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Accelerated Capital Gains Tax on Property Sales from 2020

A change in coming in April 2020 that will affect landlords and second home owners when they come to sell up. In the past a Capital Gain on the sale of a second property could be  reported in a self assessment return. This meant that if a gain was made on the 6th of April […]

Xero Silver Partners

Sutherland Black have just become a Xero Silver Partner! This recognises our rapid growth in bringing Xero to our clients. Our listing on the Xero website has been updated with our new status: https://www.xero.com/uk/advisors/accountant/2012/sutherland-black-chartered-accountants/ The advantages of Cloud Book Keeping software are clear to see for our clients. Automatic bank feeds reduce errors and thanks […]

Open Banking

An Accounting Revolution While everyone was celebrating the New Year in January a new piece of seemingly obscure banking legislation came into place in the UK which has the power to revolutionise the way that small businesses integrate technology with their banks. Previously if a third party application like a piece of book keeping software […]

Save Tax! Year End Tips

Its nearing the end of the Tax Year! Here are our top tips on year end planning and how to Save Tax. Director’s salary levels: Many small business owners pay themselves a small salary and take the rest of their income in dividends in order to be tax efficient. These salary levels should be reviewed […]

2018/19 Salary Dividend Planning – Save Tax !

It is a long established practice that small businesses who are structured as a Limited Company might pay themselves a small salary and dividends to potentially save tax. However in the run up to this tax year there have been multiple legislative changes that have affected the most tax efficient way of doing this. So […]

Making Tax Digital Latest

HMRC’s Making Tax Digital initiative is edging ever closer. So with just over a year to go until it comes in here is a review of where we are. The latest update to the schedule from HMRC was in July 2017: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital This delayed the roll out somewhat however the first phase is still imminent. Whilst […]

Self Assessment Returns For Directors

We always recommend that Directors of Limited Companies do a self assessment return every year and ensure that our clients do so. If you go here: https://www.gov.uk/check-if-you-need-a-tax-return and tick the box that you are a Director HMRC will tell you that you need to do so. However occasionally we take on a Company Client where the […]

Budget Update

Here are the highlights from a fairly content free budget. The main budget is moving to the Autumn from this year.   TAX FREE DIVIDEND ALLOWANCE TO BE REDUCED TO £2,000 The Chancellor also announced measures to limit the rise in tax-driven incorporation. The £5,000 tax free dividend allowance introduced by George Osborne will be […]

VAT Flat Rate Scheme – Limited Cost Traders

As noted before in summary a change to the Flat Rate VAT scheme was announced in the Autumn Statement. This change comes in to effect on the 1st of April 2017. This change is intended to target businesses on the Flat Rate Scheme who would only be reclaiming a minimal amount of VAT if they were calculating […]

State Pension and Class 3 National Insurance

The new flat rate State Pension which started last year https://www.gov.uk/new-state-pension/eligibility requires 35 years of National Insurance contributions to receive the whole amount which is currently £155.65 a week. This may not sound a lot but at current annuity rates you would need a private pension pot of more than £200,000 to receive the same amount. […]

2017 is here. Tax Changes Coming.

Happy New Year to everyone. 2017 has started and is going to be a busy year. There are many tax changes arriving this that we will be helping our clients to negotiate. Some of the highlights (if you can call them that) are: Changes to the flat rate VAT scheme for businesses with low costs: The […]

Autumn Statement Update 2016

Welcome To Our Autumn Statement Update Many of the changes below were already flagged up. The change to Flat Rate VAT however was a bit of a bombshell. We will be in contact with all our clients on Flat Rate VAT to see if the change affects them. If you have any queries about anything […]

Dont Miss Out on Tax Relief on R&D

DON’T MISS OUT ON TAX RELIEF ON R&D The government is concerned that many small companies are missing out on generous R&D tax credits.  For the last year HMRC have been offering companies an advance assurance scheme to check whether or not their activities qualify before they make a claim. So far over 200 applications […]

Christmas is Coming – New Rules for Gifts to Staff

CHRISTMAS IS COMING! – NEW RULES FOR GIFTS TO STAFF From 6 April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind, tax-free. The new rules are a simplification measure so that certain benefits in kind will not need to be reported to HMRC, […]

New tax rules around liquidating or striking off a Company

  LIQUIDATING A COMPANY – IS IT A CAPITAL GAIN? One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains. The Government is concerned […]

Buy to Let Tax Changes in Full

NEW RULES FOR BUY-TO LET LANDLORDS The 2016 Finance Bill sees the introduction of important tax changes for property investors that were originally announced in the 2015 Budget. From 6 April 2016 onwards there are important tax changes affecting the replacement of furnishings for buy to let landlords. 6 April 2017 will see the start […]

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