From all of us at Chuhan and Singh.Continue Reading →
The way in which a company can claim tax relief on a trading loss is about to change. Currently, a trading loss in a company can be carried back or set sideways against other income (rent, bank interest etc.) reducing the tax due or wiping it out completely. If there is any loss left it is then carried forward but can only set against the profits from the same trade. This can result in trading losses being carried forward and ...Continue Reading →
The 2017 Spring Budget saw the usual announcement of statistics and estimates for productivity, growth and borrowing, as well more jokes and one liners than we’ve ever seen a Chancellor “perform” in the House of Commons (and in fairness we did find some of them quite funny!).
With an unsure financial future ahead it wasn’t surprising that the Chancellor didn’t change much, though he did confirm a few things we already knew were coming:
The importance of keeping accurate business records cannot be overstated. Forgetting about HMRC for a moment, it is extremely difficult to know how your business is doing without good record keeping. Knowing whether you can invest for growth or if you’re paying a supplier too much all comes down to the records you keep.
There is no right system to use when it comes to your business; you have to find the one that works for you. This could be a ...Continue Reading →
Major changes to two of the principle forms of tax relief available for landlords will see tax bills going up over the next 5 years.
10% Wear & Tear Allowance
Prior to 6th April 2016 landlords who let furnished property were entitled to claim tax relief for the wear and tear of the furniture they supplied. This was given as 10% of the rent they received (after deducting council tax, water rates etc.), which could be a significant tax saving. However, ...
We are delighted to report that 2016 was another strong year for Chuhan & Singh with a cumulative increase in turnover of 37% from 2013 to 2016.
Our founding partner, Gursharan Singh, said: “We are thrilled that we’ve had another successful year. 2016 was incredibly busy for us and we’ve seen a significant increase in the demand for our services.”
“We restructured the practice in 2013, offering our clients more senior level support and enhanced service lines such as HMRC investigation guidance ...Continue Reading →
April 2016 saw a significant change to the taxation of dividends which will most likely result in higher tax bills for UK taxpayers. Before April, an individual only paid tax on dividends that fell into the higher rate tax band, ie. those with a total income of over £43,000. However, the recent change saw the introduction of a basic rate tax band for dividends of 7.5%, so for every £1,000 taken there is now tax due of £75.
In fairness ...Continue Reading →
The first and, as it turns out, only Autumn statement from our new Chancellor saw reduced growth projections, growing borrowing predictions, concerns over productivity and one or two announcements that will directly affect UK taxpayers. We have detailed below the main 15 points we picked up on:
The Uber tribunal case has once again highlighted the importance of knowing whether you’re hiring someone as an employee or a self-employed contractor.
For those of you who don’t know Uber is a Taxi Booking App which, until recently, took bookings and payment on behalf of “Self-Employed” taxi drivers. A couple of the drivers didn’t agree with this and, with the help of a friendly union, have successfully managed to argue at an employment tribunal that they are in fact employees. ...Continue Reading →