Diary of main tax events April/May 2018

Date What’s Due   1/04   Corporation tax payment for the year to 30/6/17 (unless quarterly instalments apply)   5/04   End of 2017/18 Tax Year. 2018/19 tax year starts 6 April 2018   19/4   PAYE & NIC deductions and CIS return and...

No major tax changes in chancellor’s spring statement

As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on the state...

Exceeding the Annual Pension Allowance

If your pension savings exceed the annual pension input limit (generally £40,000) then there is an annual allowance charge. The effect of the annual allowance charge is to reduce tax relief on any pension saving over the annual allowance. The annual allowance charge...

Did You Get a Big Tax Bill and Now Want Some Back?

Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help you obtain a tax refund. Invest in EIS or Seed EIS...

Advantages of Furnished Holiday Lettings

Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as furnished holiday lettings (FHL). In particular the restriction on deductibility of finance costs that started to apply from 2016/17 does not...

4 steps to take to avoid tax return nightmares

January 31st has been and gone, meaning the ever-fearful deadline for submitting your tax return has passed. Did you have to scramble around? Was it a panic? The weeks and days leading up to the deadline are often filled with people grabbing receipts in a mad rush to...