Wokingham Accountants
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 correct amount of tax has been paid. Where … Read more
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, this is not an option where the amount of the … Read more
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 individual’s employer. Investments The range of potential investment … Read more
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 and civil partners benefit from exemptions that are not available to unmarried couples. Inter-spouse exemption … Read more
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 receive the top-up, eligible parents must open an account … Read more
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 self-assessment returns for 2018/19 must be filed online by midnight … Read more
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, such as a personal service company. There are tax and National … Read more
Embrace electric for tax-free benefits 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, tax policy is used to drive behaviour, rewarding drivers choosing lower emission cars with a lower tax charge while penalising those … Read more
Inheritance tax – frequent gifts can be free of tax. Within a family scenario, there are many situations in which one family member may make a gift to other family members. However, the way in which gifts are funded and made can make a significant difference to the way in which they are treated for … Read more
Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HMRC. The reporting requirements depend on whether the benefits were pay-rolled or not. Benefits not pay-rolled Taxable benefits that were not pay-rolled in 2018/19 must be reported to HMRC on form P11D. There is no need to include benefits … Read more
