March 27th – Update
Scam emails, calls and texts from HMRC
Please be aware that the government are advising of an increase in scam emails, calls and texts. If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed … Read article
Further to our original post regarding COVID-19, we are now writing with some additional information and a summary of further measure’s announced on Friday. It is important to note that it can take several days for the government to provide the necessary detail of each … Read article
JOHNSTON WOOD ROACH HAVE IN PLACE PROCEDURES TO ENSURE THAT OUR SERVICE TO YOU IS NOT INTERRUPTED THROUGHOUT THE COVID-19 OUTBREAK
We want to take this opportunity to assure you that we have implemented systems and procedures to ensure that we continue to meet your … Read article
In 2016, the government introduced the Stamp Duty Land Tax (SDLT) surcharge which led to a 3% increase in SDLT for purchases of additional residential properties by individuals and all properties purchased by a company.
However, following the decision in a tax case in … Read article
Legal & beneficial ownership
From a tax perspective, there is a distinction between legal and beneficial ownership. The legal ownership of a property is whoever the Land Registry owner is, and if the property is mortgaged, who the mortgagee is. However, it is the … Read article
The government are moving away from the current test NEDC (New European Driving Cycle) of CO2 emissions on cars and are implementing a new test called ‘WLTP’ (World Light-Duty Test Procedure) which has been designed to gather data more accurately, based on the likely emissions … Read article
IR35 – Changes to off-payroll working from April 2020
In October 2018, the Chancellor delivered his Autumn Budget and confirmed that the proposed reform to the taxation of personal service companies (PSCs) in the private sector is to be implemented from 6 April … Read article
Many homeowners with large gardens consider selling part of their garden to property developers or building a house themselves, it can be a great way of extracting tax-free cash from your home.
Principle Private Residence Relief (PPR) usually exempts most owner occupiers from a charge … Read article
R & D tax relief allows SME companies to either:
… Read article
- Deduct an extra 130% of their qualifying R & D costs from their profit, which is in addition to the normal 100% deduction
- Claim a tax credit if the company is loss
Many high earners (who earn over £50k), who have more than one source of income which are subject to NI have been overpaying.
… Read article
In the current tax year the NI rates and thresholds are as follows:
• Class 1 (paid by employees) – 12% on