Freelancer Accounting

EBT schemes deadline extended to 31March2017

admin — Mon, 25 Jul 2016 08:18:48 +0000

Disguised remuneration schemes were popular ways of renumerating key members of staff by a company paying money into a trust which would then make loans to the staff members which are taxed as loans, which attract a benefit in kind tax charge which offers significant tax savings. HMRC expects to win back £2.5bn from EBT’S […]

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A Solution for Buy to Let Landlords following the Summer Budget

admin — Wed, 29 Jul 2015 14:19:21 +0000

Unfortunately, Contractors with a buy to let property had a nasty surprise in the Summer Budget as Osborne undertook to ‘level the playing field’ in the housing market. Under current rules income tax is only payable on the profit made by a landlord after offsetting the interest payments they’ve made towards their mortgage – effectively […]

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Pension Tax relief

admin — Thu, 11 Jun 2015 16:09:29 +0000

If you are earning over £150,000 and make pension contributions you maybe in for a shock. There are proposals by the current Government to restrict pension relief by tapering income tax relief by taking away £1 of pension relief for every £2 earned above £150,000 up to £210,000, so for someone earning over £210,000 per […]

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How do parents save for private school fees?

admin — Wed, 27 May 2015 14:19:35 +0000

One way is to use Investment Bonds, which are popular with wealthy investors who use them as tax efficient wrappers for holding assets. The bonds are life insurance policies and are typically used to generate a long term capital growth, with the flexibility for the bond holder to withdraw up to 5% of the capital […]

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Are HMRC are getting touch in their approach to tax avoidance?

admin — Thu, 30 Apr 2015 15:12:42 +0000

HMRC have been talking tough with regard to tax avoidance for a number of years but do the numbers backup the hard talk? Thomson Reuters data seems to back this up with an increase in the number of people being pursued through the courts for tax evasion being up almost a third in 2013/14 to […]

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IR35 enquiries

admin — Tue, 28 Apr 2015 13:57:38 +0000

Interesting figures have just been released from HM Revenue and Customs which show how many IR35 enquiries were raised for 2013/14 tax year and the corresponding amount of revenue they raised. In total for 2013/14 tax year, there were 192 IR35 enquiries which yielded £430,000 compare this to the high point in IR35 enquires in […]

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The end of the tax return?

admin — Wed, 18 Mar 2015 09:39:11 +0000

Tax return completion and submission for people with simple tax affairs, most people would agree is overtly complex, and not something most people would look forward to doing. Over the next parliament, there should be some big improvements in tax return information submission, with HMRC’s Digital Strategy now taking shape and the pieces beginning to […]

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Tax saving schemes

admin — Mon, 09 Mar 2015 12:36:56 +0000

The personal tax year for 2014/15 is due to end shortly on the 5th April 15. If you have maxed out on your pension contributions and used your full ISA allowance, what options are available to a higher earner who wants to get some tax relief via an approved Government scheme? There are two government […]

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Accelerated payment notices go to Judicial review

admin — Wed, 25 Feb 2015 10:23:45 +0000

There has been an interesting recent development around HMRC Accelerated Payment Notices. Accelerated payment notices, which were introduced by last years finance bill, and are controversial because they require the taxpayer to make immediate payment of taxes requested and deny the tax payer a right to appeal the notice. HMRC have recently been using these […]

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HRMC withdraws controversial proposal

admin — Mon, 22 Dec 2014 16:22:05 +0000

Previously we wrote about a controversial proposal by HRMC to make it an automatic criminal offence to hold any undeclared taxable income offshore. It seems as though HMRC are backing away from this proposal, which many commentators have welcomed, as it has been omitted from the draft Finance bill which was published earlier this month. […]

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