Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the PTA can avoid having to phone or write to HMRC.
Directors’ loans – tax consequences for your company
There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director.
Zeroing in on Xero
As you’ll know by now (we might have mentioned it once or twice!), there are big changes on the way when it comes to your VAT returns.
Should you pay tax on money or goods you inherit?
The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts.
Tax Savings Using the Small Enterprise Investment Scheme (SEIS)
Here’s an example of the tax savings that could be made:
Take David, he sells a second home realising a gain of £100,000 and so has a capital gains tax liability at 28% i.e. £28,000. (presuming he has already used his annual exemption).
Interpreting your tax code
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance.
Self-assessment second instalment due end of July
Taxpayers that make payments on account should be aware that the second payment on account for 2017-18 is due on or before 31 July 2018
How to claim or stop claiming the employment allowance
The employment allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process using either HMRC’s Basic PAYE Tools or using other commercial payroll software packages.
Ken Dodd has the last laugh
The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death.