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Latest News

3 things self-employed and small business owners need to know about NIC
19/04/2017 - More...
National Insurance for the...

Looking forward – 5 ways to Brexit-proof your company
12/04/2017 - More...
The Prime Minister has begun the...

Hill Osborne Acquires P J Biggs Practice in Wimborne
22/10/2015 - More...
The directors are pleased to announce...

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3 things self-employed and small business owners need to know about NIC
19/04/2017 - More...
National Insurance for the self-employed is a complex area. While Hammond may have changed direction on raising Class 4, don’t overlook other upcoming NIC changes. 1. Class 2 contributions will be abolished in 2018 This sounds great at first glance. A saving of £2.80 per week is better than nothing. But Class 2 ensured the self-employed had access to contributory...

Looking forward – 5 ways to Brexit-proof your company
12/04/2017 - More...
The Prime Minister has begun the two-year Brexit process so now is the time to start planning ahead. 1. Check your existing contracts. Do any of them rely on Rome I Rules? What do they say about when and where contractual challenges will be brought? Do they reference the EU or the UK as a member of the EU? Do they take into account the possibility of cross-border services or...

Hill Osborne Acquires P J Biggs Practice in Wimborne
22/10/2015 - More...
The directors are pleased to announce the expansion of Hill Osborne into Wimborne where we have acquired the practice formerly carried on by the late Peter Biggs. The firm will continue to operate as before from its head office in Poole and now also from its Wimborne office which is situated at:- Beaufort House 2 Cornmarket Court Wimborne BH21 1JL Tel: 01202...

State Pension age review
20/04/2017 - More...
In March 2016, John Cridland CBE, the former Director General of the Confederation of British Industry (CBI) was appointed by the government to lead an independent review of the State Pension age. The State Pension age for both men and women is set to increase to 67 by April 2028. The review was tasked with looking beyond the existing timetable. The results of the review have...

Furnished holiday lettings
20/04/2017 - More...
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for specific tax purposes. Individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the EEA can benefit from having a FHL. HMRC’s guidance on the scheme has recently been updated....

Prime Minister calls for snap election
20/04/2017 - More...
In a shock announcement following the Easter weekend the Prime Minister Theresa May declared plans to call a snap election on 8 June. The announcement marked a seismic shift from her earlier declarations that there would be no new elections until 2020. Her dramatic speech on the steps of Downing Street made it clear that she felt she had little choice but to hold an election...

Tax codes for employees
20/04/2017 - More...
The P9X form is used to notify employers of the tax codes to use for employees. The form shows the tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use is 1150L. The basic rate limit is £33,500 except for those defined as Scottish taxpayers who have a lower basic rate limit of...

Claiming the employment allowance
20/04/2017 - More...
An annual employment allowance for businesses and charities, to offset against their employer's Class 1 NICs, was introduced in April 2014. The allowance can be claimed as part of the normal payroll process through RTI using an employer’s payroll software or HMRC’s Basic PAYE Tools. The maximum amount available is currently £3,000 per year. For example, if an employer’s Class...

EU VAT refund scheme
20/04/2017 - More...
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount refundable depends on the other country's rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never by reclaimed on a domestic UK VAT return. Claims must be made electronically...

Repayment of student loans
12/04/2017 - More...
Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of...

Employer P11D, P11D(b) and P9D deadline
12/04/2017 - More...
Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year such as company cars, loans and private medical insurance. Since 6 April 2016, employers may register on a voluntary basis to...

Welsh land transaction tax
12/04/2017 - More...
The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT marks the first new Welsh tax in almost 800 years and has moved a step closer following the passing of the Bill by the National Assembly for Wales. The Bill is expected to receive Royal Assent (when the Bill becomes an Act) in May 2017. The...

Working Tax Credit
12/04/2017 - More...
The Working Tax Credit (WTC) assists taxpayers on low incomes by providing top-up payments including to those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in which someone has a disability. The basic amount of WTC for 2017-18 remains unchanged at £1,960 a year. In order to satisfy the rules for claiming...

Let property campaign
12/04/2017 - More...
HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. HMRC’s guidance on making a disclosure has been updated for the 2017-18 tax...

Rent-a-room scheme
12/04/2017 - More...
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room. The limit increased to £7,500 from 6 April 2016 and remains at the same level for the current tax year 2017-18. HMRC’s rent-a-room scheme guidance has been updated for 2017-18. The relief applies only to the letting of furnished accommodation and can be claimed when one bedroom is...

Personal tax changes for 2017-18
06/04/2017 - More...
A number of changes to personal taxation have come into effect with the start of the 2017-18 tax year. These changes include the following: National Living Wage and the National Minimum Wage rates The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2017. This is the first time that the NMW and NLW rates have been uprated in...

Business tax changes for 2017-18
06/04/2017 - More...
A number of changes to business taxation have come into effect with the start of the 2017-18 tax year. These changes include the following: Corporation Tax The Corporation Tax rate from 1 April 2017 has been reduced to 19% and set at this rate for 2018 and 2019. From 1 April 2020, the Corporation Tax rate will be further reduced to 17%.This rate will be the lowest in the G20...

Mortgage relief restriction for landlords
06/04/2017 - More...
The tax relief available to residential landlords has been reduced from the start of the 2017-18 tax year. The new rules mean that tax relief on mortgage costs will be gradually restricted to the basic rate of tax. Landlords of residential properties have benefited from full tax relief on finance charges, such as mortgage interest for many years. However, these changes will...

VAT Flat Rate Scheme
06/04/2017 - More...
HMRC has introduced an additional test from 1 April 2017 that will help determine the VAT flat rate percentage used by VAT registered businesses that use the Flat Rate Scheme. It appears that HMRC considers the benefits obtained by certain businesses to be excessive. Whilst in theory some businesses win and some lose when adopting this scheme, in practice, a business would...

Help to Buy sales update
06/04/2017 - More...
The latest statistics on the uptake of the government’s flagship Help to Buy schemes were published on 30 March 2017. The figures show that over 259,000 homes have been bought since the schemes were first launched in October 2013. The portfolio of Help to Buy schemes include: ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy. The average house price...

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Poole Office

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Poole, Dorset
BH15 2JH
Tel: 01202 678555

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Wimborne Office

Beaufort House, 2 Cornmarket Court
Wimborne
BH21 1JL
Tel: 01202 849169

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