Our Financial News Blog
Welcome to our financial news blog, here we regularly post news and updates from Stuart Hoare and the financial sector in general. Please subscribe to our newsletter to receive a regular quarterly update.
Latest News...
MONEY BACK FOR WORKING FROM HOME
If an employer has asked an employee to work from their own home, it can pay a tax-free allowance of £6 per week to compensate for any additional costs incurred. These costs may include additional electricity, gas or water consumed while at home in working hours. If...
Where Entrepeneurs’ Relief falls short
When you sell your business you can expect to pay capital gains tax (CGT) on any gains you make. Currently CGT is payable at 10% (if within your basic rate band for in- come tax) or 20% on such gains. But the 10% rate can also apply to gains of up to £10m if...
Tax Relief for installation costs
When you buy a large item of plant or machinery you may need to make alterations to your land or buildings in order to install the item. For example the equipment may require a new concrete base or a specially protected electrical circuit. The cost of installing...
Trade Slowing Down
If your business is not making sales but you are still incurring costs, HMRC may refuse to repay the input VAT on purchases and ask you to cancel your VAT registration voluntarily as there are no business activities. This is a drastic solution as you will lose your...
VAT Groups
Groups of companies can apply to HMRC to operate as a VAT group so that transactions between those companies are ignored for VAT purposes. The group will submit one VAT re- turn covering the sales and purchases of all members, which is a big administrative saving. The...
Avoid Tax Traps on setting up
Successful entrepreneurs often move from one business project to another. If you are about to start up a new business having closed down an old one, be careful not to fall into the phoenix trap. This is when one company is liquidated, so the cash accumulated in the...
New Capital Gains Tax Regulations for 2020
New Capital Gains Tax regulations for 2020 for landlords and property investors, new payment deadlines, rules and reporting. Because capital gains tax on property is currently paid through your self-assessment tax return, it normally doesn’t need to be paid until the...
Income Tax Calculator
Estimate your Income Tax for the current year Use this service provided by HMRC to estimate how much Income Tax and National Insurance you should pay for the current tax year (6 April 2018 to 5 April 2019). This tells you your take-home pay if you don’t have any other...
VAT on rewards for crowdfunding
As an entrepreneur you may look to a crowdfunding site to raise money for a new product. Prospective investors are asked to commit to a set level of funding; in return they earn a package of rewards which expands with the level of funding. The VAT implications,...
Annual tax on enveloped dwellings
This tax, known as ATED, applies to residential properties owned by companies. It only came into effect on 1 April 2013 and was extended to properties worth over £500,000 from 1 April 2016. Landlords who have transferred their residential property portfolios into...
Check your PAYE code for interest
If you are about to buy a property in Wales, you need to consider the new land transaction tax (LTT) that comes into effect for all property deals which complete on or after 1 April 2018. The LTT replaces stamp duty land tax (SDLT) and in general its rates are lower...
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Stuart Hoare Chartered Accountants
87 London Road, Cowplain,
Waterlooville, Hampshire, PO8 8XB