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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…

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…

Are your business and personal financial arrangements as tax-efficient as possible? As the end of the tax year approaches, we can help to ensure that you are making the most of all of the available opportunities to save tax and improve your profitability.

Please take some time to read through our 2016/17 Year End Strategies Guide, which contains practical guidance and ideas to implement before 5 April 2017.

With our useful tips and expert assistance, we can help you and your business…

Q. I am keen to give my employees some vouchers from a high street retailer as an added Christmas bonus this year. Are there any tax implications?

A. Planning ahead is key as the answer could be yes or no depending on the amount and type of voucher.

No – If the voucher is worth £50 or less and meets certain other criteria, then it can be given tax-free to the employee.

Yes – If you give incentives – either as cash or as redeemable vouchers – then you may be…

Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments?

A. In addition to the company car benefit charge, employees have to pay tax on any fuel their employer provides that is used for private mileage. For 2016-17 you would calculate this amount by multiplying the…