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

The Chancellor’s 2012 Autumn Statement

Tuchbands, North London Accountants, highlights the main announcements on the  Autumn Statement 2012   This summary contains a host of Autumn Statement changes that may affect you, your business and your tax planning. Please contact us for more help and advice with your particular circumstances.  At a glance

• Income tax personal allowances to increase
• Reduction in annual and l

… Continue Reading

Business Records Check

Important Message from Tuchbands- Leading North London Accountants This starts with a letter from HMRC writing to say that they intend to make a phone call to ask some questions concerning the record keeping.  At the end of the call they then decide whether the answers given show that the records are adequate.  If they have any concerns then they will arrange a visit. They follow a r… Continue Reading

Corporation Tax

Companies with a 31 December year end will have to pay corporation tax, which is usually calculated at  20% of an adjusted profit, on 30 September 2013. Careful planning and expert advice can help save some of that tax. If your company profits are over £50,000, call us for a free non-obligation consultation.
Written by Philip Woolfson Philip is a Senior Partner of  Tuchban… 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

Capital Gains Tax on Second Homes

The rules regarding the capital gains tax treatment for a second property are quite complicated and commonly misunderstood. As soon as a second property is bought or becomes available example by the finishing of a letting period a principal private residence collection should be filed with HMRC. In practice there is two years in which to file the selection but here at Tuchbands we… Continue Reading

Gift Aid donations

This time of year a lot of people are making charitable donations. Last Wednesday I happened to give £20 to a registered charity collector and when I got home I found that I had won £25 on the Premium Bonds (true story!). There is an old saying that whatever you give you get back! The point of this message is that gift aid donations are a source of tax relief but only if they are recorded on yo… Continue Reading