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Articles in category: Tax

Certificates of Tax Deposit Schemes Closed

The government have put an end to the Certificate of Tax Deposit scheme (CTD), announcing they are no longer available to buy from midnight on 23 November 2017. Although this decision has been made to ensure “the tax system is simpler and fairer”, current certificates will be honoured for an additional six years after the […]

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HMRC phishing emails, texts and tax scams

We are aware that some taxpayers have recently received emails, claiming to be from HM Revenue and Customs (HMRC), asking for personal details or information relating to a tax return. In many cases, they are suggesting that the taxpayer is due a refund and should click on a link to claim the repayment. To clarify, […]

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Are Wages for Family Members Fully Deductible?

A high-profile case (McAdam v Revenue and Customs 2017) hit the headlines recently, with HMRC winning a First Tier tax tribunal in relation to the wages paid to the wife of a self-employed plumbing and heating engineer. In this particular case, Mr McAdam was paying his wife £90 per week for duties including answering the […]

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HMRC Payment Changes

HMRC have announced two significant changes to the way in which taxpayers and their agents are able to make Tax/NIC payments to HMRC. From 15th December 2017, it will no longer be possible to make payments to HMRC at the Post Office. The change derives from falling demand for the service and coincides with the […]

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Abolition of Class 2 NIC delayed until 2019

The Government has announced that the implementation of the new National Insurance rules will be delayed until April 2019. This allows for further consultation over concerns of the effect this will have on individuals with low profits. Under the current rules, if you are self-employed and earn more than £6,025 per annum you pay class 2 […]

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New £1,000 tax allowance for property and trading income

In 2016 the former Chancellor of the Exchequer, George Osborne announced the introduction of a new annual tax allowance of £1,000 for individuals with property or trading income. If you have both types of income, you’ll get a £1,000 allowance for each. The new allowances take effect from 6th April 2017 (2017/2018) but following the disruption […]

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HMRC Delays Making Tax Digital

HMRC have announced that the Making Tax Digital scheme, which was due to go live April 2018, has been postponed to a different timescale with new rules. This is due to feedback and concerns, the scope and timetable have now been altered after disputes about the broad scope approach and short timescales from a variety […]

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Making Tax Digital – A New Revolution!

In March 2015, the government announced its vision for modernising the tax system by Making Tax Digital. This will affect every taxpayer individually, depending on personal circumstances. HMRC aims to join up its internal systems and create one online account for each taxpayer, the digital account will allow taxpayers to view all their payments and offset […]

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Want to know more about R&D?

Ad Valorem and Opus are holding a free seminar to illustrate everything you need to know about R&D (Research & Development) tax credits. Information about R&D: If your business conducts investigative activities to improve existing products and procedures or to lead to the development of new products and procedures, this is considered as R&D and […]

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