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Monthly Archives: July 2017

Reminders for landlords

Making Tax Digital Until a recent announcement, landlords were going to be drawn into the requirement to upload quarterly details about their property businesses to HMRC under the Making Tax Digital obligations. The date that did apply was April 2018 or April 2019 depending on the level of your rental income. We are now told…
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Excessive credit card charges to be axed

The government is unveiling new rules that will mean card-charging in Britain - where people can be charged 20% extra for purchases like a flight just for paying with a credit card - will come to an end in January 2018. ‘Surcharging’ is common practice across the country - with businesses ranging from takeaway apps…
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Finance Bill No2 2017

To accommodate the May 2017 election, the government rolled-over items in the Mach 2017 budget for consideration later this year. HMRC have now confirmed that these “in abeyance” items from the March budget will be reconsidered when parliament reconvenes after the summer recess. Those items deferred that were due to be effective from April 2017,…
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Making Tax Digital – common sense prevails

Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe. Until last week, we were facing radical changes to the tax system to accommodate this objective. Businesses (including landlords) were to be…
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Tax payments due 31 July 2017

If you are self-employed, or registered for self-assessment, we are approaching “that” time of the year: your second instalment on account for 2016-17, is due for payment at the end of the month, 31 July 2017. Any payment due will be based on your self-assessment liability for the previous tax year (2015-16) so it is…
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Life in the Cloud

There seems to be a trend supporting the movement of our computer software and data to the “cloud”. Not the fluffy white variety, but servers that are based off-site. Even our tax system is pushing us in that direction. If and when the government’s objective to Make Tax Digital is finally realised, each of us…
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A great new App free from your local, proactive accountants

Elan & Co is a leading proactive firm of accountants. We are always looking for ways we can improve the service we offer companies and individuals across London, and that’s why we took the decision to launch our very own App. It’s available to you today and is completely free of charge to download. It’s…
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What is tax free these days

Surprisingly, there is quite a lot. As long as you are resident in the UK for tax purposes you will probably qualify for the following tax reliefs and allowances for the 2017-18 tax year: The first £11,500 of your personal taxable income is free of income tax, although you will pay 12% NIC on earnings…
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Tax Diary July/August 2017

1 July 2017 - Due date for Corporation Tax due for the year ended 30 September 2016. 6 July 2017 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2017 - Pay Class 1A NICs (by the 22 July 2017 if paid electronically). 19…
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McLaren racing team lose tax appeal

It is a well-established feature of previous judgements that a fine imposed to punish an organisation should not be treated as tax deductible – the tax relief secured would effectively share out the burden of the punishment with the rest of the taxpaying community. Which is why the First Tier Tribunal (FTT) decision, allowing McLaren…
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