Is DIY Business Accounting Possible?

It can be appealing to think you can prepare your own company accounts and file your own tax returns for a small company. After all, think of the money you would save, especially if you run a small, straightforward business. It is certainly possible to maintain the correct records and complete the relevant tax returns for HMRC. The introduction of online submission processes for bo… Continue Reading

Tax solutions for US citizens in the UK

We at Tuchbands have just been through this year’s IRS return filings for our US citizen clients. We work closely with a specialist firm of US accountants based in UK to ensure that our clients receive a seamless service for filing both a UK and US tax returns. One feature of the US tax filing is the set of forms known as FBARS which stands for Foreign Bbank and Financial Accounts R… Continue Reading

Employing Family Members

There is a band of earnings which are subject to ‘nil rate National Insurance contributions’ – this apparent contradiction in terms means that no contributions are payable, by employee or employer, but the employee’s contribution record is still franked for pension and Social Security benefit purposes. For 2013/14, the ‘nil rate band’ runs from the ‘Lower Earnings Limit’ of £1… Continue Reading

Tuchbands Budget Report

The Chancellor’s 2013 Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, we are delighted to attach the Tuchbands Budget Report  which contains the latest tax and financial information, which we trust you will find useful. As a result there may be a number of changes that will affect you so please fee… Continue Reading

Notice to Landlords – Flat Conversion Allowances, Energy-Savings Allowances

The special tax relief for flats over shops comes to an end on 5 April 2013. It may be renewed in next weeks budget but if the work is contacted for before 5 April, it can be claimed. The main conditions to obtain relief are: 1. Maximum number of storeys- 4; 2. The flats must have been unoccupied or just used for storage for at least a year before conversion work starts; 3. The flats must be l… Continue Reading

Residence New Rules From 6TH APRIL

The Statutory Residence Test comes into effect on 6th April. For non UK residents and those planning to be non resident now is the time to plan for the new regime. The new rules are summarised as follows: You are automatically UK resident if: 1. If you spend more than 183 days or more in the UK  or 2. You have a home in the UK for at least 90 days, you are present in that home for at least 30 separ… Continue Reading

Child Benefit

Summary of the new Child Benefit Rules from Tuchbands,  Accountants in North London The new Child Benefit rules came into effect this month for weekly periods beginning after 7 January. Wherever there is a household in which child benefit is claimed and someone is earning over £50,000 a year, some or all of the child benefit will have to be paid back. Child benefit is currently £20.3… Continue Reading

Residential Property held by a Company

There are government proposals in the pipeline for charging 15% SDLT on residential properties valued at £2m or more where the property is  owned by a company. In addition an annual charge starting at £15,000 per annum is proposed. This is proposed to come into effect in April 2013. There are, fortunately exemptions for property development companies. It seems best to keep e… Continue Reading

Self Assessment

Summer is over and we are now entering what is commonly known as the Tax Season. New and much tougher penalties are now in force for late filing of tax returns. The online filing deadline is 31 January. We believe that the average  business person is not able to file their own tax return because of the complexity of the tax system.  Added to that is the time involved in completing the for… Continue Reading

US Citizens in the UK

A conditional bilateral agreement between the US and UK tax authorities has recently been signed. Under the agreement (which has still to receive parliamentary approval) banks will pass information on US account holders to HMRC who will then notify the IRS. This is just a further measure brought about by the IRS to capture information on US citizens living abroad who are required… Continue Reading