tax Digital? MTD is the biggest shake-up of the personal tax system in 20 years and will fundamentally change the way taxpayers report to HM Revenue & Customs (HMRC) and keep their business records. Taxpayers will be required to keep records digitally...

National living wage – rising wage costs for employers

The National Living Wage From 1 April 2016, following the introduction of the new National Living Wage, all workers aged 25 and over are legally entitled to at least £7.20 per hour. This was, however, until the Chancellor delivered his Autumn Statement, where he...

Manufacturing 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Transport and Logistics 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Tax break to be abolished for short-term letting?

A word of warning to those who rent out their homes on a short-term basis, including users of property sharing websites like Airbnb.  Buried deep within the Spring Budget were a couple of sentences that suggest the tax treatment of short-term letting is about to...

Charity 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his statement the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Agriculture 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Small business 2017 Budget review and analysis for SMEs

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Hawsons Hot Pension Planning

As we approach the end of the 2016/17 tax year, there are real opportunities to add value to your overall tax planning process. In the lead up to the 5 April 2017, the payment of contributions to a registered pension scheme can bring many tax advantages, as the...

Apprenticeship Levy: Not long to go

The new Apprenticeship Levy will be launched in April 2017. We look at what this is and who will be affected by the government's new levy. What is the Apprenticeship Levy? First of all, only employers with a wage bill of over £3m will be affected by the Apprenticeship...

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18 Many of the tax rates and allowances are fundamental to our business and personal lives and the most important ones for the 2017/18 tax year are summarised here. We are sure that you will find it a useful point of reference throughout...

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