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01/05/2018

May Tax Tips & News

Welcome to the Davies Tracey Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Use Gift Aid to save tax

HMRC have recently highlighted that charities are collectively missing out on some £600m extra funding because a third of donations made do not add Gift Aid when they could have done so. Broadly, Gift Aid allows charities and community amateur Read More...

Diesel car supplement increase takes effect

The rules for taxing petrol company cars apply equally to diesel cars, but the latter are then subject to further adjustment. The taxable benefit arising on a car is, broadly, calculated using the car's full manufacturer's published UK list price, Read More...

HMRC update guidance on MSCs

HMRC have updated their guidance, following the recent decision in Christianuyi Ltd v R & C Commrs [2018] UKUT 10 (TCC), in which the Upper Tribunal ruled Read More...

When are tips taxable?

The Summer season usually sees a rise in the number of casual staff taken on by restaurants and cafes. Whilst the tax and NIC implications of wages is generally straight-forward, confusion often arises regarding tips and gratuities as the necessary tax Read More...

May questions and answers

Q. I own a rental property, which has a mortgage on it. The mortgage is currently on an interest-only basis. Given the new interest relief restrictions on landlords' finance costs, should I consider switching to a repayment mortgage? Read More...

May key tax dates

2 - Last day for car change notifications in the quarter to 5 April - Use P46 Car 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/5/2018 Read More...

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Based in the Tees Valley, supporting clients in the northern region and beyond, our team delivers everything you would expect from first-class accountants. Our services aim to help our business clients to achieve greater profitability, and our individual clients to enjoy greater wealth.

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