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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...

HMRC reminder to employees to claim their tax deductible expenses

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,...

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 feasibility...

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 pension...

Requirement to Correct: time is running out to disclose

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...

Tax Rates 2018/2019

Tax Rates 2018/2019

Introduction to tax rates 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.  ...

Canny romantics: The tax benefits of getting married

Canny romantics: The tax benefits of getting married

Canny romantics: The tax benefits of getting married 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...

Inheritance Tax: The things you need to know

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...

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 input tax...

Tax payment due 31 July – have you paid?

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...

Making Tax Digital: Government delays introduction

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...

The Election result: What are the tax implications?

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...

Making Tax Digital: An update

Making Tax Digital: An update

What is Making Tax Digital? (MTD) 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...

Hawsons Hot Pension Planning

Hawsons Hot Pension Planning

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 Rates and Allowances 2017/18

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...

Budget 2017 Key Details and Summary

Budget 2017 Key Details and Summary

Budget 2017 Key Details and Summary  Philip Hammond presented his first and 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...

Hawsons year end tax planning ideas 2017

Hawsons year end tax planning ideas 2017

Hawsons year end tax planning ideas 2017 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...

Spring Budget 2017: Predictions

Spring Budget 2017: Predictions

Spring Budget 2017: Predictions Philip Hammond will deliver his Spring Budget on 8 March. This will be the first and last ever Spring Budget, as the main tax announcements will be switched to the autumn in future. But what can we expect when the Chancellor delivers...

Making Tax Digital: Full steam ahead

Making Tax Digital: Full steam ahead

The public consultation on the Making Tax Digital (MTD) project has failed to change HMRC’s plans in any significant way.  The timetable for implementation of MTD remains April 2018 and the income threshold for inclusion in the programme remains at £10,000. What is...

2016 Autumn Statement – what you need to know

2016 Autumn Statement – what you need to know

2016 Autumn Statement - What you need to know On Wednesday 23rd November the Chancellor Philip Hammond presented his first and last Autumn Statement. The Chancellor’s announcements are summarised below. Our summary also provides a reminder of other key developments...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 predictions

The Autumn Statement 2016 predictions  The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we...

How to recognise fake HMRC emails and other phishing scams

How to recognise fake HMRC emails and other phishing scams

How to recognise fake HMRC emails and other phishing scams  Phishing is the fraudulent act of emailing a person in order to obtain their personal/financial information such as passwords and credit card or bank account details. These emails often include a link to a...

The Autumn Statement and a busy time ahead for the tax system

The Autumn Statement and a busy time ahead for the tax system

The Autumn Statement and a busy time ahead for the tax system The Autumn Statement on 23rd November is set to be an important event. We have a new Prime Minister and Chancellor of the Exchequer with a potentially different slant on economic policy than their...