Articles Tagged ‘Financial planning’

"Rent a room" relief to continue for Airbnb landlords

RWBairbnb_taxplanning

Last year HMRC carried out a review of "rent a room" relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent.

Are you aware of the latest tax exemptions? 

A quick reminder: Reporting expenses and benefits

 

Reporting benefits and expenses provided to employees

HMRC has recently updated its toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of significant recent changes in this area.

HMRC toolkits are designed to help minimise the risk of errors in returns and computations and their use, although voluntary, will be taken into consideration in determining whether or not reasonable care has been taken in the completion of a return such as a form P11d reporting expenses and benefits.

A staff summer party can be a tax-free benefit!

RWBsummerparty_taxplanning

Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied.

Are you maximising your benefits?

Buying new business equipment before 6th April? You could be entitled to Tax Relief

RWBimage_taxplanningequipment

Your business year end, not 5th April, is relevant for capital allowances purposes. However, if you are running a business and making up accounts to 31st March or 5th April, you should consider buying plant and machinery to take advantage of the Annual Investment Allowance (AIA). Read more to find out how you could be entitled to tax relief.

CGT letting relief restriction

RWB_CGT_Letting_Relief_Restriction

Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence.

Read on to see how it works. 

CGT private residence relief changes

RWB_CGT_Private_Residence_Relief_Changes

Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. 

Read on to find out more. 

Don’t miss the Self Assessment deadline – hire a bookkeeper

RWB image_Tax planning

It might seem a simple case of doing a few sums but keeping on top of your paperwork takes time and accuracy. It’s not just about processing receipts, sales invoices and expenses and entering them into an online, cloud-based software package such as Xero, it is also about knowing how. For sole traders and the self-employed, 31 January is forever circled on the calendar, for that is the deadline to file a Self-Assessment tax return. 

Are you prepared?

Extraction of profit from your family business

RWB image_Tax efficiencies for family businesses

A new tax year brings with it new challenges for directors of family companies as they consider how best to make tax efficiencies when it comes to paying themselves. Read on for things to consider when extracting profit from your family business.

Five steps to a successful business strategy

RWB_Business Strategy

Most people can write a business strategy, but how do know when the formula you’ve come up with is a winning one? Usually, this involves employing an expensive business consultant to do the work for you, which can often leave you none the wiser as you try to implement it. The good news is, it doesn’t need to be complicated and getting your business to where you want it to be shouldn’t cost you a fortune.

Your accountant can (and should) be a good source of business advice and guidance. Here’s some tips from our business advice team to help you along the way.

Getting the measure of your business performance

RWB_Xero_Business performance dashboard

You’d be surprised just how many new clients we encounter who have very little idea just how their business is performing. Of course, that doesn’t last long, because measuring the performance of your business is one of the most important things you can do. It allows you to plot future goals and make a plan for what you need to do propel your company forward. 

With the Xero Business Performance Dashboard, you'll never have to piece together raw information from your accounting system again.

Have you personally planned for your year end?

RWBcalculator_Tax planning

It’s coming to the end of the tax year, so it is a good time to look at your personal finances and make a plan to maximise benefits from your personal tax allowance, pension contributions and capital gains.

How to build better client relationships

RWB_Client_Relationships

We’ve talked before about the steps to building a successful business strategy. A core part of this strategy involves building strong relationships with clients and customers. 

Developing broader and deeper relationships can improve your long term business prospects by building loyalty and trust. It also costs considerably less to maintain an existing client relationship than to win a new client, so can reap significant longer term rewards.

Inheritance Tax Planning – Cutting through the Confusion

RWB image_Inheritance tax planning

Two and a half years ago, the then Chancellor George Osborne handed taxpayers a boost by announcing his intention to increase the Inheritance Tax starting pointon homes worth up to £1m, while keeping the basic Inheritance Tax allowance at the same level. However, the relief gradually reduces for estates over £2m so the extra relief will benefit far fewer people than initially thought.

Fast forward to 2017 and there remains little doubt that Inheritance Tax is here to stay, with Theresa May tabling the possibility of a further tax to pay for improved social care in the run up to the General Election. Although this didn’t materialise, the possibility of additional taxes to fund care for the elderly cannot be discounted. 

So, what can you do to make sure your loved ones receive a fair share of your estate? 

Contact us

Our Location
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

Contact Info:
Tel: 0115 964 8888
Fax: 0115 964 8889
Email: enquiries@rwbca.co.uk

Latest Tweets