With effect from April 2013, the renewals allowance for the replacement of plant other than trade tools will no longer be available. For residential rental properties the renewals basis gives a specific deduction for expenditure on the replacement of fixtures integral to buildings (e.g. bathroom fittings, central heating, boilers, windows and other similar assets).   The.. read more →

Individuals who were claiming tax credits for 2012-13 should be receiving a “Renewing your tax credits – Getting it right” pack. It is vital that you complete the Annual Review form for the year ended 5 April 2013 and send it to the Tax Credits Office (TCO) Preston before 31 July 2013. Failure to do.. read more →

Last year there was much huffing and puffing about the so-called “granny tax”, even though nothing had actually happened. What was announced in the 2012 Budget was that age-related allowances would be frozen with effect from April 2013 and would no longer be claimable by anyone born after 5 April 1948. In the meantime the.. read more →

The Government is to introduce an allowance of £2,000 per year for all businesses and charities to be offset against their employer Class 1 secondary NICs’ bill from April 2014. The allowance will be claimed as part of the normal payroll process. The Government will engage with stakeholders on the implementation of the measure after.. read more →

How the capital allowances regime and annual investment allowance will change. Capital allowances: low emission vehicles Legislation will be introduced in Finance Bill 2015 to extend the 100% allowance (FYA) for expenditure incurred on cars with low carbon dioxide emissions and electrically propelled cars for an additional three years to 31 March 2018. Update of.. read more →

When buying a property, whether as a first time buyer, moving up the property ladder, or as a buy to let property, the most important cost that you’ll have to factor into your finances is the mortgage. You’ll need to make up the initial deposit and then meet the monthly mortgage payments. However, before the.. read more →

The PAYE system is changing from April 2013 and, if you operate a payroll, YOU WILL BE BE AFFECTED. HM Revenue & Customs are introducting a new process called Real Time Information, or RTI.  The official reason is so things like tax credits and benefits are more accurate.  A by product is that HMRC will.. read more →

High income earners have until 5 April 2013 to review their tax position for 2012-13. In most cases action will need to be taken prior to this date. Deferring income – If you normally receive bonuses this month or a dividend from your company you should estimate your earnings for the next tax year, 2013-14,.. read more →

HM Revenue and Customs have announced that a  ‘property campaign’ is due to start in March 2013, targeting those who have profited through owning and selling second homes or multiple properties. The “campaign”, offering those who have failed to comply an opportunity to come clean on advantageous terms under voluntary disclosure protocols, follows targeted taskforces that.. read more →

The January 31st deadline has come and gone. Well done if you have got your return submitted in time. As usual, I managed to submit the returns of every client who sent their records to me, even if it was at the last minute! If you’ve missed the deadline you might be telling yourself that.. read more →