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Marriage Allowance Question

March 17, 2020

Q. I work part time and don’t earn enough to pay tax, but my husband earns £35,000 a year from his full time job. I have been told that I can transfer some of my personal allowances to my husband so he can save some income tax. Is this true? A.Claiming the marriage allowance can save…Read More

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Inheritance Tax Question

March 4, 2020

Q. I am thinking of transferring ownership of a rental property to my daughter to help reduce the value of my estate for inheritance tax (IHT) planning purpose. There will be no cash consideration given. What value is used for the gift and what are the CGT implications? A. For CGT purposes, you are deemed to transfer…Read More

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Congratulations STS!

March 2, 2020

We dropped in to see Seb & Tina of STS Wheel Alignment Centre & Mechanical Repairs Ltd with champagne and flowers to congratulate them in 30 years in business.

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Save Tax before 5th April 2020

February 17, 2020

Now is a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2020…Read More

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Don’t be late in paying your personal tax bill

February 7, 2020

Individual’s 2018/19 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2020. Note that if the balance is still unpaid at the end of February 2020 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been agreed…Read More

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Finance Bill should now proceed

February 3, 2020

Now that the General Election is out of the way, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more likely to go ahead. The key tax measures “in limbo” until legislated in Finance Act 2020 are: – Extending the “off-payroll” working rules to the private sector…Read More

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Tax Scam Warning!

January 24, 2020

The deadline for the Self Assessment Tax Return, 31 January, is fast approaching, which also means that the number of HMRC related scams tends to surge at this time of year. HMRC states it received 900,000 reports of attempted fraud in the 2018/2019 tax year, a staggering figure given that most people don’t bother to…Read More

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When can you recover VAT on entertaining costs?

December 23, 2019

The recovery of VAT on most business entertainment is blocked but there are some instances when you can get it back. When is this the case, and how can you trigger the rules in your favour to enable recovery? Business entertainment The recovery of VAT on business entertainment is normally blocked by the legislation, but…Read More

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Does the name on the invoice matter?

December 20, 2019

Q. I am the finance director of a large company and have just learned that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax problem? A. The two challenges with input…Read More

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Tax problems during major life events

December 16, 2019

OTS. The Office of Tax Simplification (OTS) has completed a report on tax problems that can arise as a result of major turning points in life. The report (see link below) looks at the tax implications of events like starting work, changing jobs or multiple jobs; saving for and drawing pensions; tax education; helping others with tax. HICBC. The high income child benefit charge (HICBC) applies if either partner in a…Read More

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Christmas Tombola

December 13, 2019

Cowley Holmes Christmas Tombola has taken off to a good start with Joe of Happyfones Ltd in St Cuthberts Arcade winning a Santa Hamper Sack! Following on from this, further clients throughout the week have enjoyed receiving all sorts of festive gifts to get us all into the Christmas spirit.

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Child Benefit pension benefits

In recent years, Child Benefit has been complicated by the High Income Child Benefit Charge (HICBC) introduced at the start of 2013. This tax charge applies if you or your partner receive Child Benefit, and either of you has income over £50,000. The HICBC recovers an increasing proportion of Child Benefit if the income is…Read More

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Time for an Electric Company Car?

December 9, 2019

The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21. The legislation for the change will be included in Finance Bill 2020 and it is…Read More

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