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.
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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.
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).
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance.
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
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.
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.
Research and development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a corporation tax relief to encourage innovation and enterprise within the UK economy.