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16 Jan

Don’t overclaim for equipment purchases

  • Capital allowances

You can use the Annual Investment Allowance (AIA) to claim a very generous 100% first year tax relief for qualifying expenditure on plant and machinery. The allowance is available for most assets purchased by a business but does not apply to…

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16 Jan

Reducing payments on account

  • Income Tax

Taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g. for 2018-19 the first payment on account is due on 31 January 2019. 31…

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16 Jan

Could you claim the Marriage Allowance?

  • Income Tax

If you or your partner are a low earner or not working, then you may be eligible for the marriage allowance. The marriage allowance allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance (MA) is…

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16 Jan

Carry back charitable contributions

  • HMRC notices

Donations to charity over the course of a tax year can add up and taxpayers must ensure they keep a proper record of all donations to backup tax return entries. Donations that are made through the Gift Aid scheme allow for the recipient charity to…

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16 Jan

Remaining age related tax allowances

  • Income Tax

Most age related tax allowances have been phased out. However, the Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership where at least one member of the couple were born before 6 April 1935. The…

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16 Jan

Tax if clients leave the UK to live abroad

  • Income Tax

The P85 form should be completed by individuals or their agents to advise HMRC that have left the UK to live or are going to work abroad for at least one full tax year. The completion of the P85 form will ensure that an individual leaving the UK…

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9 Jan

Automatic enrolment for the self-employed?

  • Pension

The government has confirmed that they are to examine a number of different approaches to help encourage the self-employed to save for their retirement. The success of automatic enrolment for pension savings for the employed has helped highlight that…

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9 Jan

New 'global' pound coin

  • General

HM Treasury has confirmed that the £1 coin will be going global. This announcement means that the UK’s Overseas Territories and Crown Dependencies will be able to design and mint their own versions of the 12-sided £1 coin replacing the older coins.…

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9 Jan

Check if your Holiday let property is qualifying

  • HMRC notices

The Furnished Holiday Let (FHL) rules, allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be…

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9 Jan

Register a company and register for tax

  • Corporate Governance & Regulation

A new one-stop service to register a company and register for tax at the same time has been used by more than 200,000 businesses since it was introduced. The introduction of the Streamlined Company Registration Service was announced as part of the…

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9 Jan

Changes to a building after the VAT option to tax

  • Value Added Tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be…

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9 Jan

Cash basis option for landlords

  • Income Tax

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited…

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