Latest blogs for Services

Brexit: New tariffs, what new tariffs? Now that Prime Minister May has written to the EU, triggering Article 50(2) of the Treaty on European Union, Brexit moves one step closer and SME’s slowly begin to wonder, “how might this affect us”? For your average local family business, the main areas of concern will probably be:…

Buy-to-let Mortgages: Tax relief restrictions soon to commence. The Chartered Institute of Taxation (CIOT) issued a press release today reminding residential property landlords that the first phase of the restriction of tax relief for mortgage interest commences in April. The change means that finance costs (including mortgage interest) will no longer be deductible in full…

Making Tax Digital: Seminar Invite. Attend a free seminar at our Ely office on 11 April 2017 at 8:30am, to understand the new digitised book keeping and quarterly submission requirements of Making Tax Digital: Full Invite Details and RSVP Return Slip Blog entry by: Amanda Newman.  

Income Tax Married couples – consider transferring assets between spouses, to ensure income is taxed at the lowest marginal rate, Let properties – if you let property in need of re-decoration, repair, etc, consider bringing forward expenditure to accelerate tax relief, Family businesses – consider employment of spouse or increasing the employed spouse’s earnings, to…

Contractors: New flat rate VAT rules (Limited Cost Traders) HMRC has released updated guidance regarding changes to the flat rate VAT scheme which come into effect on 1 April 2017. The advantage gained by using the flat rate scheme is going to be restricted for ‘limited cost businesses’. A limited cost business is one whose…

HMRC: Finally release new Employment Status tool. The new public sector IR35 assessment rules come into effect on 6 April 2017 and contractors have been concerned that they are unable to confirm their IR35 status. HMRC has now released its long awaited online Employment Status Tool. The tool is available to contractors, engagers and agencies…

What’s in it for Technology Companies? Philip Hammond’s first Spring Budget announced a handful of steady-as-she-goes measures. The new announcements that will catch the eye of technology companies include: From 6-Apr-18, the tax free allowance for personal dividend income will reduce from £5k to £2k pa, For tax advantaged share schemes: clarifying the EIS and SEIS…

What’s in it for the self-employed? Starting with the good news, those with a turnover of less than £85k have been delayed from having to adopt accounting software and quarterly reporting under HMRC’s new Making  Tax digital until April 2019. However, on the downside, you will have to pay 10% class 4 national insurance rather…

Making Tax Digital: or Making Tax Difficult? Our MTD team look at a general update on MTD, Landlords, Timelines and Deadlines, Third Party Data, Bridging the Digital Gap, Unincorporated Businesses and ‘are you ready?’: Full Newsletter Blog entry by: Catherine Hubbard.

Probate: Fees hike to go ahead. Despite an overwhelmingly negative response to its proposals, the Ministry of Justice has confirmed that it is pressing ahead with the introduction of a new scale of fees to be imposed on the executors of deceased estate. Up to now, when executors apply for probate, a flat rate fee…