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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Wondering what chattels are and how they relate to Capital gains tax? Wonder no more!
Capital gains tax and chattels (an item of tangible movable property) For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital ...
Dying without making a will – who gets what
Dying without making a will – who gets what The best way to ensure that your estate is passed on in accordance with your wishes is to make a will. However, even with the best of intentions, it may happen that someone dies without making a will, particularly whe...
Does your business trade with the EU? You’ll need an EORI number after Brexit.
What is an EORI number and who needs one? An Economic Operator Registration and Identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In...
Tax Savings – when is a car a pool car?
Tax Savings - when is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have several cars available for use by employees when they need to undertake a business journey. From a tax pe...
Don’t assume HMRC is right – check your tax calculation
Check your tax calculation Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax calculation or a PA3...
Tax credits – do I have to tell HMRC if my circumstances change?
Tax credits – do I have to tell HMRC if my circumstances change? Tax credits are benefit payments that are paid to people in work who are on a low income or have children. There are two tax credits – working tax credit (for those working but on a low income) and child ...
Here’s how to apply for tax-free childcare
Government childcare scheme – tax-free top-up Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three mon...
How to use a SIPP to save for retirement
Using a SIPP to save for retirement A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP provider. It is attractive to...
Closing a business – when a Members Voluntary Liquidation is beneficial
Closing a business – when a Members Voluntary Liquidation is beneficial Members Voluntary Liquidation (MVL) Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather th...
Penalties for late self-assessment returns
Penalties for late self-assessment returns The normal due date for a self-assessment return where filed online is 31 January after the end of the tax year to which it relates. This means that self-assessment tax returns for 2017/18 should have been filed online by midnight...
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