Monthly Archives: July 2016

When you work out your taxable rental profit you can deduct allowable expenses from your rental income. The expenses must be wholly and exclusively for the purposes of renting out the property. This means that if an expense wasn’t incurred for the purpose of your property rental you can’t offset the cost against the rental […]

The 31st July is rapidly approaching. If you are registered for self-assessment, make sure you pay the second instalment for 2015-16, that falls due on this date, unless no payment is due. If you are self-employed, and if you are confident that your profits have fallen in the accounts year to 31 March 2016, compared […]

If you are self-employed, either as a sole trader or in partnership, and you use a business vehicle for private purposes, HMRC will seek to disallow any motoring costs, petrol etc., and capital allowances based on the purchase cost of the vehicle, to cover the private use proportion. The only practical way that you can […]

In the immediate fall-out after the Brexit vote it was rumoured that interest rates would fall when the Bank of England Monetary Policy Committee (MPC) met on the 13th July. Following the meeting, Mark Carney announced that interest rates would be held at 0.5%. However, the minutes of the July 13th MPC meeting make it […]

George Osborne has floated the idea that the UK could reduce corporation tax to 15% or lower in an attempt to make the UK the place to do business. By making this surprise announcement at the beginning of the month, he will no doubt have in mind the many larger institutions that are reconsidering a […]

The hiatus continues. Both major political parties are locked into leadership issues and until these are resolved it is difficult to see in which direction the UK will take. Apparently, the present government, with its new leadership team, will continue until the next scheduled general election, 7 May 2020. George Osborne’s last budget, March 2016, […]

While we wait for the politicians to sort themselves out it may be prudent to reflect on the likely changes to the business market place post Brexit. For example: If the sterling exchange rate settles at a lower level the cost of imported goods will rise and our exporters may benefit as their goods and […]

 1 July 2016 – Due date for Corporation Tax due for the year ended 30 September 2015.  6 July 2016 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs, and give copies of the information to your employees.  19 July 2016 – Pay Class 1A NICs […]

The “phishing” emails sent by nefarious individuals, purporting to be from HMRC, have now been joined by bogus phone calls. We have received information that taxpayers are being called, apparently by HMRC, and advised that they have significant tax bills to pay and the caller encourages the offended taxpayer to settle the bill during the […]

ISA investors may be interested to read the following guidance issued by HMRC regarding the transfer of ISAs from one provider to another. What you can transfer You can transfer a cash ISA to another cash ISA with a different provider. You can do the same with stocks and shares ISAs. You can also transfer […]