Year-end tax planning for 2017/18 – top tips
As the 5 April gets closer and the end of the financial tax year draws to an end, it’s important that you ensure your finances are as tax efficient as possible. Nottingham chartered accountants Clayton & Brewill, provides some tips to help you with your year-end tax planning for 2017/18. Income tax – do you […]
Splitting rental income between spouses
HMRC is currently paying close attention to how rental income is divided between spouses. Nottingham chartered accountants Clayton & Brewill explains the importance of ensuring the right ownership status for rental properties to avoid falling foul of HMRC. The general rule is that, where rents are received from an asset held in the names of individuals […]
Tax-Free Childcare to launch in early 2017
The government’s Tax-Free Childcare scheme will be launched to parents from early 2017. Clayton & Brewill explain who qualifies and how to claim. Tax-Free Childcare aims to help working parents with the cost of childcare and it will be rolled out gradually from early 2017, with parents of the youngest children able to apply first. […]
Spreading income around the family – advice for business owners
Business owners often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each person. But is this still an advisable strategy in the current anti-avoidance environment? Yvonne Jackson, partner and chartered accountant at Clayton & Brewill offers advice for business […]
GPs – should you form a limited company?
Stagnating profits and hefty tax bills mean that our GP and locum doctor clients often ask us if they should consider incorporating their GP practice into a limited company. Yvonne Jackson, head of Clayton & Brewill’s specialist GP team, weighs up the pros and cons of incorporation from a tax and compliance perspective. Tax savings are most […]
‘The dog ate my tax return’
HMRC reveals top 10 terrible excuses for not filing a tax return on time. HMRC have revealed their latest list of the top 10 worst excuses for missing the 31 January self-assessment tax return deadline: My pet dog ate my tax return…and all the reminders. I was up a mountain in Wales, and couldn't find […]
Make the most of your capital allowances
Doug Perry of Nottingham chartered accountants Clayton & Brewill encourages businesses to take advantage of the current generous limits for capital allowances. Capital allowances help you to reduce your tax bill, by allowing you to write off the cost of purchasing qualifying items against the taxable income of your business. Since April 2014, businesses have […]
Six tips for farmers and rural businesses
Clayton & Brewill’s farm accountancy specialists share six tips to help farmers pay less tax and manage their accounts effectively. Despite the difficult weather over the past three years, farming has generally survived the recent recession well, proving to be one of just a handful of industries to deliver ongoing growth. Against the backdrop of […]
Buy to let landlord – what is my profit?
It sounds like a simple enough question but calculating your trading profit as a buy to let landlord isn’t always easy, and HMRC can be hot on the heels of those who get it wrong. Doug Perry of Nottingham chartered accountants Clayton & Brewill explains the costs that landlords can offset against their tax bill. Capital vs revenue […]