DID YOU GET A BIG TAX BILL AND NOW WANT SOME BACK? Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help you obtain a tax rebate. …
The Budget – small business update
Notable changes for small businesses are listed below: Although there is no change to the rate of corporation tax, maintained at 19%, HMRC is to freeze indexation allowance on corporate capital gains for disposals after 1 January 2018. From April 2018, business rate rates will rise by any increase in the Consumer Price Index (CPI) rather than the Retail Prices Index …
The Budget – personal tax considerations
The budget announcement included several personal tax considerations. Notable changes are listed below: First-time buyers will pay no stamp duty on homes costing no more than £300,000. First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This …
What is the Criminal Finances Act 2017?
In the past, the directors of larger organisations have been able to avoid personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act. This “turning a blind eye” excuse has irritated legislators and as a result, we now have the Criminal Finances Act 2017 (CFA). From 30 September 2017, …
What is the General Data Protection Regulation (GDPR)?
The GDPR is the new data protection regulation that becomes a legal obligation from 25 May 2018. Every business will have its own specific challenges regarding implementation of changes to internal systems to ensure compliance with the GDPR. Theory is fine, but business owners, particularly smaller concerns, will no doubt want clear advice – what needs to be done to …