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Check your tax calculation – don’t assume HMRC is right!
If you've received a tax calculation or simple assessment from HMRC, don't assume that it is correct - HMRC can and do make mistakes. Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the...
Payroll – how to deal with new starters
From a payroll perspective, there are various tasks that an employer has to perform when they take on a new starter. For 2019/20 an employer needs to operate PAYE where the employee earns more than £118 per week (the lower earnings limit for National Insurance...
Closing a business – when a member’s voluntary liquidation is beneficial
Closing a business can be a difficult time. However, you can be tax efficient with this beneficial liquidation strategy. Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather than as a dividend,...
Using 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 those who wish to manage their own investments. Contribution to a SIPP may be made by both the individual and, where appropriate, by the...
Inheritance tax – spouses and civil partners
Inheritance - 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 combined position, rather than dealing with each individual separately. Married couples...
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 months) is available where the child is disabled. To...
Student loan deductions
Employers fulfill many collection roles for HMRC, one of which is the collection of student loan repayments. There are now three types of student loans for which employers may be responsible for deducting loan repayments from an employee’s pay. These are: Plan 1...
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 on 31 January 2019, and...
Getting ready for off-payroll working changes
The off-payroll working rules that have applied since 6 April 2017 where the end client is a public sector body, are to be extended from 6 April 2020 to large and medium private sector organisations who engage workers providing their services through an intermediary,...
Tax-free mobile phones
Mobile phones are ubiquitous – they are also subject to a tax exemption which enables employees to enjoy a mobile phone provided by their employer without suffering a benefit in kind tax charge. However, as with all exemptions, there are conditions to be met for the...