Tax-Free Scheme for Childcare Launches

  Tax-Free Childcare was first announced in 2013, after years of delays and uncertainty, it finally began to roll out on 28 April 2017.   INVESTING EFFICIENTLY Tax-Free Childcare is a scheme which allows parents to pay into an online account. Subject to any restrictions, the money paid in...

Making Tax Digital: A 10 minute initial guide

Making Tax Digital (MTD) is not about submitting tax returns. It is about updating your personal digital tax account with the information HMRC require, at certain stages. A lot of the information that HMRC require will be ‘pre-populated’ i.e. already supplied and reported within the digital account by a...

House of Lords’ report on Making Tax Digital expresses doubt

The House of Lords’ report on Making Tax Digital expresses doubts over HMRC’s plans. What effect, if any, is this likely to have on you and your business?   Lords’ review. The House of Lords has, reviewed major changes put forward in each year’s Finance Bill to head off...

What changes in the Spring Budget might affect you?

  The Spring Budget was a generally gloomy one for business owners. What changes were announced and how might they affect you?   Dividends. The dividend allowance (DA) of £5,000, introduced on 6 April 2016 will be slashed to just £2,000 from 6 April 2018. When first announced the DA was...

HMRC launches employment status online tool

HMRC launches its Employment Status Service Online Tool From 6 April 2017 public sector organisations will be required to decide if contractors who work for them off their payroll are subject to the IR35 rules. HMRC promised an online tool to help. The “employment status service tool”, referred to by...

Museum & gallery tax relief 2017

New guidelines have been announced detailing how the new museum and gallery tax relief will work come April 2017. Check out the key points below! Who will qualify for the museum & gallery tax relief? Government has proposed  a new tax relief for museums and galleries. This is in an...

Tax news! – Theatre Angel’s concession removal

Theatre angel’s concession removal With the withdrawal of Extra-Statutory Concession (ESC) for Theatre Angels from March 31st 2017, HMRC have issued guidance on the removal of the ability to regard distributions of profits as deductible expenses. Withdrawal of the ESC will affect payments made to investors by the theatrical...

New audition expenses guidelines – Are you eligible?

Equity has issued new guidelines for audition expenses. Due to the high amount of callbacks you are experiencing, these new guidelines have been introduced in an attempt to reduce this. Are you eligible to claim your audition expenses? Due to the high amount of call backs some productions require, reportedly...

New Stamp Duty Land Tax rates

In an effort to help re-balance the property market, government has increased Stamp Duty Land Tax rates for those who own more than one property. Exceptions do apply. Will you be affected by the increase in Stamp Duty Land Tax rates? The government is increasing Stamp Duty Land Tax...

What effect has Theatre Tax Relief had?

Has Theatre Tax Relief had a positive effect on the industry? It has been two years since the introduction of the Theatre Tax Relief in the Finance Bill 2014. Let’s look at what this new tax relief has meant for theatres throughout the UK. What is Theatre Tax Relief...