News from Baxter & Co, Chartered Certified Accountants in Orpington, Kent

Reclaiming Stamp Duty Land Tax when replacing your main residence

August 10, 2016
Baxter & Co

The new higher rates of stamp duty land tax (‘SDLT’) have now been in force for over four months.  They apply to purchases of second and subsequent residential properties where the cost of the additional property is over £40,000. The…

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Corporation Tax Loss Relief

July 21, 2016
Baxter & Co

It has long baffled many business owners as to how their company can have tax to pay on bank interest when the company has brought forward trading losses.  This all stems from the different rules which apply to tax losses,…

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Spare room?

July 7, 2016
Baxter & Co

In contrast to the tax attack on the buy to let market, the government is keen for us to let out that spare room. As from 6 April 2016, you can now receive £7,500 of income tax free from letting…

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tax

Claiming back overpaid tax

July 4, 2016
Baxter & Co

The 2015/16 tax year ended on 5 April 2016.   And many people will have overpaid tax for the year. A tax overpayment can arise for a number of reasons.  Maybe you stopped work part way through the tax year, or…

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Confirmation Statements – the new Annual Return from 30 June 2016

June 13, 2016
Baxter & Co

From 30th June 2016, the requirement to file an Annual Return at Companies House will be replaced by a new document, the ‘Confirmation Statement’. Details from Companies House of the new statement are limited at this stage, however the statement…

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Certified Chartered Accountants in Orpington-1000

New Regulations: People with Significant Control (“PSC”) – An overview for Academies

June 8, 2016
Baxter & Co

With effect from 6 April 2016 UK companies are required to hold a register of People with Significant Control (‘PSC’). This register is additional to the existing statutory registers that have to be maintained, such as the register of directors…

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Watch out for the reduction in the Pension Annual Allowance for high earners

June 7, 2016
Baxter & Co

Individuals are able to make tax-relieved contributions to registered pension schemes to the higher of 100% of earnings and the standard amount (£3,600), as long as they have sufficient annual allowance available. For 2016/17 the annual allowance is set at…

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Update on RTI penalties

May 26, 2016
Baxter & Co

The penalty regime for the late filing of full payment submissions (FPS) under RTI has been in place for some time and was intended to apply to all employers from March 2015. In practice few employers have been charged penalties…

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When is business travel not business travel?

May 19, 2016
Baxter & Co

The rules for determining whether travel qualifies as business travel for tax purposes can become complex in a number of cases, for example, where employees work at multiple sites. But for employees who have one fixed place of work, a…

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Certified Chartered Accountants in Orpington (2)

New travel and subsistence restrictions

May 12, 2016
Baxter & Co

From 6 April 2016, there are restrictions on the allowability for tax of travel and subsistence expenses where individuals provide services through an employment intermediary. The new rules apply where personal services are provided either via a personal service company…

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