KSK Accountants Milton Keynes – Chartered Accountants RSS Feed Blog Category: Taxation

Dividend tax changes – Should you take more income before 6 April 2016?

warning here: we have no draft legislation yet  –  just some explanatory notes issued by the Treasury and HMRC.  However, based on those notes… At the moment, in arriving at the amount of your taxable dividend income, you have to gross up the cash you receive as if it were the 90% which w… More

Success and name change for HMRC’s Affluent Unit

Figures published recently show that HM Revenue & Customs’ (HMRC) Affluent Unit collected £137.2m in additional tax in 2013-14, up from £85.7m in 2012-13, an increase of 62%. The Unit is dedicated to investigating the affairs of affluent taxpayers, being UK residents with an annual income in… More

10 things the taxman thinks you should know about tax avoidance

For those who may be new to the terminology, it has long been recognised that “tax evasion” is illegal, and can result in penalties, fines and imprisonment.  By contrast, “tax avoidance” is legal.  However the term has usually been adopted to cover those types of schemes which involve savi… More

Smart phone benefits

What is it that has only been around for about ten years, but which most people (it seems) would now be lost without?  Answer – A smartphone. So the provision of a fully paid-for reasonable quality smartphone, free of tax and National Insurance (NI), would be a benefit most employees would really… More

The best time ever to buy equipment for your business?

From a tax point of view, there has never been a better time to invest in capital equipment for use in a business. The Annual Investment Allowance (AIA) is a 100% allowance for tools and equipment used in your business, capped at an annual amount (see below).  Broadly, all qualifying expenditure wi… More

Research & Development – Extreme tax relief!

Top question at the Tax Nerds’ Quiz:  On what type of expenditure can you claim tax relief at 225%?  Answer:  Qualifying research and development (or R&D as it’s generally known). The eagle-eyed will have spotted a key word: qualifying.  Not all research and development expenditure attra… More

Soaring house prices and the Inheritance Tax trap

House prices are likely to outstrip pay rises for at least the next five years and possibly for decades to come.   That’s not the silly season sensationalism of a tabloid journalist.  Rather it is the published opinion of the government’s official forecaster, the Office for Budget Respon… More

Patent Box – Is it business as usual?

By way of backdrop, the “Patent Box” tax relief system was introduced from April 2013 as part of a package of measures to encourage entrepreneurial development in the UK.  Ultimately, the effect will be to charge qualifying profits at a reduced rate of Corporation Tax of 10% (as compared with t… More

Tax avoidance – The continuing culture shift

There was a time when we could explain to our clients, pretty simply, the difference between tax evasion (illegal) and tax avoidance (not what the taxman wants, but perfectly legal – and, if properly executed, perfectly safe). In recent years we have seen a change in cultural attitudes towards tax… More

HM Revenue & Customs launch “Second Incomes Campaign”

The News and Updates section in HM Revenue & Customs’ (HMRC) website has just introduced their “Second Incomes Campaign”.  This is to give people a chance to bring their tax affairs up to date, if they are employed and have additional income that’s not taxed.  The detail tells us it’… More

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