Capital Allowances for buildings

Nigel Holland When submitting returns to HMRC a taxpayer may decide whether the expenditure they incur on their property is classed as revenue or capital. Generally revenue expenditure is offset against rental income where as capital expenditure is offset against the...

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Holland & Co acquire new Accountancy Practice

Holland & Co Chartered Accountants from Widnes have purchased David Crossley's Accountancy Practice which is based in Great Sankey. David who is a Chartered Tax Adviser and helps many small businesses with their self assessments, represents a large number of clients...

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2022 Spring Statement Summary

Chancellor Rishi Sunak delivered the 2022 Spring statement on Wednesday (23/03/2022). Fuel duty has been cut by 5p per litre until March 2023. The reduction is said to take £3.30 off the cost of filling a typical 55-litre family car. The income threshold at which...

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Let Property Campaign

The Let Property Campaign gives individual landlords an opportunity to bring your tax affairs up to date and to get the best possible terms to pay the tax you owe. You will need to update HMRC by making a voluntary disclosure for any tax owed on letting income that...

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Incorporation Relief

If you transfer your business to a company in return for shares, You may be able to delay paying Capital Gains Tax. Incorporation Relief means you will not pay any tax until the shares a sold or disposed of. To qualify for Incorporation Relief, you must: be a sole...

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Taxpayers warned over refund companies

The Low Incomes Tax Reform Group (LITRG) has warned self assessment tax payers to keep their Government Gateway login details safe from tax refund companies. The warning follows LITRG's discovery of taxpayers who have seemingly issued 'inappropriate' tax relief claims...

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Residential CGT payment period doubled

The payment period for capital gains tax (CGT) on residential property has been doubled from 30 days to 60 days. Despite the measure not being announced by Chancellor Rishi Sunak in the Autumn Budget, it was included in HM Treasury's Budget publication. The change...

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Small firms losing £25 billion per year to tax admin

The Federation of Small Businesses (FSB) has carried out a study which shows that small firms are losing £25 billion per year due to increasing compliance costs and time lost to dealing with tax admin. The government's Making Tax Digital (MTD) initiative has...

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Chancellor’s redundancy warning

Millions of workers were able to keep their jobs over the pandemic due to the government's Coronavirus Job Retention Scheme (CJRS). The scheme is ending 30 September. At a cost of around £70 billion, the wages of more than 11 million people were subsidised for at...

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Making Tax Digital for Income Tax self assessment delay

HMRC has announced that the introduction of Making Tax Digital (MTD) for Income Tax self assessment (MTD for ITSA) has been delayed for a year. The government says that the change is in response to the difficulty faced by many UK businesses throughout the COVID-19...

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