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2017 Spring Budget

Philip Hammond’s first Budget speech as Chancellor was a relatively low key affair, with only a few standout announcements. One of these was the increase in Class 4 National Insurance contributions (NIC’s) for the self-employed. This increase follows the previously announced abolition of the outdated Class 2 NIC’s,… read more

Cloud Accounting Support

As a business or individual, you may be looking at the HMRC’s new quarterly online reporting requirements with some trepidation. You may also be considering cloud-based programmes to ease the transition. And of course, each software supplier provides its own FAQ and support. One thing you don’t need… read more

Surprise, surprise! Autumn Statement scrapped….

The most surprising news of Philip Hammond’s Autumn Statement was his decision to abolish it. In future we will have an Autumn Budget and a Spring Statement.  The announcement brought hilarity from the benches, but in reality it does appear to make some sense. Following the spring 2017… read more

How can cloud accounting benefit your business?

Managing your small business finances efficiently is essential to the success of your enterprise. You might be new in business and looking for the right approach, or maybe you have been established for a number of years and are wondering whether cloud accounting will suit you better than a traditional approach. Whichever… read more

Making Tax Digital

Whether it be online shopping, gaming, advertising or socialising everything we now do is made “simpler” by the digital world and even HMRC are on board, with their plans to make tax digital. By 2020 HMRC plan to move to a full digital tax system, which they tell… read more

Payrolling Benefits and Expenses

Who does this affect? Payrolling benefits and expenses are likely to affect employees, employers, payroll providers and payroll software providers. Payroll software providers need to ensure their software is up to date and payroll providers are able to action this from 16/17 tax year starting on 06th April… read more

Who needs a lasting power of attorney?

Everyone is the answer! Lasting Powers of Attorney are available for Individuals.  There are two; one for Health and Welfare and another for Property and Finance. They are also available for business owners to protect their business affairs. A Lasting Power of Attorney (LPA) gives a person, or… read more

Inheritance tax on residence nil-rate band

In the Summer 2015 budget it was announced that the Government will phase in a new nil-rate band when a residence is passed down directly to a descendant on death; the phasing in starts on 6th April 2017 and is over a 4 year period. Descendant is defined as… read more

Budget 2016

As the Chancellor stood up to deliver his ‘budget for the long term’ he announced that the British economy is ‘fit for the future’ but he didn’t deliver as many changes as many expected. Prior to the budget there had been announcements that the expected proposals to reform… read more

More changes for landlords of residential property

In February I blogged about some of the major changes to tax legislation which are going to affect those letting residential property in the next few years, including restriction of tax relief on interest, an increase in stamp duty and the requirement to report and pay CGT on… read more