Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: registered in the UK for Self-Assessment and finding it difficult to make your second payment on … [Read more...]
Save yourself £100 fine
Time is running out for your online Tax return. Each year thousands miss the deadline, which means you will have to pay a late filing fee, which is an automatic £100 fine. To stop this happening every year here are five tips to help you prepare and to complete your Self-assessment Tax … [Read more...]
Fast approaching deadline for Online Self Assessment
The deadline date is approaching fast to file your tax returns online. You then need to pay HMRC by 31st January 2020 your first Payment on account for 2019/2020 (and any further liabilities for 2018/2019). If you submit the the form after 31st January there will be a penalty even if you have no tax … [Read more...]
Approaching Deadline Date for Paper Tax Return
The deadline date is now approaching fast if you decide to send a paper tax return a it must be submitted by the 31 October 2019. If you send the form after this date there will be a penalty even if you have no tax to pay. HM Revenue and Customs are keen to encourage everyone to file their self … [Read more...]
IHT relief for businesses and farms
There is currently a, very generous, 100% relief from inheritance tax for passing on businesses and farmland during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off … [Read more...]
Your summer party can be a tax free benefit
Most organisations have, or plan to have, an annual Christmas party for staff. Did you know that the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied? Show your appreciation It is good to show your appreciation … [Read more...]
Would you like to make a Disclosure?
Have you ever worried about HMRC doing an inspection of your limited company? If you have, maybe you've heard of the term qaulifying disclosure but been unwsure what it means. Here's the answer! The other thing that many company directors worry about when it comes to an HMRC inspection is the cost … [Read more...]
HMRC Tax investigations into small businesses
It has been reported that HMRC believe 22 percent of tax returns filed incorrectly and their intention is to take action to collect this unpaid tax. HMRC tax investigations into small businesses can involve you with lots of paperwork and accounts checking, even if your accounts were perfect. The … [Read more...]
Tax planning to minimise the high income child benefit charge
The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However child benefit starts being clawed back at that same figure, and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14. High … [Read more...]
H M Revenue and Customs Strikes Again
We have been receiving a number of reminders from HMRC. This isn’t unusual as dealing with the administration of our clients’ tax affairs is part and parcel of the service we provide. However, what was a surprise that these were reminders from HMRC’s Debt management team for companies to file their … [Read more...]
