Uncategorized – Sutton Coldfield Accountancy

VAT On School Fees

Written by Tony Shackleford on September 3, 2024.

The Government has confirmed the introduction of VAT on private school fees. VAT will be applicable on school fees, including boarding costs, from 1 January 2025. In addition, any fees paid in advance...

School fees, Vat, VAT on school fees

Making Tax Digital Update

Written by Tony Shackleford on August 14, 2024.

Under the Making Tax Digital (MTD) rules, certain ‘businesses’ will be required to record business transactions on software and submit quarterly returns of financial data to HMRC. Currenbtly...

Jointly owned property, Making Tax digital, MTD, mtd and rental income, MTD Jointly Owned Property

Furnished Holiday Let (FHL) Tax Regime

Written by Tony Shackleford on July 31, 2024.

The new Government has confirmed that the FHL tax regime will end from 6 April 2024, with the tax treatment of FHL being the same as that for the rental of other residential properties.

FHL, Holiday Let

Student Loan Debt

Written by Tony Shackleford on July 30, 2024.

Since 2010 the average student loan debt has increased from £16,000 to £48,000. This may well explain the last governments lengthing of the repayment period form 30 years to 40 years.

student loan, Student Loan Repayments

Kings Speach

Written by Tony Shackleford on July 19, 2024.

In our view, the 2 most significant announcements in the Kings Speah to Parliament were: a) The imposition of VAT on private school fees, which will increase school fees by 1/6th. b) The announcement...

VAT on School Fees. Kings Speach

Company Formation Changes

Written by Tony Shackleford on July 15, 2024.

Following on from the recent significant increase in the fee Companies House charge for incorporation of a new company (the incrrease was in excess of 400%), identity checks are to be significvantly...

Companies House, Company formation

Tax Changes Forecast For New Government

Written by Tony Shackleford on July 9, 2024.

Before the election the Institute of Fiscal Studies announced that the new government would have to significantly reduce spending or increase taxes, ot both in order to control government debt. This...

Capittal Gains Tax, Inheritance Tax, Tax changes, Tax increase, Tax Increase foloowing general election, Tax Labour Government, Vat

VAT On Edible Straws

Written by Tony Shackleford on June 19, 2024.

A recent article we have seen discussed the VAT treatment of edible straws. This illustrates how unnecesarilly complicated the UK tax system is. The default position with VAT is that standard rate...

edible straws, Vat, VAT on edible straws, zero rated VAT

Capital Gains Tax Rates 2024/2025

Written by Tony Shackleford on May 30, 2024.

Following on from changes announced in the budget by the Chancellor, capital gains tax rates for individuals for 2024/25 are as follows: For residential property, either 18% or 24%. For other assets...

Capital gains tax, Capital Gains Tax rates, CGT, CGT Exempt band

Stop Notices For Umbrella Companies

Written by Tony Shackleford on May 20, 2024.

Certain umbrella companies promote tax evasion scheme’s which are designed to allow subcontractors to avoid taxes, by treating money drawn from the subcontractors companies as loans rather than...

loan to employees, Tax evasion, UYMbrella company

Call us on 0121 448 7466 for a free meeting