Blog

Archive for the "Planning" Category

pension

Pension Planning

15th January | Posted in: Pensions, Savings & Investments, Planning

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer. Note ...

commercial building

New Capital Allowance for Commercial Buildings

11th January | Posted in: Agricultural, Business Tax, Planning, Properties

A new 2% straight line tax deduction for the cost of construction or renovation of commercial buildings and structures was announced in the autumn 2018 Budget. HMRC have now issued a technical note se...

Increased Capital Allowances Start 1 January 2019

9th January | Posted in: Agricultural, Allowances, Business Tax, Tax planning

As previously advised, a temporary increase in the Annual Investment Allowance (AIA) to £1 million for expenditure on plant and machinery took effect from 1 January 2019. However, transitional rules ...

New Year Resolutions To Save Tax

8th January | Posted in: Tax planning

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5 April 2019. An obvious tax planning point w...

defer state pension

Should I defer my State Pension?

7th January | Posted in: Pensions, Savings & Investments, Planning

It is stunning, but with around 330,000 people reaching state pension age each year, many lose out on their entitlement by making ill-informed choices based on their life expectancy. In November 2018 ...

Christmas is the time for giving!

18th December | Posted in: Allowances, Capital gains tax, Company News, Inheritance tax, Planning

Anyone thinking about making gifts at Christmas should take advantage of the various Inheritance Tax (IHT) exemptions and reliefs available to them. However, please note that certain gifts may also ha...

Research & Development (R&D) tax credit to be restricte...

7th December | Posted in: Business Tax, Government Announcements, Planning

The amount of repayable R&D tax credit for Small and Medium Sized Enterprises (SMEs) will again be restricted by the amount of the claimant company’s PAYE and NIC liability from 1 April 2020. Th...

Entrepreneurs’ relief changes

6th December | Posted in: Business Tax, Personal Tax, Planning

The Chancellor has announced two changes to Capital Gains Tax entrepreneurs’ relief:- The minimum qualifying holding period for entrepreneurs’ relief will be increased from 12 months to 24 months ...

A snapshot of Xerocon 2018 and 5 benefits from Cloud Accounting...

3rd December | Posted in: Planning, VAT

The Johnston Smillie cloud accounting team recently attended Xerocon 2018 in London and over 2 days were given fascinating insights into the future of cloud accounting and the “human” benefits to ...

New structures and buildings capital allowance for commercial bui...

27th November | Posted in: Agricultural, Allowances, Business Tax, Planning, Properties, Property Investment

A new 2% straight line tax deduction, the structures and buildings allowance, has been introduced for the cost of construction or renovation of commercial buildings and structures. This tax break will...

What are you waiting for? Get in touch and get professional assistance from Johnston Smillie today. Enquire Now