Since their launch more than 20 years ago, Venture Capital Trusts (VCTs) have proved to be a popular investment option for many individuals, with the latest figures revealing that more than £7 billion of funds have now been raised through the scheme. VCTs are designed to encourage private individuals to invest in smaller high-risk unquoted … Continue reading On the Up: VCTs Still Proving Popular
Category: Tax
For employees using a company car, the new fuel rates for use from 1 June are as follows: Engine Size Petrol LPG Diesel Amount per mile (in pence) 1400cc or less 11 7 10 1401cc to 1600cc 14 9 10 1601cc to 2000cc 14 9 11 Over 2000cc 22 14 13 For the purpose of … Continue reading Advisory Fuel Rates from 1st June 2018
Having worked hard for a large part of your life, your pension is likely to be one of the most valuable assets you own when facing retirement age. Unfortunately, there are others out there who recognise this and are now trying to manipulate you into handing it over – welcome to pension scams! Pension scams … Continue reading HMRC SMACS Tax Bill on Pension SCAMS
For a range of reasons, perhaps including the tax changes imposed on landlords, some investors have looked to woodland as a potential investment. Indeed the commercial occupation of woodlands in the UK or EEA benefits from favourable treatment in respect of income tax, corporation tax, capital gains tax and inheritance tax. To benefit from these … Continue reading Tax Efficiency in Commercial Woodlands
The VAT Road Fuel Scale Charges have been amended with effect from 1st May. The new rates can be found here. If a business is VAT registered and purchases road fuel for business use, but there is also private use of a vehicle, then an adjustment needs to be made to ensure that VAT is … Continue reading VAT Road Fuel Scale Charges From 1st May
HMRC are calling on powers to recoup taxes from directors, which their companies have failed to pay due to insolvency. Directors are being asked to repay overdrawn loan accounts and dividends that have been withdrawn where there were insufficient retained profits. HMRC were seen to exercise their powers in the case of Parmar v HMRC [2016]. … Continue reading HMRC Look to the Directors of Failed Companies
If you are self-employed and your accounting date is not 31 March or 5 April, i.e. in line with the tax year, then you could have overlap profits. Overlap profits are best illustrated through an example, so let us use a business which commences on 1 July 2016 and prepares its first set of accounts … Continue reading Business Cessation or Change of Accounting Date? Don’t Forget Overlap Relief
For the first time in around 800 years, Wales will shortly be implementing the devolution of taxation to the Principality. From 1 April 2018, Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) in Wales. Although the new LTT operates on a similar basis to SDLT, some of the rates and bands will … Continue reading A New Era in Taxation for Wales
With 5th April fast approaching, here are some tax planning suggestions you may like to consider before the end of the tax year. Income Tax and Capital Gains From 6th April the Personal Allowance increases to £11,850 and the Capital Gains annual exemption to £11,700. This provides opportunities to defer income and gains to the … Continue reading Year End Tax Planning
With the Dividend Allowance set to be cut from £5,000 to £2,000 from April 2018, we consider how investors can help to mitigate the impact of the change. A brief overview 2016 saw significant changes to the rules on dividends, with the introduction of a new Dividend Allowance (DA) of £5,000 per annum, as well … Continue reading Planning for the Dividend Allowance Cut
