Are you missing out on tax credits?

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled. According Read more…

What is in a name?

One of the first things a budding entrepreneur considers is what to call their business. If you intend to incorporate your business as a limited company, the registration process will filter out unacceptable names and names that are too similar to a company already registered at Companies House. However, this Read more…

Penalties to be points based

Drivers face disqualification from driving if they accumulate 12 or more penalty points for driving offences. The resulting ban can last from 4 to possibly 11 years depending on the gravity of the offence. HMRC seem to think that this point based system is a good idea and they now Read more…

Inheritance Tax Gifts

In the article below we explore the effect that making of lifetime gifts can have on reducing an estates exposure to Inheritance Tax (IHT) liability on death.   Commonly referred to as “Inheritance Tax Gifts” it is one of the simplest ways to avoid inheritance tax. Gifts Exempt from Inheritance Tax The Read more…

Advance notice

Last week the Treasury issued draft clauses for the forthcoming Finance Bill (to be published after the Autumn Budget later this year). These will set the scene for tax matters 2019-20 and beyond. The aim of the advance notice is to give interested parties a chance to comment on the Read more…

Tax Diary July/August 2018

1 July 2018 – Due date for corporation tax due for the year ended 30 September 2017. 6 July 2018 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2018 – Pay Class 1A NICs (by the 22 July Read more…

Self-employed tax bills

Whether you pay Income Tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of the State, but the self-employed are often surprised that their bi-annual tax payments cover both “taxes” – NIC and Read more…

Why don\’t they join up the dots

According to HMRC, around three million couples across the UK have boosted their finances by claiming the Marriage Allowance, but more than a million married and civil partnered couples are still eligible for the free tax break worth up to £238 a year. Thanks to the start of the new Read more…