Latest News & Insights

Budget 2018 – Other Matters

Extension of offshore time limits Draft legislation has been issued to increase the assessment time limits for offshore income and gains to 12 years. Similarly the time limits for proceedings for the recovery of inheritance tax are increased to 12 years. Where an assessment involves a loss of tax brought about deliberately the assessment time limit is…
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Tom Gregory Appointed Head of Healthcare

Tom Gregory, a Chartered Accountant and healthcare sector specialist, brings experience of advising owner managed residential and nursing homes for the elderly, acquired brain injury homes, learning disability homes, supported living and domiciliary care providers. Tom joins Botham Accounting from Mitchells in Chesterfield where he was a Senior Corporate Manager and a key part of…
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Spring Statement 2018 – Introduction

  The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018. In his speech he provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system. In this publication we concentrate on the tax consultations…
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Spring Statement 2018 – Personal Tax

The personal allowance The personal allowance for 2018/19 is £11,850. Comment Some individuals do not benefit from the full personal allowance. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000, which is £1 for every £2 of income above £100,000. So for 2018/19 there is no personal allowance where adjusted net…
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Spring Statement 2018 – Business Tax

Making Tax Digital for Business: VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Regulations have now been issued which set out the requirements for MTD for VAT. Under the new rules, businesses with a turnover above the VAT…
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Spring Statement 2018 – Employment Taxes

Employer provided cars The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car are now announced well in advance. Most cars are taxed by reference to bands of CO2 emissions multiplied by the original list price of the vehicle. Currently there is a 3%…
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