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Monthly Tax News – April 2018

NO MAJOR TAX CHANGES IN CHANCELLOR’S SPRING STATEMENT As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on the […]

Pennington Williams Tax News – March 2018

ARE YOU SURE YOU OR YOUR WORKERS ARE SELF-EMPLOYED? Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it. Most of the […]

Pennington Williams Tax News – February 2018

DOES YOUR ACCOUNTS SYSTEM COMPLY WITH MTD FOR VAT? Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally. On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with […]

Pennington Williams Tax News – January 2018

NEW (TAX) YEAR RESOLUTIONS TO SAVE TAX Now is a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2017/18 tax year (currently £20,000 each). You might also want to consider increasing […]

Pennington Williams Tax News – Autumn Budget 2017

“BUILDING A BRITAIN FIT FOR THE FUTURE” This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget. His jokes were better […]

Pennington Williams Tax News – November 2017

CHANGES TO PENSION TAX RELIEF IN THE BUDGET? There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to increase tax revenues without increasing tax rates, a raid on pension savings is an easy target as the cost of pension tax relief is estimated […]

Pennington Williams Tax News – October 2017

ARE SPOUSES WAGES FULLY DEDUCTIBLE? HMRC have recently won a tax tribunal case where they were seeking to challenge the deduction for a wife’s wages in arriving at the profits of her husband’s business. The judge agreed with HMRC that the amount allowed as a deduction should be limited based on the hours spent and […]

Pennington Williams Tax News – September 2017

NEW COMPANY LOSS RULES TO GO AHEAD The Finance Bill due to be debated in early September will finally include the new rules for the set off of company losses that were originally announced in March 2016. As a result of the first Finance Act being rushed through due to the snap General Election the […]

Pennington Williams Tax News – August 2017

MAKING TAX DIGITAL FOR BUSINESS DELAYED The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest. Quarterly VAT reporting using the new system will be mandatory from 2019. In a further U-turn, three million small businesses and buy […]

Pennington Williams Tax News – July 2017

Tax News – July 2017   IMPLICATIONS OF HUNG PARLIAMENT   The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations […]

© 2019 Pennington Williams - Chartered Accountants
© 2018 Pennington Williams - Chartered Accountants