HMRC Additional Powers to Collect More Tax HMRC have recently been given new powers to access taxpayer information. This relates to anyone who may have offshore bank accounts or assets. HMRC are now issuing what is called “nudge letter” to anyone suspected of having undisclosed offshore assets. The finance bill 2020-21 introduces the financial institutional […]Read More
Capital Gains Tax changes impact on property investors In July 2020 the chancellor Rishi Sunak wrote to the office of tax simplification asking them to do a review on Capital Gains Tax (CGT). The consensus amongst property and tax experts is that CGT is likely to increase in 2021. This article will look specifically at […]Read More
Major change in capital gains tax rules for landlords On 6th April 2020 capital gains tax rules change and landlords will now have just 30 days to pay any capital gains tax due. Prior to 6th April 2020 if you sold a property on 1st May 2019, you wouldn’t have to pay the capital gains […]Read More
The Value of Management Accounts The value of Management accounts is often something that small business owners don’t understand and therefore don’t implement. Most small business owners are only interested in submitting their end of year accounts so that they can pay taxes. A definition of management accounts can be found at the business dictionary […]Read More
Flat rate VAT scheme changes background Flat rate VAT scheme changes came into effect on the 1st April 2017. HMRC have now completed their consultation phase. Below are what the changes may mean for you and the type of business affected. For eligible businesses, the Flat Rate VAT Scheme is a simplified method to work […]Read More
Changes to Dividend tax Changes to Dividend tax came into effect on the 6th April 2016 and again on the 6th April 2018. The effect is those paying themselves dividends and a small salary are likely to have to pay more tax. Payable via their self-assessment as well as have to make payments on account. Current […]Read More
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