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How will a new government affect my tax obligations?

08/07/2024

The frenzy of the build-up to the general election has come to a conclusion, and the results are in. With the Labour party winning the popular vote and securing the necessary number of seats to form their own government, the question on everyone's lips is: how will a new government affect my tax obligations? It is of course beyond the

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Parking updates for visitors

03/07/2024

For those who are as of yet unaware, one of the many benefits of our new location at the Historic Dockyard is that it is one of the most enviable filming locations for blockbuster productions in the country. You may recognise our surroundings from films such as The Golden Compass, Sherlock Holmes and Les Miserables, as well as TV shows

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Supporting Green Growth: Our New Initiative

25/06/2024

In today's world, businesses and individuals like you are increasingly recognising the importance of sustainability and environmental responsibility. As a forward-thinking accountancy firm, we are excited to announce our partnership with JustOneTree: for every new client that we welcome, we will now plant a tree. This initiative is part

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When you cannot use the Property or Trading Allowances

18/07/2024

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply to: If you make up to £1,000 from self-employment, casual services (such as babysitting or gardening)

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The NIC Employment Allowance

18/07/2024

The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their total Class 1 NIC bill. The allowance is only available to employers that have employer NIC liabilities of under £100,000 in the previous

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Child benefit for 16 to 19 year olds

18/07/2024

The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August following a child’s 16th Birthday. Under qualifying circumstances, the child

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Gains on sale of shares

18/07/2024

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension. Your gain is usually the difference between what you paid for your shares and the amount received when you sold them. There are special rules

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Taxable and non-taxable State Benefits

18/07/2024

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable, i.e., Income Tax is payable, subject to the usual limits: Bereavement Allowance (previously Widow’s

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Ordering documents from Companies House

18/07/2024

Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register. You can order: a company certificate with certified facts; or a certified copy of a document held on the register. You can place an order by: using the Find and update company

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CGT Incorporation Relief

17/07/2024

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable gain based on the difference between the market value of the assets and

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Applications for the 'Growth Guarantee Scheme' open

16/07/2024

The British Business Bank has launched a "Growth Guarantee Scheme", aimed at supporting smaller businesses in the UK in securing finance. This is a direct successor to the "Recovery Loan Scheme", which came to an end in June. This new scheme became available to applicants through accredited lenders on 1st July -

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Responding to a personal data breach

15/07/2024

The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach. The seven step approach advocated is set out below: Step one: Don’t panic It’s understandable if you’re concerned about what happens next. But we’re here to help you understand what happened and to

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The new Chancellor’s first speech

15/07/2024

The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country​ better off. In her first speech as Chancellor, Rachel Reeves pledged to leaders of some of the UK’s pioneering industries to build growth on strong and secure foundations built on stability,

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Labour win landslide election result

11/07/2024

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest majority whilst the Conservative Party have had their worst ever result in terms of the number of seats won. We should expect Labour to fulfil their election

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Inheritance and tax

11/07/2024

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the

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Company filing obligations

11/07/2024

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21

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Restarting a dormant company

11/07/2024

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information. When a company has previously traded and then stops it would normally be considered as dormant. A company can stay dormant indefinitely,

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Business VAT responsibilities

11/07/2024

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below this level can also apply for a voluntary VAT registration. Businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs. Similarly, VAT will be

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Carleys - Chartered Accountants in Medway, Kent
Second Floor South, The Fitted Rigging House
Anchor Wharf
The Historic Dockyard
Chatham
Kent
ME4 4TZ

(01634) 394 045
(01474) 569 032
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