Latest News

Check Your Pension Savings Annual Allowance

HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. 

For most taxpayers, the maximum amount of pension savings that qualify for tax relief each tax year is £40,000. It is possible to increase this amount by utilising unused relief brought forward from the previous 3 tax years, provided the individual was a member of a pension scheme that year. 

Tapered Pension Tax Relief for Those With High Income

For most taxpayers, the maximum pension input annual allowance is currently £40,000. 

However, from 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance. For those persons affected the allowance tapers by £1 for every £2 that their adjusted income exceeds £150,000 down to a minimum annual allowance of £10,000.

Time to Declare Offshore Income Gains and Assets Warns HMRC

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.

New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax.

4 Steps to Developing Talented Staff

Regardless of the type of business that you run, you will have talented people in your team who you will want to develop and grow into future managers. So how do you go about creating the next generation of managers in your business?

Innovation - One Step at a Time

Innovation in business doesn’t necessarily mean you have to make great leaps forward. Sometimes little steps can be just as transformative. 

Innovation doesn’t necessarily have to involve massive change programmes and unsustainable levels of activity. Not every business needs a revolution. 

Make More of Social Media

Your business can use social media to deliver great customer experiences and develop deeper relationships.

Creating good content and distributing it over social media can be a very effective way to grow your business. That's why businesses like PWC, Amazon and McKinsey invest huge amounts of resources into producing great content that people want to consume.

Ask ALEXA to Contact HMRC for Help

HMRC has launched new and innovative technology to help more than 3 million customers renew their tax credits. HMRC has developed a customer-focused service through Amazon Alexa specifically for those seeking help with their tax credits renewals.

Welsh Income Tax Starts 6 April 2019

From 6 April 2019, the Welsh Government (like the Scottish Government) will be able to set and vary the rate of Income Tax paid by Taxpayers who live in Wales.

CGT on Property Sales due within 30 Days from 2020

Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of CGT from 6 April 2020. 

Currently, non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days. The new legislation extends this reporting obligation to UK resident taxpayers and at the same time will introduce a new payment on account regime.

Rules for "Rent a Room" Relief to be Tightened up from 6 April 2019

HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is let. Hence renting out a house during Wimbledon fortnight while the owners are absent would not qualify from 6 April 2019!

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