HFM TAX BLOG

23.06.2017

When does a hobby become a trade?

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable price. Encouraged,[…..]

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17.06.2017

PPR Relief on Sale of Garden

Principal Private Residence (PPR) relief from capital gains tax is applicable when you sell a property that has at any time been your only or main residence. But what if you are selling part of your garden? PPR Relief is also given against gains arising on a disposal of land which you have for occupation[…..]

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10.06.2017

VAT Annual Accounting Scheme

A VAT registered businesses whose turnover is under £1.3 million can apply to use the VAT Annual Accounting Scheme. The attraction is that it means you only submit one VAT return each year and pay a fixed monthly amount to HMRC, based on the previous year’s liability. But then, of course, a balancing payment is due[…..]

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03.06.2017

Increased Tax for Landlords

Increased tax for landlords will start to hit home this year now that, from 6th April 2017 -to April 2020, HMRC are progressively reducing the deduction for finance costs to the point that you will only be able to deduct 20% of the cost from their personal tax liability. Higher and additional rate tax payers[…..]

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13.05.2017

Simplified cash basis

For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are[…..]

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06.05.2017

Budget Changes

Budget changes you may not realise have happened … As is usual when a general election is called, the government had to decide, with the approval of the opposition, what legislation can be passed into law before parliament was dissolved. The Finance Act arising out of the recent budget is a major casualty this time.[…..]

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