Personal Tax

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Deferral of 31 July 2020 Payment on Account

Under the Government’s time to pay measures introduced in the wake of the Coronavirus pandemic, HMRC advised that anyone struggling to pay the July 2020 payment on account could defer payment until 31 January 2021. HMRC have confirmed that their IT system has been updated so that deferred payments don’t incur any late payment interest… Read More

Capital Gains tax changes on private residence from April 2020

Property owners with taxable gains on their residential properties need  to be aware of the changes to how the tax is paid and changes to valuable exemptions. Under the current system, these gains would be reported in the self assessment tax return and the tax is payable on 31st January after the tax year in… Read More

HMRC VAT Investigations

Our experience shows that many of the tax investigations we handle are VAT investigations. This can be a very stressful time for the client and such investigations can be time consuming and lengthy in process. Such investigations can take anywhere in the region of three months to eighteen months to reach a conclusion depending on… Read More

5 reasons to protect yourself from an HMRC enquiry

In the UK we live in an environment whereby the taxpayer is responsible for their own tax liability. HMRC opens investigations to see if the taxpayer has paid the right amount of tax on a random or selective basis. All this helps the government fill its ever expanding public finance black hole. Dealing with HMRC… Read More

Karen Keeling, Dafferns new Tax Director

We are delighted to announce Karen Keeling’s appointment as Tax Director. Karen, who is both FCCA and CTA qualified, joined Dafferns in 2014 and has worked in the firm’s corporate reporting, small business and tax teams. This new role will see Karen heading up both the personal and corporate tax teams, working alongside tax partners… Read More

Brian King’s review of the Autumn 2018 Budget

For recent Budgets, some of the key proposals have been accurately predicted in advance. For this Budget there was speculation relating to personal and employment taxes. Firstly, it was suggested that personal allowances and the basic rate band will be frozen for 2019/2020. Secondly, there were to be measures introduced from April 2019 tackling individuals… Read More

Making Tax Digital – Big Vat changes in April 2019

Making Tax Digital (MTD) is the government’s ambitious program to implement fundamental changes to the way the tax system works by becoming one of the most digitally advanced tax administrations in the world.  These changes will affect both individuals and businesses and will be implemented gradually over a period of time. The first stage in… Read More

Inheritance Tax Planning and the Family Home

Every person can pass on £325,000 before paying inheritance tax, which is 40% on anything above this amount. This is called the inheritance tax ‘nil rate band’. This ‘nil rate band’ is transferable so you can inherit any unused allowance from your husband or wife. This means that married couples have a joint ‘nil rate… Read More

Company contributions to a Director’s Pension

Directors can make contributions to their pension schemes broadly in two ways: A Personal Contribution – up to a maximum of £32k per annum, which the pension scheme then grosses up to £40k by claiming back basic rate tax – bearing in mind that as a personal contribution this will be funded out of tax… Read More

Making Tax Digital – Mandatory Vat accounting from April 2019

Making Tax Digital (MTD) is a government initiative to modernise the UK tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will ultimately pay tax based on your business activity during the… Read More

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