Blogs

Latest loan charge news

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The Loan Charge is a cumulative payment of income tax and National Insurance paid to contractors and other professionals in the form of loans dating back to 1999 which will be added to this year’s self assessment filing. Contractors and other professionals were paid in this way so that the company making the payment would […]

Blogs

Do all landlords need to complete a tax return?

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There are over 2.5 million private landlords owning, on average, 1.8 properties each here in Britain. For most private investors, buy-to-let makes a lot of sense as there are two opportunities to make money – first from the rents paid by tenants every month and second from a rise in the value of the property […]

Blogs

Splitting rental income between you and your spouse/civil partner

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For over 2 million Brits, their future financial hopes and aspirations are pinned on holding property they don’t live in and letting out to others. In the 2015/2016 tax year, the average landlord owned 1.8 properties each and long-term landlords achieved annual returns of 9.9% if they had bought their properties in the year 2000 […]

Blogs

Excuses for not filling in a tax return

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In previous articles we’ve shared with you, we looked at the difficulties of not only getting your self assessment and tax payment in on time but the complexity of the form itself and the calculations involved in arriving at a final (and correct) tax figure. On the 17th January, HMRC issued a press release showing […]

Blogs

What are financial directors and do you need one?

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What are financial directors and do you need one? For many business owners, actually understanding what the difference is between an accountant and a financial director will be difficult. After all, financial directors, as part of their role, will be required to make sure that the company is up to date with HMRC and Companies […]

Blogs

How well prepared are businesses for Making Tax Digital?

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Making Tax Digital is part of a multi-year scheme from both the Government and HMRC to digitise all accounting and tax records for individuals and businesses across the UK. It’s been in the planning for years and, given its complexity, it has suffered many setbacks to date and its launch details have been rescheduled and […]

Blogs

Capital Gains Tax and ‘bed & breakfasting’

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As the end of the current tax year looms, our accountants here at TWP recommend that all our valued clients look at any potential Capital Gains Tax (CGT) liabilities they may have incurred. CGT allowance is at £11,300 – that is, you won’t be taxed on your first £11,300 worth of capital gains. Your allowance […]

Blogs

How do HMRC choose who to investigate?

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Quite a few people in Britain now consider HMRC as the real life Big Brother when it comes to tax. Why is that? It’s because of their latest methods of picking out citizens for investigation. They have revolutionised the way they crack down on suspected tax evaders. Having clawed back over £35billion of unpaid tax […]

Blogs

VAT splitting

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If your business turns over £85,000 or more, you have to register for VAT and charge VAT on all the goods and services you provide. When registered, you are responsible for charging the right amount of VAT, submitting your VAT returns, paying any money that is due to HMRC on time and in full, and […]