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Springfords LLP Tax Alerts

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Tax Alerts

Tax Breaks for Married Couples

29 Apr 2015
As we head into Summer, a new wedding season is upon us.  It seems therefore a fitting time to recap on some of the tax breaks and planning ideas available to married (and civil partnership) couples. The most recent development in this area is the ability to transfer some of the tax free personal allowance to a spouse, which came into force from 6 April 2015. There are however several other tried ...(more)

'The time to repair the roof is when the sun is shining......'

19 Mar 2015
'The time to repair the roof is when the sun is shining......'        -       John F Kennedy, January 1962 'The sun is starting to shine - and we are fixing the roof.....'       -       George Osborne, March 2015 In his 1962 State of the Union Address, JFK warned against basking in the warmth of recovery, and stressed that “repairs” were still required, to prevent the US from slipping back into recession. Fifty-three years later, ...(more)

With great power comes great responsibility

11 Mar 2015
        - Stan Lee, 1962 Stan Lee was referring to heroes such as Spiderman, Captain America and the Fantastic Four but, in a few weeks, the people of the UK will decide who will have the ‘power’ and the ‘responsibility’ to decide, perhaps not the future of mankind, but at least your tax future! A new Government in May this year could bring with it changes to tax legislation that could reduce current ...(more)

Food For Thought - The New Pension Rules

23 Jan 2015
The 2014 Budget had plenty to whet the appetite, including some of the biggest and most radical shake-ups to the UK pensions regime in a long time. As well as making access to Defined Contribution (DC) pension funds (including personal pensions and SIPPs)  easier and more flexible, significant changes were announced to the taxation of DC pension withdrawals and to the tax treatment of pension funds on and following death. The ...(more)

Happy "New Tax" Year!,

13 Jan 2015
As we approach the end of another tax year, it’s time once again to plan for the next one.  To help you out, we’ve attached a tax calendar of some of the key tax deadlines you should be thinking about. Also, the Chancellor announced a number of new tax rules in his Autumn Statement in December 2014 so we thought it would be a good idea to give you an update on ...(more)

Christmas is Coming ..............

05 Nov 2014
For many, the run up to Christmas involves planning for parties, work do’s and the Christmas Lunch.  For our tax department, planning of another kind could be on the menu! As many business owners will be aware, it has been possible to obtain 100% tax relief on certain capital costs for some time, using the Annual Investment Allowance (AIA).  The limits for obtaining this relief have fluctuated over its lifetime, and ...(more)

Getting Tougher!

01 Oct 2014
HM Revenue & Customs are getting tougher on taxpayers who aren’t paying their tax on time or who they think are deliberately avoiding tax.  (We're sure this has something to do with the government’s budget cuts and plans to reduce the country’s deficit!) A range of measures are being introduced to collect more outstanding tax, including chasing outstanding debts quicker and more aggressively, potentially collecting unpaid debts directly from taxpayers’ bank accounts, and ...(more)

Property Tax Planning - Could Time Be Gaining On You?

17 Sep 2014
Do you own a ‘holiday home’, rented out on a short term basis? If so, the rents you receive may be classed as furnished holiday letting (FHL) income. Changes made some time ago mean that FHL profits are now, broadly, dealt with in the same way as other rental income.  If you own an FHL property, you’ll no doubt be aware that: since 6 April 2011, the ability to relieve FHL losses ...(more)

It's not what you do, it's the time you spend doing it...........

14 Aug 2014
You’re thinking about your plans for the rest of the day, and somewhere in the middle of all that, you remember that you need to look at the letter that’s arrived from H M Revenue & Customs (HMRC), but that can wait, can’t it? If tax paperwork brings you out in a cold sweat, it may not come as a surprise to learn that a study undertaken by the Federation ...(more)

Double Trouble

30 May 2014
Do you complete a tax return each year?  Around 10 million self assessment tax returns are submitted to H M Revenue & Customs (HMRC) annually, and each year HMRC open enquiries into a selection of these returns.  Nothing too surprising about this, but what might surprise you is that a Freedom of Information disclosure has confirmed that the chances of being one of the unlucky ones who is selected may ...(more)