Chalmers News

Christmas Closedown

December 19th, 2017

Our offices are closed for the Christmas period as follows:- Crewkerne Office The office will be closed from 5.00pm on Friday 22nd December 2017. The office will reopen at 8.30am on Tuesday 2nd January 2018. Langport Office The office will be closed from 2.00pm on Friday 22nd December 2017. The office will reopen at 8.30am […]

Tax Diary October/November 2017

October 3rd, 2017

1 October 2017 – Due date for Corporation Tax due for the year ended 31 December 2016. 19 October 2017 – PAYE and NIC deductions due for month ended 5 October 2017. (If you pay your tax electronically the due date is 22 October 2017.) 19 October 2017 – Filing deadline for the CIS300 monthly […]

Pay your VAT monthly

October 3rd, 2017

If you find it difficult to manage quarterly payments to HMRC to settle your VAT, why not consider the VAT Annual Accounting Scheme (AAS). With the AAS you: make nine payments on account towards your annual VAT bill – based on your last returns (or estimated if you’re new to VAT), and submit one VAT […]

Self-employed tax payments

October 3rd, 2017

Self-employed persons and other individuals who submit a self-assessment (SA) tax return should bear in mind that there are only three months until the electronic filing and payment deadline for 2016-17, 31 January 2018. If you have not filed the 2016-17 SA return yet, or at the very least crunched the numbers to work out […]

What are tax-free transfers for Inheritance Tax purposes

October 3rd, 2017

There are many reliefs for IHT purposes. They include: Business Property Relief – 100% relief for business assets including an interest in a business, a controlling interest comprising unquoted shares including AIM listed shares, and unlisted shares in a private company. Agricultural Property Relief – 100% relief (occasionally 50%) A controlling interest in a listed […]

Tax legislation

October 3rd, 2017

Readers may be forgiven for finding the recent rash of announcements by HMRC, regarding possible changes to tax legislation, rather confusing. On 8th September, we were informed that the remaining sections of the March 2017 finance bill, that were deferred due to the May election, were back in circulation and being dealt with by the […]

Self-employed and using your own car

October 3rd, 2017

There are two options if you use a car in your self-employed business for business and private purposes. You can buy the car through your business, claim a capital allowance, and write off the costs of running the car as a business expense, and in both instances, you will need to adjust your claims to […]

What can you do with tax losses

September 28th, 2017

Tax losses can arise due to a difficult trading period. They can also be created if you invest in qualifying equipment and you are able to set this cost against your trading profits – if the cost of the assets exceeds your profits you will have a tax loss. There are three ways you can […]

What is subject to Stamp Duty Land Tax

September 26th, 2017

Most of us are aware that we pay Stamp Duty Land Tax (SDLT), or the regional equivalents, when we buy a property, but that is just the tip of the iceberg. For example, if you give something of value in exchange for land or property, it will also count towards the chargeable consideration and therefore […]

New Data Protection Bill

September 21st, 2017

The Government has published the long-awaited Data Protection Bill that will incorporate most of the provisions set out in the EU General Data Protection Regulation. This will apply from 25 May 2018, and many businesses will need to update their data security arrangements to comply with the new regulations. The Bill will introduce safeguards to […]

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