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JOHNSTON WOOD ROACH HAVE IN PLACE PROCEDURES TO ENSURE THAT OUR SERVICE TO YOU IS NOT INTERRUPTED THROUGHOUT THE COVID-19 OUTBREAK We want to take this opportunity to assure you that we have implemented systems and procedures to ensure that we continue to meet your accountancy requirements. Should it be necessary, all staff are equipped […]
Update regarding COVID-19 – How we can help you Read More »
Legal & beneficial ownership From a tax perspective, there is a distinction between legal and beneficial ownership. The legal ownership of a property is whoever the Land Registry owner is, and if the property is mortgaged, who the mortgagee is. However, it is the ‘beneficial’ owner of a property that is taxed on the
Reducing Income Tax on Jointly Held Properties Read More »
The government are moving away from the current test NEDC (New European Driving Cycle) of CO2 emissions on cars and are implementing a new test called ‘WLTP’ (World Light-Duty Test Procedure) which has been designed to gather data more accurately, based on the likely emissions of cars in real-life driving conditions. This new policy is
Company Car Tax Changes April 2020 Read More »
IR35 – Changes to off-payroll working from April 2020 In October 2018, the Chancellor delivered his Autumn Budget and confirmed that the proposed reform to the taxation of personal service companies (PSCs) in the private sector is to be implemented from 6 April 2020 for large and medium sized businesses. Small Business Exemption
IR35 – Changes to off-payroll working from April 2020 Read More »
Many homeowners with large gardens consider selling part of their garden to property developers or building a house themselves, it can be a great way of extracting tax-free cash from your home. Principle Private Residence Relief (PPR) usually exempts most owner occupiers from a charge to tax when they sell their main residence. The relief
Selling Part of your Garden for Development Read More »
OVERVIEW R & D tax relief allows SME companies to either: Deduct an extra 130% of their qualifying R & D costs from their profit, which is in addition to the normal 100% deduction Claim a tax credit if the company is loss making, worth up to 14.50% of the surrenderable loss
Many high earners (who earn over £50k), who have more than one source of income which are subject to NI have been overpaying. In the current tax year the NI rates and thresholds are as follows: • Class 1 (paid by employees) – 12% on earnings between £8,632 and £50,000 and 2% thereafter. • Class
Could you be Overpaying your National Insurance? Read More »
The VAT domestic reverse charge for building and construction services comes into effect from 1 October 2019. The reverse charge represents part of a government clamp-down on VAT fraud. A domestic reverse charge means that a contractor receiving a supply of specified construction services must account for the output VAT due, rather than the sub-contractor
VAT Reverse Charge for Construction Services Read More »
HMRC have introduced a new tax relief for commercial properties, whereby relief will be given at a rate of 2% per annum for expenditure on the construction of commercial property that does not qualify for capital allowances as either plant, machinery or integral features where all contracts for construction work on a project were
Structures and Buildings Allowance (SBA) Read More »
CGT changes for property owners from April 2020 HMRC have introduced two changes to private residence relief from April 2020, both of which may result in additional capital gains tax for property owners if they sell a residential property for a gain. On disposal of a residential property which has been occupied by an individual
CGT changes for property owners Read More »