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Lifetime ISAs

A reminder that from 6 April 2017 Lifetime ISAs are available as an alternative tax-free investment. The lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. Details published 17 February 2017 are: You can open a lifetime ISA if you are aged 18 or over but under 40.…
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Duty free limits

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…
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All is fair, unless you expect HMRC to minimise your tax bill

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…
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Wholly and exclusively

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…
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A step closer to Making Tax Digital

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…
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Top Tax Tips for medical professionals

5 top tax tips for 2017 Not paying a penny more in tax than you should and making your money work harder should be on your list of New Year’s resolutions. Faye Armstrong** has five tips to get you started 1. Look at Lifetime ISAs Lifetime ISAs are a very tax efficient way of saving…
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Tax Diary February/March 2017

1 February 2017 - Due date for corporation tax payable for the year ended 30 April 2016. 19 February 2017 - PAYE and NIC deductions due for month ended 5 February 2017. (If you pay your tax electronically the due date is 22 February 2017) 19 February 2017 - Filing deadline for the CIS300 monthly…
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Beware internet phishers

The end of January, self-assessment filing deadline, and the approaching tax year end seem to stimulate fraudulent activity focussing on tax issues. In particular, increasingly convincing attempts are made to get tax payers to part with their personal bank details or other personal information for nefarious purposes. HMRC will never ask for your personal details,…
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Considering investing in plant or equipment

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations: Cash flow, can the business afford the cost or fund loan or other financing arrangements? Will the new equipment make a positive impact to…
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