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Self assessment deadline is approaching

Self assessment deadline is approaching

The deadline for submitting your 2018/19 self-assessment return is 31 January 2020. 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...

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...

Hawsons Wealth Management have TWO Chartered Advisers

Hawsons Wealth Management have TWO Chartered Advisers

Natasha Fathers PETR CertLTCP Adv DipFA Chartered ALIBF becomes the latest adviser within Hawsons Wealth Management Limited to gain the Advanced Diploma in financial services and now joins Nigel Smith CeMAP CeRER Adv DipFA Chartered ALIBF in reaching the pinnacle of...

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...

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...

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,...

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...

Budget 2018: Predictions

Philip Hammond will deliver his 2018 Budget on 29 October. But what can we expect when the Chancellor delivers his speech?  Theresa May’s recent promise of the end of austerity has prompted a fresh wave of optimism concerning what Philip Hammond may announce in the...

The governments work on self-employed pensions faces delay

The governments work on self-employed pensions faces delay

Trials that would solve the pensions crisis for the self- employed have been delayed. Guy Opperman, minister for pensions and financial inclusion, said: “the government would provide more information about the trial areas later this year, following its...

Millennials seek more pension support

Millennials seek more pension support

In a survey conducted by Prudential, more than half of people under the age of 35 (millennials) want their employer to do more to explain pensions and benefits. The survey was completed by 1,178 millennials and showed that 24% of these people do not have a...

Requirement to Correct: time is running out to disclose

Requirement to Correct: time is running out to disclose

‘Requirement to Correct (RTC)’ legislation requires UK taxpayers to ensure that all foreign income and assets, where there may be UK tax to pay, have been correctly declared to HMRC by 30 September 2018. HMRC will impose very harsh penalties for those who...

Tax Rates 2018/2019

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...

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

Inheritance Tax: The things you need to know

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?

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...

Input Tax – Beware of the pitfalls!

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?

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...

Making Tax Digital: Government delays introduction

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...

The Election result: What are the tax implications?

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...

Making Tax Digital: An update

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...

National living wage – rising wage costs for employers

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...

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