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...
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...
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...
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,...
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 – 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...
