After 5 April 2020, a whole raft of 2019-2020 tax planning options for individuals will cease to be available. These cover a multitude of opportunities to reduce your liability to Income Tax, Capital Gains Tax and National Insurance. These opportunities include,... read more

The world is changing and the business world is no exception. Once accounting ledgers were written longhand in copperplate handwriting but now no one would think of recording transactions that way. In the 21st century, with mobile phones and OCR... read more

HFM Tax & Accounts have joined a select group of Quickbooks accountants by becoming one of the first QuickBooks Elite ProAdvisors in recognition of our experience and expertise as a QuickBooks accountant. We now have access to a dedicated account manager,... read more

In general the most efficient way to extract profit from a limited company is through a mixture of salary and dividends as follows: Salary to the National Insurance threshold (currently £8,632) or Income Tax threshold (£12,500). In the former, you will... read more

Changes to private residence relief (PRR) which have already been announced are planned to come into effect next year. You should be aware that if you rent out all or part of your home this may create a Capital Gains Tax... read more

How can you reduce the SDLT and income tax you pay on jointly owned property rental income? If you own a property jointly with your spouse - one of you being a higher-rate taxpayer and the other being a basic-rate taxpayer,... read more

HMRC has confirmed that it has reviewed approximately 30,000 self-assessment returns for 2017-18 where it considers that there is a risk that its tax calculator has incorrectly computed the individual's tax liability because of a known exclusion. This only affects electronically... read more