Blog

Admittedly numbers and finance are not the most exciting topic in the world but they are vitally important to a successful business. So, in our usual way, we have saved you time and worked with an expert to create a blog summarising the most pertinent topics applicable to your business. Feel free to share the information, comment and ask questions, we are always here to help.
Read full story «Duty free limits»

Duty free limits cas-admin

Posted on February 16, 2017 0 80

While we are members of the EU, it continues to be the case that there are no limits to the alcohol and cigarettes you can bring back to the UK. However, if customs officials believe you are bringing back goods to sell them in the UK they will take an interest. According to HMRC you will be more likely to be questioned if you bring back more than: Type ofRead More »

Read full story «All’s fair, unless you expect HMRC to minimise your tax bill»

All’s fair, unless you expect HMRC to minimise your tax bill cas-admin

Posted on February 16, 2017 0 59

Although HMRC refer to taxpayers as customers, and thereby suggest a degree of customer service, in the real world this rarely extends to offering “customers” pro-active tax advice. Historically, tax collectors are trained to maximise the assessment and collection of tax. Consequently, tax payers should be wary, they should check the tax statements that are delivered in brown envelopes and make sure that they have taken advantage of reliefs andRead More »

Read full story «Wholly and exclusively»

Wholly and exclusively cas-admin

Posted on February 6, 2017 0 77

The title of this posting describes an important concept when considering claims for expenditure to reduce our tax bills. By and large, HMRC will accept claims that have been expended wholly and exclusively for the purposes of running a business or fulfilling your employment obligations. But what does this phrase actually mean? Certainly, if you are making claims based on your employment: subscriptions to professional bodies, travel costs, the costRead More »

Read full story «A step closer to Making Tax Digital (MTD)»

A step closer to Making Tax Digital (MTD) cas-admin

Posted on February 6, 2017 0 73

We have advised readers in previous postings that HMRC seem to be intent on digitising the upload of small business accounting data from April 2018. From this date, affected self-employed traders (including landlords) will be required to upload details of their trading activities on a quarterly basis. On the 31 January, HMRC responded to the consultation with interested parties regarding the way in which the MTD process will work inRead More »

Read full story «Are you claiming the costs that you incur on behalf of your employer?»

Are you claiming the costs that you incur on behalf of your employer? cas-admin

Posted on January 30, 2017 0 94

HMRC have the following advice to offer: You may be able to claim tax relief if you have to use your own money for travel or things that you must buy for your job. You must have paid tax in the year you spent the money. How much you can claim depends on the rate you pay tax. You can only claim relief on things that are used just forRead More »

Read full story «Gifts and Inheritance Tax reliefs and exemptions»

Gifts and Inheritance Tax reliefs and exemptions cas-admin

Posted on January 23, 2017 0 94

There’s usually no Inheritance Tax to pay on small gifts you make out of your normal income, such as Christmas or birthday presents. These are known as ‘exempted gifts’. There’s also no Inheritance Tax to pay on gifts between spouses or civil partners. You can give them as much as you like during your lifetime – as long as they live in the UK permanently. Other gifts count towards theRead More »

Read full story «New Lifetime ISA available from April 2017»

New Lifetime ISA available from April 2017 cas-admin

Posted on January 23, 2017 0 81

The Lifetime ISA will be available for young adults from April 2017 as the Savings (Government Contributions) Bill receives Royal Assent. The Help to Save scheme to help people on low incomes will be available from 2018. The Lifetime ISA, available from 6 April 2017, can be accessed to put towards a first home or once the account holder turns 60. Under this savings scheme, adults under 40 years ofRead More »

Read full story «Reminders of significant tax changes from April 2017»

Reminders of significant tax changes from April 2017 cas-admin

Posted on January 17, 2017 0 61

The first thing you can count on, is that taxation is here to stay. The second thing you can count on is that the tax rules will continue to change to meet the changing needs of our government to recover funds from the economy and restart the cycle of public expenditure that maintain services and oil the wheels of government. Apart from increases in the basic personal tax allowance –Read More »