• From 1 April 2016, the government introduced a new mandatory national living wage (NLW) for workers aged 25 and above, initially set at £7.20 – a rise of 50p relative to the current National Minimum Wage (NMW) rate.
    That’s a £910 per annum increase in earnings for a full-time worker on the current NMW.
    The adult NMW rate is currently £6.

    12th April 2016

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  • Glen Whittle must be feeling pleased with the outcome of his recent appeal against assessments issued by HMRC.

    An enquiry instigated by HMRC resulted in the issue of assessments on the basis that the income of Mr & Mrs Whittle was insufficient to meet their outgoings. HMRCs argument centred on the level of household and holiday costs.

    17th July 2014

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  • At present, it is possible to make an election, in certain circumstances, allowing owners of more than one residential property to choose which property is their main residence. In this way a measure of Private Residence Relief (PRR) can be achieved for the elected property. This process of swapping properties for tax purposes achieved notoriety during the MPs’ expenses scandal when certain MPs were found to have “flipped” between properties in London and their constituency to achieve capital gains tax advantages when they sold.

    HMRC have recently published a consultation document entitled “Implementing a capital gains tax charge on non-residents”. Surprisingly, section 3 of the document proposes that the present PRR election is to be scrapped for UK home owners and replaced by less advantageous rules. Here’s what the report says:

    10th July 2014

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  • If you are a registered VAT trader and your present turnover is below £150,000 you may be advised to take a look at the VAT Flat Rate Scheme (FRS).

    FRS users pay VAT as a fixed percentage of their total sales including VAT. You still add 20% VAT to your invoices but you cannot reclaim VAT on purchases or expenses paid.

    3rd July 2014

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  • There are a number of situations where care should be taken in the way in which claims are made for the business use of a vehicle, usually a car, which is also used for private purposes.

    We have listed below a number of issues that business owners and private car users should be aware.

    22nd May 2014

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  • In the first week of April 2014 HMRC issued guidance on its latest tax gathering campaign. The target group this time is UK taxpayers who have second incomes and are not presently declaring these income streams on their tax return.

    15th May 2014

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  • If you are self-employed, as a sole trader or in partnership, and if we assume that your business year end is 31 March, then the profits you earn in the year to 31 March 2014 will form the basis of your tax payments on account for the tax year 2014-15 (unless the year to 31 March 2014 was your final year of trading).

    Problems may arise if profits, year on year, fluctuate significantly; either up or down.

    6th March 2014

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