Leading local accountants TWP are encouraging landlords to carefully consider the sale of properties after the government announces a new potential tax pitfall for the market. According to proposals outlined in the Finance Bill 2016, from 5 July 2016 gains made from selling a property in the UK can be subject to income tax at […]
New research following last year’s launch of pension freedoms has shown that many British workers reaching retirement are far more cautious than previously predicted. When the scheme was launched in April 2015, the then Pensions Minister Steve Webb joked that pensioners could use their pot to buy whatever they liked, including a Lamborghini – leading […]
From April 2016 more than 95 per cent of the UK’s population no longer pay tax on their interest from savings as the result of the introduction of the Personal Savings Allowance (PSA). Prior to the introduction of the PSA, for every £100 of interest earned, basic-rate taxpayers paid £20 in tax, while those on […]
Thousands of first-time buyers have raised concerns about their Help to Buy ISA after it was clarified that the government’s bonus could not be used as part of a deposit. When the scheme was launched by the former chancellor George Osborne he said it would provide state support to help buyers get on the property […]
HMRC have issued their latest guidance to employers in the August edition of the Employer Bulletin. This publication, which is issued every two months, includes articles on: expenses and benefits in kind consultations HMRC Toolkits – helping to reduce errors Automatic penalties for late intermediary returns the Apprenticeship Levy and apprentices guidance on paying HMRC […]
New company car advisory fuel rates have been published which take effect from 1 September 2016. 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 fuel rates for journeys undertaken on […]
The government is being urged by both pension providers and banks to delay the April 2017 launch of the new Lifetime ISA as they are warning that they will not be ready to offer the savings product by this time. A new Lifetime ISA introduces a new type of savings account for adults under the […]
HMRC have always had complaints procedures and have extended these to now include an online form which can be used to make complaints about your self-assessment and PAYE. The guidance also includes other ways to complain. If you would like help with PAYE or self assessment issues please contact us. Internet link: GOV.UK guidance
HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text. They have also issued a warning regarding two telephone scams that they are aware of. The details of the two phone scams are as follows: Taxpayers receive telephone calls claiming to be from HMRC […]
HMRC have updated their guidance on the tax implications of changes to the ‘generally accepted accounting practice’ used to prepare financial statements as many UK companies will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102 over the next few years. HMRC have stated that the purpose of these two […]
The quality of our advice has seen us accredited with coveted Platinum Partner status by Xero – a leading provider of accounting software.
The quality of our advice has seen us accredited with Gold Partner status by FreeAgent – a leading provider of accounting software.
Request a call back