If you sell an asset that is subject to CGT the rate of tax you will pay will be 0%, 18% or 28%. In the current tax year 2015-16, you are allowed to make gains of up to £11,100 tax free. In fact the first £11,100 of all gains are free of tax. If all your taxable income, including any capital gain...
Right to rent checks
From 1 February 2016 landlords and others involved in the rental of property will need to verify that their tenants have the right to be in the UK. This is a further level of red tape that will need to be considered from next month. The details published by the Home Office are set out below: What the new right to rent...
Muras Matters: Blue Monday Tax Efficient Health & Well Being
Blue Monday Tax Efficient Health & Well Being Today is ‘Blue Monday’, supposedly the most depressing day of the year. It is ‘calculated’ by reference to weather conditions, debt, time since Christmas, time since failing New Years resolutions and low motivational levels. With this in mind we have listed some benefits which employers can provide to assist with the health and well...
Ways to save money in 2016
HM Treasury have published a number of money saving strategies that are available this year. We have reproduced a number of the ideas below. If you’re saving for a deposit for your first home, you can earn a bonus with the Help to Buy: ISA. If you’re saving to buy your first home, you can put away up to £200 a month...
Muras Matters: Profit Extraction and Winding Up: New Consultation
Profit Extraction and Winding Up: New Consultation Background A Members’ Voluntary Liquidation (“MVL”) is a process of closing a solvent company, enabling shareholders to withdraw the remaining cash and other assets before dissolving the company. The distribution of these assets is treated as a capital disposal of the shares in the company, so that Entrepreneur’s Relief may apply with the beneficial 10%...
Warning, bogus Council Tax refund scams
The Valuation Office Agency has issued the following warning regarding persons or organisations claiming to be able to reduce your council tax band for a fee. “We are aware of a number of Council Tax refund scams that are currently operating around the country. Someone may telephone you, or appear personally at your door, claiming to be able to reduce your...
Review of airside VAT free shopping
A review has been launched by George Osborne to make sure shoppers share in the reduction in VAT in future. At present, it seems that retailers, particularly the larger retailers, are pocking the cash benefits and not passing them on to customers. Here’s what a recent announcement on this topic confirmed: The Chancellor, George Osborne, has launched a review into airport sales...
Stamp Duty increase for second home buyers
George Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property – where the property is a second home or a buy-to-let investment - will see a significant increase in the amount of SDLT payable. At present, this will only...
Quarterly accounts filing
At present smaller businesses are required to file accounts once a year with HMRC when their Self Assessment or Corporation Tax returns are filed. HMRC are now moving towards the provision of a digital account for business owners, a portal that will allow taxpayers to manage their tax affairs online. In the draft notes for the Finance Bill 2016 there is...
Other changes proposed
The government has also published its intention to change a number of other tax reporting issues. Some of the more impactful for smaller businesses and Self Assessment tax payers are reproduced below: Simple Assessment – legislation will be introduced in Finance Bill 2016 to provide a new power to allow HMRC to make an assessment of a person's Income Tax or...