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Welcome to my blog

 

Here you will find news that is too big to fit on Twitter!

By Richard Morrell, Aug 20 2016 10:20AM

HMRC have reported that some taxpayers have received telephone calls claiming to be from HMRC requesting personal information in order to receive a tax refund, or to demand money for an unpaid tax bill.

There is also another telephone scam where a recorded message is left, allegedly from HMRC, stating that HMRC are bringing a lawsuit against the individual and is going to sue them. The recipient is asked to phone 0161 8508494 and press “1” to speak to the officer dealing with the case. Please do not reply to the message. If you cannot verify the identity of the person making the call you should not disclose your personal details. You should report this to Action Fraud, or you can call Action Fraud on 0300 123 20 (Mon to Fri 9am to 6pm).

By Richard Morrell, Oct 17 2015 10:15AM

Rent a room relief

From April 2016 the annual relief will increase from £4,250 to £7,500. About time too, it feels like it has been £4,250 for an enternity!


Wear & tear allowance

Subject to consultation, from April 2016 the allowance may be abolished and replaced with a new system that allows landlords to claim relief only when they replace furnishings.


Mortgage interest relief

From April 2017 mortgage interest relief will start to be restricted to just the basic rate and given as a tax reduction, not an allowable expense. This will be phased in from 2017 to 2020. In other words, if you are a higher rate taxpayer you will pay more tax!


Possible strategies for landlords that will be affected by the changes...

Change mortgage to one with a lower interest rate (interest rates are expected to rise soon!)

Possibly assign some of the rental profits to you spouse (if you have one and they are not working!)

Put the property into a company (subject to conditions)

Raise the rent (make the tenant pay!)

Sell up!

By Richard Morrell, Dec 6 2014 12:02PM

In the autumn statement the chancellor announced that from 3rd December 2014 individuals will no longer be entitled to claim entrepreneurs relief on the gain arising on the sale of goodwill to a connected company. Also, no tax relief will be allowed on the amortisation of the goodwill for the company acquiring the goodwill.


The generation of goodwill on incorporation and being able to claim entrepreneurs relief (and pay tax at 10% on the gain) and claim corporation tax relief on the amortisation of the goodwill is a common method of restructuring a business to mitigate tax liabilities.


This is often one of the main reasons that businesses decide to incorporate, so if you are thinking of incorporating you may need to think again! 



By Richard Morrell, Dec 6 2014 11:28AM

From 6th April 2015 employers will not need to pay employers NIC for employees/apprentices under 21 years old who earn less than the upper earnings limit (currently £805pw).


In the Autumn Statement the chancellor announced that from 6th April 2016 this exemption will be extended to include employees/apprentices under the age of 25.

By Richard Morrell, May 10 2014 10:31AM


If you receive an email that may appear to be from HMRC which is advising you that you are due a refund, do not click on any of the links within the email, just delete it.


Excerpt from HMRC's own website - 'HM Revenue & Customs (HMRC) will never send notifications of a tax rebate by email, or ask you to disclose personal or payment information by email. To be completely safe from phishers, do not select links in emails. If in doubt, close your browser, reopen it, and type the web address for the site you want to visit directly into the address bar.'


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