Tax Planning (Year-End 5/4/2021)
November 14, 2020
As the tax year end approches in these uncertain times (5/4/2021). We are presenting you with tax planning opportunities and pitfalls advices for both individuals and businesses as well as dealing with issues around COVID-19 in modules as follows:
Tax for individuals:
...
COVID-19 Related Issues (updated 11/11/2020)
November 11, 2020
Support for COVID-19 (Second Wave)
Introduction:The UK, Scottish and Welsh Governments and the Northern Ireland Executive have announced a wide range of measures to support businesses that are experiencing difficulties due to COVID-19 (second wave). The support that is available depends on the particular circ...
Tax dates and return deadlines for the tax year 2019/20
April 5, 2020
Introduction
Knowing the important deadlines in the last tax year started on 6 April 2019 and ended on 5 April 2020 will help you to prepare and send off the main forms in good time. You may have a range of obligations for corporation tax, PAYE, self-assessment, VAT, National Insurance c...
HMRC enquiries: Which records to keep private
February 14, 2019
The issue
Any taxpayer who submits a tax return can be selected for an HM Revenue and Customs (HMRC) enquiry at random. Those taxpayers unfortunate enough to be selected may find HMRC’s tax return enquiries rather obtrusive.Is HMRC entitled to see a self-employed taxpayer’s privat...
IR35 (Off-payroll rules) - updated on 10 April 2019
April 2, 2019
What is IR35?
If you’re not directly employed by your client in a traditional sense, but you use an intermediary (such as a Limited Company) to provide your services, the intermediaries’ legislation – known as ‘IR35’ – may apply to you.Under IR35, you have the burden...
Directors' Loan Accounts
February 9, 2019
Tax planning
The opportunity to borrow funds from a personal or family company can provide an attractive source of cheap finance. In a family or personal company, transactions between the company and the individual directors are commonplace. A director's loan account is a simple mechanis...
Close Companies
February 8, 2019
What is a close company?
A company is close if it is UK resident and either condition A or B is met:
Condition A:
It is under the “control” of:
Five or fewer participators, orParticipators who are directors.
Condition B:
That five or fewer participators, or participators who are directors togeth...
Auto-enrolment
February 6, 2019
What is auto-enrolment?
Automatic enrolment is a government initiative which aims to help people save more money for later life through a compulsory workplace pension scheme. This means that every employer, no matter what size, is legally obligated to provide a pension for all eligible employees. I...
Cash basis for landlords – when does it apply?
January 18, 2019
The cash basis simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and accruals. Income is recognised when received and expenditure is recognised when paid. Since 6 April 2017, the cash basis has been the d...
Inheritance tax – making tax-free gifts
January 15, 2019
There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free gifts is a useful way to reduce the value of your estate – and ultimately the inheritance tax that may be payable on gifts....
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