Many business readers of this blog will have their accounting year end set to coincide with the tax year end. For convenience, the end of March. As we approach the end of the calendar year you might want to consider the value of an interim review of your accounts to see what planning strategies are […]
Update on State Pension changes
The government has launched a public information campaign to ensure everyone knows what the State Pension changes mean for them. With just over 500 days to go, Work and Pensions Secretary Iain Duncan Smith and Pensions Minister Steve Webb have recently launched a major new drive to help people understand the historic reforms that will […]
No NIC due on rental income!
Class 2 NICs are payable by the self-employed at the rate of £2.75 per week, although there is a small earnings exemption for those earning up to £5,885. It is understood that HMRC believe Class 2 NICs also apply to buy-to-let landlords. This is not correct and was tested in a case before the Tax […]
What is the rush
Readers who still need to file their 2014 self-assessment tax return may be asking themselves what’s the rush? After all, the deadline for filing the return is not until 31 January 2015: more than two months away. In fact there are at least two good reasons why you should attend to your filing obligation […]
Seven year ban for inadequate accounting records
It would seem that errant directors are not only being pursued by HMRC for sloppy accounting procedures. The Insolvency Service is now taking a more active interest. Daniel Mark Holloway, the sole registered director of Holloways Contract Services, based in Romford, Essex, has been disqualified from acting as a company director for 7 years for […]
Corporation Tax quarterly instalment payments
Most companies pay corporation tax 9 months after the end of their accounting period. However, companies with profits in excess of £1,500,000 a year are required to pay corporation tax on a quarterly basis. The first 25% is due 6 months and 14 days into the period, with subsequent 25% payments due every 3 months […]
Selling personal possessions and capital gains tax
There are a number of personal assets that you can sell without a risk that you are creating a CGT liability. They include: your car individual personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs UK […]
Failure to pay maintenance to affect credit rating
From March 2015 (subject to Parliamentary approval), the Child Maintenance Service and Child Support Agency (CSA) will begin sharing certain information about the payment records of their clients with credit reference agencies. This means that arrears built up in maintenance payments will have the same effect on people’s credit score as other debts. Having a […]
New intestacy rules if you do not make a Will
Many people die intestate because they think their estate will automatically pass to their spouse free of inheritance tax (IHT). This is not necessarily correct. Moreover, having a Will in place makes it easier to get a grant of probate and avoids the Statutory Intestacy Rules governing how the estate is distributed. From 1 October […]