Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
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...
Directors’ loan accounts – avoiding the risks
Directors’ loan accounts – avoiding the risks HMRC produce a series of toolkits which set out common errors that they find in returns. The hope is that by being familiar with the mistakes that are routinely made, you can take the necessary steps to...
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...
Inheritance tax and spouses and civil partners
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the c...
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...
Electricity for electric cars – a tax-free benefit
Electric cars - a tax-free benefit. The Government is keen to encourage drivers to make environmentally friendly choices when it comes to choosing a car. As far as the company car tax market is concerned, the tax policy is used to drive behaviour. Therefore, rewarding driv...
Could you benefit from the marriage allowance?
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance...
Tax relief when you donate to a charity
Tax relief for charitable donations Individuals who donate to charity can do so tax-free. There are various ways of making tax-deductible gifts to charity. The way in which the relief works depends on how the donation was made. Donations can be made in a numbe...
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