Q. My wife doesn’t work. Can she transfer her unused personal tax allowance to me?
A. Since April 2015, it has been possible for a spouse or civil partner who is not liable to income tax or not liable above the basic rate for a tax year, to transfer part of their personal allowance to their spouse or civil partner, provided that the recipient of the transfer is not liable to income tax above the basic rate.
The transferor’s personal allowance will be reduced by the same amount. For 2015/16…
As expected, Chancellor Phillip Hammond’s Autumn Statement was a cautious one, offering perhaps a small dip in temperature, but no impending storms for the coming months.
However, he did raise some points which small business owners should take note of:
From April 2017 businesses which use the flat rate scheme to account for VAT, and firms who supply services rather than goods, will need to check the level of costs they incur to make sure they are using the correct flat rate.
If purchases of goods are below certain limits they…
Making the most of your money and achieving your financial goals in a world of complex and ever-changing tax legislation requires careful planning and expert advice.
This guide introduces some of the kay areas to consider when planning to maximise your business and personal wealth, although your exact requirements will depend on your individual circumstances.
If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email
Wales is the home of small businesses and business start-ups, with 99 percent of Welsh firms being SMEs. And across the UK, this year alone, almost 600,000 entrepreneurs put their dreams into action by setting up shop.
The Centre for Entrepreneurs’ Start Up Britain campaign heads for Wales this month, with a host of events going ahead throughout our towns and cities, aimed to help people grow their small business.
Here at Morgan Hemp, we specialise in providing expert business planning advice and tools to SME’s – in…
Finance Act 2016, which became law on 15 September 2016, contains provisions designed to help clarify the time allowed for making a self-assessment.
The time limit is four years from the end of the tax year to which the self-assessment relates. This is the same time limit as for assessments by HMRC. The provisions will have effect on and after 5 April 2017, although there are transitional arrangements for years previous to this, as follows:
– for tax years prior to 2012/13, taxpayers have until 5 April 2017 to submit…
2 – Last day for car change notifications in the quarter to 5 October – Use P46 Car
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/11/2016
New provisions will take affect from April 2017, which will see tax relief for finance costs on residential properties being gradually restricted over a period of three years, until, by 2020/21, all financing costs incurred by a landlord will be restricted to the basic rate of income tax.
Such finance costs include mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. No relief is available for capital repayments of a mortgage or loan.
Landlords will no longer be able to…
New rates for the National Minimum Wage (NMW) took effect from 1 October 2016, and employers must ensure that they implement them accordingly. The rates are as follows:
– 25 and over – £7.20 per hour;
– 21- to 24-year-olds – £6.95 an hour;
– 18- to 20-year-olds – £5.55 an hour;
– 16- to 17-year-olds £4.00 an hour; and
– Apprentice rate – £3.40 an hour.
The increased NMW penalty took effect from 1 April 2016 and applies to any notice of underpayment relating to a pay reference period beginning on or after…
The Savings (Government Contributions) Bill is currently making its way through Parliament, having had its second reading in the House of Commons on 17 October 2016. Broadly, if enacted, the Bill will introduce two new schemes – the lifetime ISA and Help-to-Save – both of which are designed to support more people as they try to save for the future.
Help-to-Save will target working families on the lowest incomes to help them build up their savings. The scheme will be open to some 3.5 million adults in receipt of…
Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each of my first three years of trading. What is the best way for me to utilise these losses for tax purposes?
A. If a business is being carried on on a commercial basis with a view to making a profit, it is generally possible to claim relief for a trading…