As self assessment tax returns for 2018/19 will soon be on the agenda, there are some key developments to keep in mind. Here, we explore these in greater detail. Directors’ tax returns The question of whether HMRC has been right to require all company directors to file a self assessment tax return has prompted debate … Read more Getting the details right
Research carried out by the National Centre for Social Research (NCSR) and the Institute for Fiscal Studies (IFS) recently found that there is a ‘staggering lack of awareness’ of the inheritance tax (IHT) implications of making a financial gift. Below we outline the gifting rules and the IHT implications. Annual £3,000 exemption Every year, an … Read more The inheritance tax implications of gifts
Earlier this year, a report suggested that half a million people could be paying ‘unnecessary’ tax on their state pension. The issue arises where someone carries on working beyond state pension age. At 65, state pension age is now the same for women as for men. It rises to 66 in October 2020 and is … Read more Reviewing your state pension
HMRC introduces new system to tackle scam phone calls HMRC has introduced a new system designed to prevent criminals from spoofing government helpline phone numbers. According to HMRC, criminals often use ‘official’ helpline numbers to convince taxpayers to part with large sums of money. In 2018, HMRC received 104,774 reports of so-called ‘phone scams’ – … Read more Business and Tax Round-up
A substantial increase in probate fees was planned for April 2019, but is still making its way through Parliament, due to the pressure of other business. Here, we take a look at the probate process, and consider how the rise in fees could impact you. What is probate? Probate is the process of handling a … Read more Considering the changes to probate fees
Entrepreneurs’ Relief (ER) is a valuable tax relief for individuals seeking to dispose of their business. It can give access to a 10% rate of capital gains tax (CGT), subject to a £10 million lifetime limit. ER is potentially available to company shareholders, trustees, and owners of, or partners in, unincorporated businesses. However, important new … Read more Disposing of a business? Make sure to claim reliefs
Making Tax Digital for VAT (MTD for VAT) is now live. Businesses with a taxable turnover above the £85,000 VAT registration threshold come within the new rules, and must comply with the initiative or face enforcement action. Here, we answer some of your key MTD for VAT questions. Q: Does my business have to … Read more Making Tax Digital for VAT: are you compliant?
Chancellor brings forward apprenticeships reforms in Spring Statement Chancellor Philip Hammond delivered the 2019 Spring Statement on Wednesday 13 March and brought forward the £700 million reforms for business apprenticeships previously announced in the 2018 Autumn Budget. Mr Hammond also announced that the halving of the Apprenticeship Levy co-investment rate from 10% to 5% takes … Read more Business and Tax Round-up