The huge increases in house prices over recent decades has been one of the main reasons why inheritance tax has started to hit more and more ordinary people. Understanding Inheritance tax and how you may be affected by it, is vital. If you begin planning for it now, you avoid passing a tax bill onto…
Category Archives: Tax
03
Feb
Feb
Individual’s 2018/19 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2020. Note that if the balance is still unpaid at the end of February 2020 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been agreed…
25
Mar
Mar
HM Revenue & Customs have extended the rules that previously applied to non UK residents in respect of UK residential property to UK commercial property also. This change to the rules means that from April 2019 all UK property disposals made by non-resident individual, whether directly or potentially indirectly through a company or trust, require…
22
Mar
Mar
Have you used your 2018/19 £11,700 annual capital gains exemption? Consider selling shares where the gain is less than £11,700 before 6 April 2019. In addition, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your…
20
Mar
Mar
“We don’t save the numbers to our computer. Where do they go? Are they safe? How do they get from my laptop to my phone? Everything’s paperless. I’m telling you, the cloud is witchcraft!” Just when we thought we’d heard it all… No, the cloud isn’t black magic. But it is more than a little…
13
Mar
Mar
For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the…
01
Feb
Feb
The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to…
22
Oct
Oct
Less than 6 months now to go until tax gets digital via H M Revenue and Customs’ (HMRC) “Making Tax Digital” initiative. Yet a huge 40% of the affected businesses know nothing about it and have made no plans to conform with the new requirements for submission of their VAT Returns. From 1 April 2019…
04
Sep
Sep
Technological hitches and Brexit-related delays aside, Making Tax Digital (MTD) is going to happen. One way or another, the UK’s tax system is going digital, and it’s vitally important that you take the correct measures now to avoid scrambling at the last minute two years from now. In this brief blog post, we explain why…
16
Apr
Apr
As another financial year draws to a close, you might be wondering if now’s the time to make a last-minute capital purchase. No matter how much money your business is turning over, purchasing new equipment is a big call and one that shouldn’t be solely dictated by the time of the year. Depending on the…
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