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Self-employed – How to calculate your payments on account
The deadline for filing the self-assessment tax return for 2018/19 is 31 January 2020. This is also the date by which any outstanding tax for 2018/19 must be paid and, where payments need to be made on account, the date by which the first payment on account of the...
Avoiding common errors when computing business profits
HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on errors that are found in relation to business profits for small and medium-sized...
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 where the death was sudden and unexpected. Where there...
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 the event that the UK leaves the EU without a deal, an EORI...
How do Class 4 National Insurance contributions work?
The self-employed pay two classes of National Insurance contributions – Class 2 and Class 4. Class 2 contributions are weekly flat-rate contributions which provide the mechanism by which the self-employed build up their entitlement to the state pension and certain...
How to avoid risks in director’s loan accounts
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, steps can be taken to avoid them. Although the toolkits...
Are you eligible to get the tax benefits of a pool car?
Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax perspective, provided that certain...
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 tax credit (for those on low income, regardless of whether they...
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...