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CPD

What expenses can I claim against my taxable income?

We’ve been eagerly awaiting a Budget for several months, but we hadn’t anticipated a change in Chancellor. You can’t predict anything in politics these days! However, I am anticipating many changes in the Budget, especially as the Government has a good majority and this is the first in the likely five-year life of this Government.…

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CPD

More on the 2020 Budget

Well, after a false start, we now know that Sajid Javid is going to deliver his first Budget on 11 March 2020. It will be the first, in more than four decades, as a country outside the EU. Based on the Conservative manifesto, there are key areas that the Chancellor is expected to target: Infrastructure…

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CPD

All you need to know about the Budget, except the detail!

The country has spoken and we have chosen Brexit and five years of Conservative government under Boris Johnson. We accountants are now starting to look forward to the next Budget although, at the time of writing, the date hasn’t been published. Oh, and we all need to file our 2019 tax returns before 31 January…

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Our political leaders promise spend, spend, spend!

When writing last month’s article, the political world was in a state of flux. I was looking forward to Sajid Javid’s Budget, an orderly Brexit and everything being rosy. At the time of writing, the Labour party has just published its manifesto and the Conservative manifesto is due to be published over the weekend. We’ve…

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CPD

To Leave or not to Leave? That is the question

By the time you read this you may well have the answer to this question! The EU agreed a deal, but at the time of writing, it seems Parliament is on a knife edge regarding voting for or against. Sajid Javid had intended to deliver his first Budget on 6 November 2019, but, with a…

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CPD

Tax advice for landlords

The tax rules affecting UK residential property have undergone substantial changes in the last few years. This is continuing, and some of the changes are highlighted below. Buyers beware! As a buyer of commercial and residential property, you should be aware that the time limit to file a Stamp Duty Land Tax (SDLT) return and…

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CPD

A new deal for tourism

Despite Brexit and the process of electing a new Prime Minister, the Government does seem to be getting some useful business done, although perhaps a bit under the radar. An example is the UK’s first ever tourism sector deal, announced by the recently ex-PM Theresa May. The new deal will revolutionise the way data is…

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Inheritance tax and pension changes for women

This month, thought I’d cover a couple of subjects, just to keep you on your toes! Inheritance tax (IHT) This is a subject that many people mistakenly think won’t affect them. After all, they might feel they don’t have much cash and that they are well below the limits where IHT kicks in. However, the…

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CPD

Survey highlights good weather was a major concern

The results of MHA Larking Gowen’s fourteenth Tourism, Leisure and Hospitality Business Survey have just been published. High on the list of challenges was the weather in 2018! The weather played a big part in the trading results for a lot of tourism businesses in the eastern region. For businesses in the tourism sector, 2018,…

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CPD

Electronic invoicing

Hopefully most of you will know that Making Tax Digital (MTD) came into effect from 1 April 2019, meaning that all VAT registered businesses trading over the VAT registration threshold of £85,000 will now need to submit their VAT returns using a compliant software. Those affected should now have suitable software in place. If not,…

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CPD

Being proactive in uncertain times

This is likely to be a landmark year for the economy and British business. At the time of writing, we still seem no nearer to achieving a negotiated Brexit deal that satisfies all parties. Like most, I’m not going to stick my neck out regarding what might happen and trust that it will all be…

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Tax tips from Larking-Gowen

When it comes to personal tax, there are always issues that get us accountants excited (well relatively!). Three current hot topics are: Claiming for tax deduction of clothing For many years clothing of any sort has not been tax deductible, unless it was for specific safety reasons. This stemmed from a famous case, which a…