Read full story «Changes to the VAT Flat Rate Scheme»

Changes to the VAT Flat Rate Scheme cas-admin

Posted on December 15, 2016 0 95

As we have noted in previous blog postings, Philip Hammond announced a significant change to the VAT Flat Rate Scheme (FRS) from 1 April 2017. To join this scheme, businesses need to have turnover excluding VAT of under £150,000. VAT payable to HMRC is based on a fixed percentage of turnover including VAT. The percentage rates vary for different business sectors, and obviously the lower the rate, the lower theRead More »

Read full story «Carry back gift aid donations»

Carry back gift aid donations cas-admin

Posted on December 6, 2016 0 109

For a number of years, it has been possible to make gift aid donations and carry them back to the previous tax year. This is a useful tax planning facility if earnings were higher in the previous year, and in some cases it may mitigate loss of personal allowances and tax at higher rates. There are, however, two conditions that need to be complied with: 1. Firstly, you cannot claimRead More »

Read full story «What is a power of attorney?»

What is a power of attorney? cas-admin

Posted on December 6, 2016 0 63

A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf. There are two sorts of LPA. They can cover personal issues (health and welfare) or financial issues (property and financial affairs). An LPA allows you to nominate who has control over what happens to youRead More »

Read full story «Philip Hammond’s last Autumn Statement»

Philip Hammond’s last Autumn Statement cas-admin

Posted on November 30, 2016 0 63

Philip Hammond surprised MPs when he ended his Autumn Statement by saying: This is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last. This was quickly followed by: Mr Speaker I am abolishing the Autumn Statement. No other major economy makes hundreds of tax changes twice a year, and neither should we. SoRead More »

Read full story «Tax changes announced last week»

Tax changes announced last week cas-admin

Posted on November 30, 2016 0 77

Last week, Philip Hammond presented his first Autumn Statement to parliament. In some respects, it was a bit of a damp squid as there were no stand-out revelations. However, there were a few tax changes that are worthy of note: Pension pot reinvestment The over 55s have been making good use of George Osborne’s facility to flexibly access their pension savings. Many have also reinvested their pension pots in furtherRead More »

Read full story «Autumn Statement wish lists»

Autumn Statement wish lists cas-admin

Posted on November 22, 2016 0 90

Organisations across the UK have been publicising their wish lists for Philip Hammond’s first autumn statement later this week. Amongst tax practitioners there seems to be a preference for increases in the Inheritance Tax threshold and the merger of income tax and National Insurance. Northern business leaders are keen to see investment in roads and infrastructure, and incentives to invest and grow job opportunities. There is a general consensus thatRead More »

Read full story «Buy-to-let lenders subject to new regulation»

Buy-to-let lenders subject to new regulation cas-admin

Posted on November 22, 2016 0 70

Just when it looked as if things couldn’t get any worse for prospective buy-to-let investors – in particular the gradual withdrawal of higher rate tax relief for finance charges – the Bank of England’s Financial Policy Committee (FPC) will be granted new powers by the government to help it protect the financial system from future risks in the buy-to-let mortgage market. The FPC is responsible for identifying, monitoring and takingRead More »

Read full story «What is the single market?»

What is the single market? cas-admin

Posted on November 7, 2016 0 82

With all the present political upheaval regrading Brexit there is a lot of speculation regarding the UK’s relationship with the EU single market once our exit is concluded. The following notes published by HMRC may help readers understand the present scope of the expression “the single market”. The Single Market is a term that has applied since 1 January 1993 to trading between Member States. This covers intra-EC supplies ofRead More »