Tax News

Tax specialists in Sheffield, Doncaster and Northampton
Charity Tax group launch a national survey on charity VAT relief

Charity Tax group launch a national survey on charity VAT relief

The Charity Tax Group are launching a national survey on charity VAT relief. The group say the research will gather information on the amount of VAT relief claimed by UK charities, which they say will put them in a more robust position to defend the tax reliefs that...

PM pledges increase in support for Research & Development

PM pledges increase in support for Research & Development

Boris Johnson has told the CBI Conference that he will increase the amount of annual Research and Development (R&D) tax relief. He told business leaders “In order to help businesses innovate, this government will double funding for research and development to...

Corporation tax cuts on hold

Corporation tax cuts on hold

Planned cuts to corporation tax next April are to be put on hold, Boris Johnson has told business leaders. The tax rate paid by companies on their taxable profits was due to fall from 19% to 17%, with the aim of boosting business. However, the Prime Minister told the...

UK’s economy is growing at the slowest annual rate in a decade

UK’s economy is growing at the slowest annual rate in a decade

According to the most recent data by the Office of National Statistics the economy is growing at its slowest rate in almost a decade. In the third quarter Britain’s economy grew by just 0.3% after a dramatic shrink in the second quarter. This means that annual growth...

NHS pension tax causes doctors to cut hours

NHS pension tax causes doctors to cut hours

A report compiled by the Academy of Medical Royal Colleges (AoMRC) has shown that some NHS services are struggling to remain open as doctors cut their hours to avoid being taxed on their pensions. Doctors are often refusing additional work as the taxes on pensions can...

Making Tax Digital: HMRC softens digital link deadline

Making Tax Digital: HMRC softens digital link deadline

HMRC have said that a few businesses could qualify for an extension to their Making Tax Digital (MTD) for VAT soft landing period. Under current rules for VAT everything must be done digitally including transfers, exchanging data between software programs, and...

Research & Development allowances

Research & Development allowances

The UK tax system provides generous reliefs for companies undertaking qualifying research and development. A qualifying R&D project is one which seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the...

Budget date announced

Budget date announced

Chancellor Sajid Javid has announced that the 2019 Budget will take place on 6 November 2019. The Budget is the government’s annual announcement on its plans for spending and taxation for the upcoming financial year.  It will be Sajid Javid’s first Budget since he...

Inheritance Tax receipts hit record amount

Inheritance Tax receipts hit record amount

Recent figures published by HMRC show Inheritance Tax (IHT) receipts reached a record £5.4 billion for the 2018/19 tax year. The increase comes on the back of a 15% rise in the number of estates liable for IHT, with the average IHT bill reaching £179,000. Rising asset...

National Living Wage to increase to £10.50 within five years

National Living Wage to increase to £10.50 within five years

Conservative Chancellor Sajid Javid announced at the Conservative party conference that he would raise the National Living Wage to £10.50 within five years. The current amount for over 25s is £8.21, but the Living Wage Foundation believe that it should already be £9...

IFRS 16 leases rules have changed 1 January 2019

IFRS 16 leases rules have changed 1 January 2019

Leasing is very common and is often used as a financing solution to access buildings and equipment without suffering large up-front cash outflows. Most of a company’s operating leases to date tended not to be shown on the balance sheet. Going forward the introduction...

Charity tax improvements might unlock more people giving to charity

Charity tax improvements might unlock more people giving to charity

According to a new report from the Charity Tax Commission led by the former chairman of the Inland Revenue (Sir Nicholas Montagu), tax reliefs offered to UK charities are in urgent need of an overhaul. The new proposal aims to ensure that charities increase their...

Crypto assets Questions and Answers Article

Crypto assets Questions and Answers Article

Has HM Revenue and Customs (“HMRC”) issued any guidance? On 19th December 2018, HMRC released guidance on the taxation of crypto assets for individuals.  It is believed to be one of the most comprehensive sets of guidance currently issued by any government.  It can...

Tax gap remains low

Tax gap remains low

HMRC has published a report showing that the UK tax gap in 2017/18 is estimated to be £35 billion.  This is 5.6% of total theoretical tax liabilities, and a small increase of 0.1% from 5.5% in 2016/17. HMRC therefore secured 94.4% of all tax due. The tax gap is the...

Preparing for the IR35 rules changes

Preparing for the IR35 rules changes

If your business utilises subcontractors who provide personal services through limited companies or other intermediaries then you may have to make substantial changes to comply with the new rules. The government has reformed the off-payroll working rules which will...

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 June 2019. The guidance states: 'You can use the previous rates for up to one month from the date the new rates apply'. The rates only apply to employees using a company car. The advisory...

Consultation on ancillary capital gains reliefs

Consultation on ancillary capital gains reliefs

A capital gains tax (CGT) exemption applies when an individual disposes of a dwelling that has been used as their only or main residence under the Private Residence Relief (PRR) rules. The exemption applies as long as the relevant conditions are met throughout the...

Tax Rates 2019/2020

Tax Rates 2019/2020

  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. Personal tax rates As the UK...

Hawsons year end tax planning ideas

Hawsons year end tax planning ideas

The tax system is undoubtedly complex, but this complexity shouldn’t deter you from keeping your taxes as low as possible, as well as maximising your net income. In this article, we look at pre 5th April tax planning opportunities that are available to avoid any...

Spring Statement 2019

Spring Statement 2019

Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019. In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition...

New Corporation Tax Payment Dates

New Corporation Tax Payment Dates

New Corporation Tax Payment Dates In the summer Budget 2015, the government announced that it will be introducing new corporation tax (CT) payment dates. These new dates will come into effect for accounting periods beginning or after 1 April 2019 and will accelerate...

Canny romantics: The tax benefits of marriage

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. The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners to...

HMRC reminder to employees to claim their tax deductible expenses

HMRC reminder to employees to claim their tax deductible expenses

HMRC is reminding employees that they may be able to claim a tax rebate on their work related expenses. HMRC estimate that millions of employees, particularly those working in the service industry, could be entitled to a tax refund. Workers, including nurses,...

Self assessment deadline approaching

Self assessment deadline approaching

The deadline for submitting your 2017/18 self-assessment return is 31 January 2019. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions...

Lords call for a delay to Making Tax Digital for VAT until 2020

Lords call for a delay to Making Tax Digital for VAT until 2020

The House of Lords Economic Affairs Committee have issued a scathing report on HMRC’s Making Tax Digital (“MTD”) for VAT program.  The committee have voiced disappointment that on many issues raised by the committee in their 2017 report HMRC had taken...

Christmas parties and staff gifts – a tax guide

Christmas parties and staff gifts – a tax guide

With the festive period now approaching, we are often asked by employers about the tax treatment of providing a staff Christmas party or giving gifts to employees. Here is a quick reminder of the rules.STAFF PARTIESWhat is exempt?There is a tax exemption for employee...

Autumn Budget 2018: Summary

Autumn Budget 2018: Summary

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end - but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are...

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