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October 2016

Making the most of your tax free allowances

On 6 April 2016 the Government introduced a number of changes that have consequences for your personal finances. Firstly, the tax-free personal allowance, the amount you are allowed to earn before income tax becomes payable increased to £11,000.  

Tax and your home

If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to consider:

Tax diary October/November 2016

​1 October 2016 - Due date for Corporation Tax due for the year ended 31 December 2015.

Claiming back pre-trading costs

Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.

Paying 20% instead of 28% on the sale of a property

The latest Finance Act has retained the 28% CGT rate for sales of residential property, whereas the general rate was reduced to 20% for higher rate taxpayers. It has been suggested that it is possible to reduce the rate from 28% to 20% by deferring the gain temporarily into qualifying EIS company shares.

Changes to farmers averaging

From 2016/17 onwards farmers now have the option to smooth out their profits over two or five tax years as the result of a change in Finance Act 2016. Farmers’ and market gardeners’ profits often fluctuate wildly from one year to the next and the tax rules for many years have allowed them to average their profits in order to smooth out those fluctuations. 

Reporting to HMRC every quarter to go ahead in 2018​

The Government and HMRC remain committed to the "Making Tax Digital" project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions.

Quiz Night Raises Funds for Local Charity

Moore Guildford office organised a quiz night at The Albany, which took place on Monday, 17 October 2016, to raise funds for local charity, the Samson Centre for MS.

The deadline for paper tax returns is looming.... avoid these common mistakes

The countdown has begun for this years’ paper tax return, a crucial time for around 400,000 taxpayers who are self employed or those that receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax at more than the basic rate. It is also necessary to submit a tax return if you have realised capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.

The deadline to register for Self Assessment Tax Returns is looming....

With the clampdown being tighter than ever and the deadline for registration on the 5th October is at Moore (South) LLP we have compiled an article packed with information, for those that are registering for their first Self Assessment Tax return, or for those that are just not too familiar with the process.