Trick or treat? Chancellors budget set for late October

The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation and proposals. Mr Hammond, however, has indicated that he won’t end the long spell of austerity measures, despite improving public finances. Proposals raised by think tanks and professional bodies include overhauls of income and inheritance tax, ‘pension tax relief simplification’, and […]

Posted on 18th October 2018 By SMH Chartered Accountants, Chartered Tax Advisers, Financial Services, Payroll & Pensions

Draft Finance Bill 2019

Rent a room relief The relief given has a new test for ‘shared occupancy’. This means that the lessor must be living in the property for some of the letting period, so letting out your home while you are on holiday for example will no longer attract the relief from April 2019. Entrepreneurs’ relief Entrepreneurs’ […]

Posted on 24th July 201826th July 2018 By SMH Chartered Accountants, Chartered Tax Advisers, Financial Services

What is ‘Making Tax Digital’?

Making Tax Digital is HMRC’s move to digitise tax. Making Tax Digital (MTD) was first announced by the government in 2015 as an initiative to improve the effectiveness and efficiency of the UK tax system, and reduce its complexity. As of 1st April 2019, HMRC will require you to submit VAT returns using accounting software, […]

Posted on 23rd July 201826th July 2018 By SMH Chartered Accountants, Chartered Tax Advisers

Expenses if you are Self-Employed

Self employed expenses Sutton McGrath Hartley

If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses. Example ‘Your turnover is £40,000, and you claim £10,000 in allowable expenses. You only pay tax on the remaining £30,000 – known as your taxable profit.’ […]

Posted on 16th May 201822nd May 2018 By SMH Chartered Accountants, Chartered Tax Advisers

Income from jointly held property – Spouses

Spouses often hold rental property jointly, and where this is the case, rental profits and losses are treated as arising to them in equal shares. If one spouse pays tax at a higher rate than the other it may both desirable and possible to improve the ‘family’ tax position by means of the spouse who […]

Posted on 17th April 201818th April 2018 By SMH Chartered Accountants, Chartered Tax Advisers, Financial Services

Why outsource your payroll?

Why Outsource? Sutton McGrath Hartley has administered payrolls since 1995 so we are confident in our abilities and experience. By outsourcing to us your business could benefit from the following: Cost savings on both wages & software Professional payroll expertise Reduced risk through PAYE/HR compliance Improved audit trails Moving your payroll administration to Sutton McGrath […]

Posted on 10th April 201818th April 2018 By SMH Chartered Accountants, Chartered Tax Advisers, Payroll & Pensions