We are often asked to consider what the best trading structure for a business might be, and with that the tax benefits of trading through a limited company can be a major influencing factor.
Our agricultural consultancy team has been further strengthened by the arrival of Angela Blackman.
For many tax advisors January is one of the busiest times of the year having to deal with the personal tax filing deadline of 31 January. With under a week to go HMRC estimated that just over 3million returns were still to be filed, representing around 27% of all returns expected. With so much to do it can be easy for individuals to focus on meeting filing deadlines and to forget about planning opportunities for the current year.
HMRC has released the best excuses for late tax return and expense claims ahead of the 31 January deadline, and they are brilliant...
Auto-Enrolment, pension contributions since 2012 have been calculated at a rate of 1% employee and 1% employer contribution of the employees qualifying earnings. As from 6 April 2018 these rates will be increasing to 3% employee contribution and 2% employer contribution.
You will hopefully have completed your self-assessment tax return form for 2017…
In the current year (2018) the changes start in respect of restricting interest relief, 75% of your allowable finance costs will be deducted as an expense of the business and the remaining 25% will be treated as a tax reduction at 20%.
This may perhaps be considered a little controversial but as tax advisers we can often be the last professional adviser to be informed that a client has disposed of a UK residential property. This sometimes occurs only at the point the client provides us with their tax return information.
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