Posts Categorised: News

Is it the end of the tax return?

HMRC’s “Making Tax Digital” programme (cf our news item from September 2016 “HMRC wants you to be software savvy“.) has started to make real progress with the recent launch of Personal Tax Accounts. Making Tax Digital (MTD) is intended to create a “real time” tax system where both businesses and individuals interact digitally with HMRC… Read more »

Dividend Income Over £5,000 – Use Your Personal Allowance

Depending on your circumstances there may a way to utilise your personal allowance to reduce your overall tax burden. Instead of automatically allocating all of your personal allowance (£11,000 in the 2016/17 tax year) against your salary, you can use it (or some it) to offset dividend income instead. In the current tax year the… Read more »

Summer Ball Update

Lewis Smith & Co. announce that the Friends of Alfie Summer Ball 2017 raised a whopping total of £14,000. Our team had a great time: we bagged some excellent auction items, tripped the light fantastic until the early hours and managed to avoid A&E. It is our pleasure to support such a worthy cause. Feel… Read more »

Alfie Johnson Summer Ball 2017

The Lewis Smith & Co. team will be out in force on Saturday July 1st at the 9th annual The Friends of Alfie Johnson Summer Ball. The Friends of Alfie Johnson charity was founded raise money in the name of Alfie Johnson, who suffered sustained brain damage through oxygen starvation at birth.  Now Alfie’s needs… Read more »

Does working from home give me a CGT problem?

An increasing number of our clients are running home-based businesses or are working from home at least some of the time. One issue that troubles lots of people in this situation is whether claiming home expenses against tax has any impact on capital gains liability when selling the home. Let’s clear up some misconceptions. Claiming home expenses… Read more »

Can You Afford an HMRC Tax Investigation?

Anyone can be selected: a business, director or individual tax payer We have talked before about how HMRC is trying to close the multi-billion pound gap between what it should receive and what it actually collects. They have invested millions in sophisticated new computer systems to proactively target individuals and organisations. If any of their… Read more »

PM Targets Dudley

The Dudley borough hit the headlines this week as Theresa May chose the Netherton Conservative Club as the venue for an electioneering speech. This must have felt like a safer place to meet Dudley voters after the Prime Minister had been refused permission to walk on the lawn of a resident in Sedgeley, earlier in… Read more »

Main Residence Nil Rate Band

You might need to change your will One tax change that we haven’t highlighted yet in our discussions about the Budget is the “main residence nil-rate band” (MNRB). The MRNB is an allowance that has been introduced into inheritance tax calculation, and applies if an individual’s interest in a residential property is left to children or grand-children. MRNB… Read more »