TAX
Transferable personal allowance (marriage allowance)
HMRC are running a radio campaign to encourage individuals to take this up! With effect from 6 April 2015 if one of a married couple or civil partnership is a non-taxpayer and...
Personal tax accounts (PTA)
HMRC introduced personal tax accounts (PTAs) to give individuals online access to their tax information. These accounts allow taxpayers to view key details about their tax...
R&D tax relief for directors – pension contributions considered
Companies investing in innovation can claim R&D tax relief to reduce their tax liability. This relief applies to eligible staff costs, which include salaries, employer...
Income tax and national insurance on overvalued shares
When a company buys back shares, particularly minority holdings, the valuation process is crucial. These shares are often subject to a discount due to their lack of control or...
Inheritance tax (IHT) numbers
If you need to pay Inheritance Tax (IHT) on a deceased’s estate or a large gift into a trust, you may need an Inheritance Tax number before making the payment. HMRC uses this...
CGT annual exemption – use now while stocks last!
Each tax year, individuals receive a Capital Gains Tax (CGT) annual exemption, allowing them to make gains up to a set threshold without paying CGT. However, this exemption...
Charging your children rent?
With effect from 6 April 2016 the tax free amount of rental income you can receive from renting out a room or rooms in your home increases from £4,250 to £7,500 per annum. If...
Research and Developments Credits
At Lewis Brownlee, we are proud to announce that the Research and Development Tax Credits claims we submitted in March exceeded £3 million—a new record for us! This milestone...
Income disregards for tax credits
From 6 April 2016, the threshold for income disregards for tax credits has been reduced from £5,000 to £2,500. This means that if your income increases within the tax year,...
CIS returns for nil payments
Under the Construction Industry Scheme (CIS), contractors must submit a monthly CIS return to HMRC, even if no payments were made to subcontractors during the period. Failing...
Time limits for submitting self-assessment tax returns
Due to a defeat in the Upper Tribunal HMRC have clarified the legislation. Tax returns for the years up to and including the year ended 5 April 2013 must be submitted by 5...
‘Simple assessment’
Legislation will be introduced in Finance Bill 2016 to enable HMRC to send a Simple Assessment notice to customers with straightforward tax affairs which will set out their...