Tax

Research and Development tax credits, commonly referred to as simply ‘R&D’ is a government incentive designed to drive forward innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based on the working hours your business dedicates to R&D. We often find that […]

Services used: Capital Gains Tax, Self-assessment Tax Returns, Research & Development Tax Credits and Company Formation. Tracey Renshaw is a personal tax client who first approached us when she was looking to sell one of her properties and wanted to understand the capital gains tax implications. As a client of our Dereham office, Tracey was […]

Capital Gains Tax, often referred to as simply CGT, is a tax applied to the selling of an asset you own. You pay tax on the gain, not the amount you sold it for, hence the name Capital Gains Tax. An asset doesn’t necessarily have to be sold to be subject to CGT though as […]

Making Tax Digital (MTD) is the name of the Government’s ambition to change the way in which we record financial data and report this information to HMRC. It requires taxpayers to keep digital records, instead of manual ones, and communicate with HMRC using a different reporting system to that which is currently in operation. Why […]

HM Revenue & Custom’s (HMRC) have warned of a 360% increase in phone scams within the last six months, as agents, we have also noticed a rise in the number of concerned clients getting in touch about suspicious calls. HMRC attribute this spike to a successful crackdown on email and SMS phishing, resulting in criminals […]

As we fast approach the end of the tax year, now is the time to review your personal finances. Here are the key areas we recommend you review before 5th April 2019. ISA Allowance For the 2018/19 tax year, the maximum amount you can add to your ISA is £20,000 and this allowance will remain […]

Attention all landlords & ladies: Are you considering selling one of your properties, or at least toying with the idea? If so, read on as some upcoming changes might affect your decision. As a landlord, you’ll already be feeling the pinch from the various changes the government have introduced; most notably with stamp duty, relief […]

Worried you’re paying too much National Insurance? Read on to find out. There is what’s called an ”annual maximum” of national insurance contributions applying to every individual in a tax year. The most common scenario of an individual paying too much national insurance arises when they are working two or more jobs. It even applies […]

Believe it or not, there are some perks associated with being married. One of these benefits is Marriage Allowance, an entitlement that often goes unclaimed. The Married Couples Allowance for individuals born after 6th April 1935 will allow you to transfer some of your Personal Allowance to your partner. The Personal Allowance is the figure that […]

Are you a limited company and do you want to save money on your company’s Christmas do? Well then, you’re in luck, because each year HM Revenue & Customs offer a small tax break for a company’s Christmas party. Technically there isn’t an allowance for a Christmas party per se, however, HMRC does provide limited […]