What is the inheritance tax residence ‘nil rate’ band?

Inheritance tax has long placed a heavy burden on families during an already difficult period. Announced in the 2015 budget, the inheritance tax residence nil rate band (RNRB) is a measure designed to alleviate this strain for many people. While the addition of an extra layer of relief to the existing inheritance tax structure brings its benefits, it may also appear to complicate … Continue Reading

Making Tax Digital: The Timetable For 2019

What is ‘Making Tax Digital’?

Very few people enjoy getting their tax affairs in order. Whether you’re a hard working self-employed professional, a landlord or a business with a network of client finances to manage, keeping on top of your corporate taxes is far from easy and mistakes are estimated to cost the Exchequer over £9 billion a year. For this reason, the Making Tax Digital i… Continue Reading

Do companies pay Capital Gains Tax?

Capital Gains Tax is not paid by limited companies or unincorporated associations like community groups or sports clubs.  Instead, companies pay Corporation Tax, which is another type of payment.  It is important that business owners are aware of the difference between certain taxes so that they know which ones they are eligible to pay.

What is Capital Gains Tax?

Capital Gains T… Continue Reading

Making Tax Digital, What Does it Mean?

Over the last few decades, the Internet has revolutionised the ways in which we go about our day-to-day activities. Be it chatting with friends, ordering groceries or even looking at too many pictures of cats, we are living in age of unprecedented access and control of our lifestyles, all contained in devices big enough to sit in our pockets. In line with this, HMRC is taking signifi… Continue Reading

6 Ways to Pay less Capital Gains Tax

Capital Gains Tax is due on the difference between the price you pay for something and the price you ultimately sell it for. This includes almost all assets including property which isn’t your main dwelling, antiques, shares and a range of other items. If you want to minimise the amount of Capital Gains Tax you need to pay, one of the most effective approaches you can take is to plan wel… Continue Reading

Tax Calendar

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What business expenses can I claim through my small business?

The 2016 deadline for submitting a company’s annual tax return is approaching. Understanding which business expenses can and can’t be claimed can be a daunting task, especially for owners of small businesses who do not have a dedicated accounting department. Here’s a quick guide to the tax allowable expenses that you can claim back as a small business owner.… Continue Reading

The Definitive Guide to Paying Less Tax

Nobody likes paying tax but it is something almost all of us have to do. We would all like to pay a little less tax to the tax authorities but we often overlook simple ways of doing so. It doesn’t help that the UK tax rules are complicated but, fortunately, there are a variety of easy ways that you could reduce your annual tax bill. Whether you are an individual employee or a business… Continue Reading

Tax Advice for US Citizens in the UK

If you are an American citizen living and working in the UK, you need to be aware of and compliant with both UK and US tax regulations. Common issues may arise if you are unaware of certain regulations, but with the right advice these can be avoided.

When is the US tax year?

The US tax year aligns with the calendar year, running from 1st January to 31st December, with the UK tax year running … Continue Reading

Are You Entitled to R&D Tax Credits?

As London accountants we understand that the whole area of Research & Development tax credits can be confusing because there are a range of different conditions attached to any potential entitlement. The size of the company (in terms of employees and turnover) affects any entitlement so there are different rules for SMEs and Large Companies as defined by HMRC but, just to add… Continue Reading