Blog

Winner of Beds SME Best Customer Service 2017

July 13, 2017

We are delighted to announce we are a winner at the SME Bedfordshire Business Awards 2017 for the Best Customer Service Award! Thank you to everyone that voted for us.

keep your Class 2 NIC record up to date if you have low or no profits

July 6, 2017

Until 5 April 2015, every ‘self-employed earner’ was, if he was over the age of 16 and under pensionable age, liable to pay Class 2 contributions at a prescribed weekly rate. From 6 April 2015, this liability has applied only to earners with relevant profits from a trade. Before 6 April 2015, this was enough…Read More

Stamp Duty on Second Homes

June 27, 2017

Since 1 April 2016 there has been a 3% supplementary Stamp Duty Land Tax (SDLT) charge payable on the purchase of second and subsequent residential properties costing more than £40,000. This was clearly aimed at buy-to-let investors as well as those buying second homes. Note that this additional 3% charge does not apply where the…Read More

HMRC Computer isn’t always correct

June 26, 2017

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances,…Read More

Finalists in the SME Bedfordshire Business Awards

May 23, 2017

Cowley Holmes are delighted to announce they have been successful in reaching the finals of the SME Bedfordshire Business Awards 2017 for Best Customer Service. The team will be attending the Gala Awards Final at The Bedford Corn Exchange on 12th July. Thank you to everyone that voted for us.  

Tax and Accounting Focus

The PM’s surprise announcement of a ‘snap’ General Election last month may suit politics, but the Chartered Institute of Taxation (CIOT) had already warned it was unlikely to suit good tax policy making.  The government has now deleted 72 out of 135 clauses, and 18 out of 29 schedules – leaving just 140 pages out…Read More

Celebrating 25 years

May 3, 2017

This year Cowley Holmes are celebrating 25 years of helping their clients.  This has only been possible with the ever present commitment of the staff at Cowley Holmes to ensure clients are well looked after and receive the best possible advice. Please would you help me in congratulating the staff by voting for us in…Read More

Tax Question Time – Losses on Property Let at Undervalue

March 31, 2017

Q. My client has bought a flat which is being let to her son. He has recently started his working life in a relatively low paid job so my client is helping out by charging him less than market rent and, as a result, expects her mortgage interest and other expenses to exceed the rents…Read More

Tax Question Time – Stamp Duty Land Tax

March 24, 2017

Q. I note that the higher rate of stamp duty land tax on the purchase of additional dwellings only applies to the acquisition of a major interest. Does this mean the higher rate does not apply if I buy only a 49% share in a property? How is the tax charged if I arrange to…Read More

A little bit about Christopher Linton-Willoughby

March 2, 2017

Following on from our last Draw, one of our winners Christopher Linton-Willoughby will fill you in on a little about himself… 40 years as a Sponsorship Consultant is bound to have some strange highlights: I was on the organising team for London’s first Marathon in 1980, responsible for closing London streets for a non-Royal event. Sorry…Read More

Tax Question time

March 1, 2017

Q. I note that entrepreneurs’ relief is given on the disposal of the whole or part of a business. I have a few clients who will soon be retiring or semi-retiring. With particular reference to the latter, what is meant by “part of a business”?   A. Case law relating to retirement relief draws a…Read More

Question & Answer time

February 13, 2017

Q. I have some spare cash earning virtually no interest in the bank and I have decided that I would like to buy a flat for my daughter, who is currently just 16. Am I correct in thinking that she cannot own the property until she is 18? Is there an alternative for ownership? What…Read More

Pleasantly surprising benefit of using the VAT Flat Rate Scheme

February 10, 2017

Under normal accounting rules there are two methods of dealing with VAT incurred on the purchase of goods which will be put to both business and private use. The primary method of dealing with the input tax is to apportion it at the time of purchase. The second method involves claiming all of the input…Read More

And breath!

January 26, 2017

Every year we vow that the following January won’t be as bad. This year was not the worst, but the yearly rush of tax returns still hasn’t eased even after 20 years of self-assessment – and now they are about to bring in “Making Tax Digital” from April 2017 because submitting 5 tax returns a year is…Read More

Another allegation of Tax Evasion

Jose Mourinho is the latest celeb to stand accused of financial impropriety. Mourinho has been issued with a tax bill of close to £2 million for unpaid taxes on image rights. The allegations are part of Football Leaks, a whistle-blower website that has shared documents with media outlets across Europe. El Mundo – the Spanish…Read More