Springfords LLP Tax Alerts

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Tax Alerts

Let Residential Property Tax Update

21 Apr 2017
There have been many changes to the taxation of property in recent years. One of the more significant, whose impact will increasingly bite in years to come, is the restriction to tax relief available to individuals (including both UK and non-UK resident individuals and individuals in partnership) on interest and related finance costs incurred in connection with let residential properties. The new rules do not apply to companies (whether UK resident or ...(more)

Lean, green, battery powered machines ............

13 Apr 2017
Here at Springfords, we try to be as ecologically sound, or perhaps environmentally friendly, as we can, whether it’s using our recycling bins correctly or saving used batteries – we even have a Green Team to keep tabs on what we do. We’re proud to announce that, as of 15 March 2017, we’ve taken things to another level, by installing our very own electric car charging station in our car park. ...(more)

Budget 2017

09 Mar 2017
Yesterday, we heard Philip Hammond present his first (and last!) Spring Budget speech, following his announcement last year that, after today, the annual Budget would again become an Autumn fixture going forward. The last time someone made a similar change to the timing of the Budget was 24 years ago, when Norman Lamont was Chancellor. As Mr Hammond pointed out, only weeks later Norman was out of a job, and perhaps ...(more)

VAT FRS - Punctured Or Just Flat?

17 Jan 2017
Among the various VAT schemes available to smaller businesses, it's fair to say that the most popular in recent years has been the Flat Rate Scheme (FRS). This allows a trader, with annual VATable turnover of no more than £150,000, to join the Scheme and to account for VAT using a simple calculation based on a specified percentage of turnover – that percentage determined by the industry sector. When FRS was ...(more)

Making Tax Digital (MTD)

21 Oct 2016
We live in an increasingly digital world, with online shopping, banking, games and social media.  Under MTD, HMRC propose to transform the UK tax system into one of the best digital tax services in the world resulting in the 'death of the annual tax return'.  What is proposed? With certain limited exceptions (see below) all businesses and landlords will be compelled to: keep digital records using HMRC compatible software and apps  submit digital updates ...(more)

Company Share Buy Back

27 Jul 2016
Companies and groups can restructure in many different ways and for many different reasons.  Where private companies are concerned a restructuring can often occur where an existing shareholder wishes to exit the business and realise the value of his or her shareholding.  This can happen for any number of reasons but frequently, retirement might be the reason or there is a divergence of views for the direction the business is ...(more)

Research & Development Tax Credits

27 Jul 2016
Introduced to encourage and reward innovation, R&D tax credits are one of the most attractive tax reliefs available, often resulting in significant cash repayments from HMRC. What’s even better news is that a lot more activities are eligible for the scheme than you might think. How do I know what I can and can’t claim under the scheme?In a nutshell, you must be able to demonstrate to HMRC that your product or ...(more)

Company Budget Plus

20 Apr 2016
As you know, we recently sent out a general Budget update following the March Budget announcements, but we thought it would be useful to further examine these, and to expand a little on some of the changes specifically affecting companies. Corporation Tax Rates As you already know, the rate of corporation tax, which is currently 20% is going to reduce to 19% from 1 April 2017.  The change announced in this Budget affects the previously mooted decrease to ...(more)

'A little nonsense now and then is relished by the wisest men'

18 Mar 2016
Willy Wonka (Gene Wilder) - 1971 Wise words from the fictional confectioner, played by Wilder in the 1971 hit film ‘Willy Wonka & The Chocolate Factory’, but would he see the sense in a sugar tax, designed to cut the amount of added sugar in soft drinks?  As his entire world was based on a constant supply of sugar, we think it would take some time for this piece of wisdom ...(more)

'Do I feel lucky?'

04 Mar 2016
Harry Callahan (aka Dirty Harry) There’s a good chance that most of us at some point have used this quote from Clint Eastwood’s famously gritty detective, but considering how well loved the line is, people often mis-quote it without realising, and get it wrong.  We tend to say ‘Do you feel lucky, punk?’ when the actual line is ‘You’ve got to ask yourself one question.  Do I feel lucky?  Well, do ...(more)

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