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May 23, 2017
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
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
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
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
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
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
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
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
January 19, 2017
Following on from our Christmas Draw, we’d like to tell you a little bit about one of our winners. Tina Santoro of STS Wheel Alignment Centre & Mechanical Repairs Ltd STS first established in 1990 by husband and wife team Seb and Tina Santoro. STS are able to boast a company that has since gone…Read More
Following on from our Christmas Draw, we’d like to tell you a little bit about one of our winners. Dave Baker of The Garden Graphics The Garden Graphics is one of Bedford’s most reliable design, print and web publishing companies offering high quality service, friendly and efficient staff that will assist you with your printing…Read More
January 13, 2017
Austria! Jan 2017 Thank you to Mike Bird for this fantastic photo! If you are a client of Cowley Holmes, and you don’t already have one of our Accounts For Life Bags, please just let us know and we’ll send you one in the post. You can use these to bring your records into us,…Read More
December 23, 2016
The “Trivial Benefits” rules have been introduced for the tax year 2016-17 and onwards. In general terms, no income tax charge arises on a benefit provided to an employee (or member of an employee’s family or household) if four conditions are met: The benefit is not cash or a cash voucher The cost of providing…Read More
December 21, 2016
What is meant by the saying “Don’t let the tax tail wag the commercial dog”? Some clients are so concerned with minimising their tax liabilities, and their advisers so eager to please, that sometimes there is a danger of losing sight of the overall commerciality of the proposed transactions. Examples which this writer has come…Read More
December 16, 2016
Following on from last year, we gave our clients the opportunity again to take part in a Christmas draw. We’re delighted to announce the winners as follows: Dave Baker of The Garden Graphics Christopher Linton-Willoughby Tina & Seb Santoro of STS Wheel Alignment Centre & Mechanical Repairs Ltd Our runners-up: Daniel O’Loughlin of White Hart Press…Read More
December 15, 2016
Newsletter issue – December 2016. Q. My wife doesn’t work. Can she transfer her unused personal tax allowance to me? A. Since April 2015, it has been possible for a spouse or civil partner who is not liable to income tax or not liable above the basic rate for a tax year, to transfer part…Read More
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