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Data protection essentials for 2018


December 14th, 2017

From 25 May 2018, any business that stores the personal data of staff, customers, suppliers and other business contacts will need to comply with the General Data Protection Regulation (GDPR). Basically, you will need to know what personal data you keep, where you keep it, who you share it with and how you will use […]


Sent to Coventry


December 13th, 2017

The origins of the phrase, to be sent to Coventry, seem to have originated in the seventeenth century when Cromwell was purported to have sent Royalist soldiers to be imprisoned in Coventry around 1648. At the time, Coventry was a parliamentary supporter and it is likely that the hapless Cavaliers would have had a miserable […]


Do you need to submit a self-assessment tax return


December 8th, 2017

According to HMRC, you are required to send in a tax return in the last tax year if: you were self-employed – you can deduct allowable expenses you got £2,500 or more in untaxed income, for example from tips or renting out a property your income from savings or investments was £10,000 or more before […]


Private pension tax relief


December 5th, 2017

There was much speculation prior to the budget last month, that the tax relief for higher rate tax payers was going to be scrapped, or reduced. Many pundits were expecting a flat-rate tax deduction of 33% rather than tax relief for higher rate taxpayers of 40%. Fortunately, for those who may have been affected by […]


Company capital gains relief is frozen


December 4th, 2017

Before the Autumn Budget, the capital gains tax (CGT) calculations of companies included a relief called the indexation allowance. Basically, this allowed a company to increase the acquisition cost of an asset by the annual rate of inflation. Without this relief, any CGT payable on the sale of the asset would increase. Instead of deducting […]


First time buyer bonanza


November 28th, 2017

HMRC have laid out the detail of their budget plans to support first-time home buyers in their quest to buy their first home. There are fears that this strategy will simply drive up prices as demand is stimulated, and that this will replace stamp duty savings with house prices that once again move beyond the […]


The Autumn Budget 2017


November 23rd, 2017

Autumn Budget 2017 Prospects for growth, especially for productivity have been downgraded, but the Chancellor was bullish in his forecasts for investment and the Government’s intention to sort out the slow pace of house building in the UK. A few non-tax comments of note were:   • Unemployment at its lowest rate since 1975. • […]


End of year tax planning


November 22nd, 2017

We are moving closer to the end of the current tax year – 2017-18 – and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2018. To capitalise on these opportunities, we need to […]


Are your bank deposits protected


November 21st, 2017

The Financial Services Compensation Scheme (FSCS) is the place to go if your bank or other regulated organisation is unable to pay claims against it. For most of us this will mean that our deposits with banks authorised to hold deposits by the Financial Conduct Authority (FCA and the Prudential Regulation Authority (PRA) will be […]


January 2018 and taxes to pay


November 16th, 2017

January is the month when individuals and businesses are required to pay tax. If your business is a limited company, and your tax year ends 31 March 2017, any corporation tax due for that year is payable 1 January 2018. Unlike your self-employed counterparts – see below – no payments on account are required for […]


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