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30-03-2017
The future is here
We are proud to introduce the new Thompson Wright taxapp! At Thompson Wright, we are committed to providing you with all the information you require in an easy to understand format. Designed to Read more..

13-02-2019
Gifts out of disposable income
There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give Read more..

13-02-2019
What work is covered by the CIS scheme?
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as Read more..

13-02-2019
When do you pay Capital Gains Tax?
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. However, if you only pay basic rate tax and make a small capital Read more..

13-02-2019
Class 4 NICs who is liable?
There are two types of National Insurance Contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed Read more..

13-02-2019
Reduction in special Writing Down Allowance
Businesses can claim Capital Allowances tax relief for certain types of capital expenditure. For expenditure on plant and machinery that exceeds the Annual Investment Allowance (AIA) and does not Read more..

13-02-2019
EIS Income Tax relief restriction for connected parties
The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those Read more..

13-02-2019
Tax codes for employees
The P9X form is used to notify employers of the tax code to use for employees. The form shows the tax codes to use from 6 April 2019. The basic Personal Allowance for the tax year starting 6 April Read more..

06-02-2019
Alcohol duty freeze confirmed
The Chancellor, Philip Hammond recently paid a visit to an independent brewery in Liverpool and confirmed that the duty rates on beers, spirits and most ciders will be frozen at the current rates for Read more..

06-02-2019
Will you pay tax on your inheritance?
If you inherit property, money or shares you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any Read more..