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Welcome...
To March's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We're here to help!
March 2018
· IHT: know your limit
· HMRC win IR35 appeal
· Tax deductions for family members' wages?
· ISA limits update
· March questions and answers
· March key tax dates
IHT: know your limit top
Insurance company Canada Life's annual survey for 2017 has revealed growing confusion over the operation of inheritance tax. According to the survey, more than two thirds of respondents did not know the current level of the inheritance tax nil rate band - among adults over the age of 45 with assets in excess of £325,000, some 70% did not know that the threshold for the standard nil rate band is currently £325,000. This is a significant increase on the 61% shown in the 2016 survey. In addition, 55% of respondents did not know the rate at which assets above their available nil rate band are taxed - this represents an increase of 3% on 2016 figures.
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HMRC win IR35 appeal top
Tax deductions for family members' wages? top
HMRC have won a significant appeal concerning the application of employment intermediaries legislation to BBC television presenters. In Christa Ackroyd Media Ltd and the Commissioners for Her Majesty's Revenue and Customs, [2018] UKFTT 0069 TC06334, the First Tier Tribunal (FTT) ruled that the legislation (known as the 'IR35 rules') applied to the arrangements under which the BBC contracted one of the presenters of the regional news programme Look North.
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Many adults are likely to embrace the offer of help with technology from the younger generation! So where a child is employed in a family business to work on, say, website creation, management and social media, how can the owner make sure that their wages will be tax deductible? The recent case of Nicholson v HMRC (TC06293), in which the first tier tax tribunal examined a deduction made in sole trader's accounts for his university student son, gives us some pointers.
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ISA limits update top
The maximum annual investment limit for Individual Savings Accounts (ISAs) will remain at £20,000 for 2018/19 (of which, for eligible investors, £4,000 may be saved in a Lifetime ISA). Although the investment limit is not rising in the new tax year, a couple will still be able to add up to £40,000 to their ISA accounts during the year - a substantial investment limit - and the interest received will be tax-free.
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March questions and answers top
March key tax dates top
Q. I am a sole trader and have been trading for several years. My turnover has now exceeded the VAT registration threshold and I have registered with HMRC accordingly. I am currently waiting for VAT number and certificate. Will I be able to claim back VAT on purchases made by the business before the registration date? Answer

Q. I own a buy-to-let leasehold property, which currently has 49 years remaining on the lease. Can I claim a tax deduction for the legal and professional costs of extending the lease? Answer

Q. I am self-employed and have been claiming capital allowances on certain business items. If I close down the business and move into employment, but continue to use the same assets for my work, can the transfer from one to the other be at the written down value, or will there be a balancing allowance at the date my business ends? Answer
13 - Spring Statement 2018

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2018

 
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

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About Us top
Stead Robinson Accountants are based in HOLMFIRTH, Working together to deliver you an exceptional service so you can get what you want from your business and achieve your goals.

All our clients are entitled to a tailored service that suits you and your business, fixed fees, work delivered on time, and unlimited phone support... and that's not all. Our team go that extra mile and pride ourselves on being more than your box standard accountants yet accounts who are passionate and dedicated to you and your business.

Call us on 01484 665023 or Visit http://www.steadrobinson.co.uk/ to find out what we can do for you today!

 

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