SIL Solutions

Tax dates and return deadlines for the tax year 2019/20

April 6, 2019

Introduction

Knowing the important deadlines in the tax year 6 April 2019 to 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 contributions (NICs) and th...

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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...

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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...

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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...

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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...

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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...

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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...

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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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Budget 2018 in 24 Bullet Points

October 30, 2018

...as presented by The Chancellor.

1. Public Finances - Turning Point Since 2009-2010 the deficit has fallen by four-fifths, from 9.9% to 1.9%. Public debt peaked in 2016-17 and is now falling. On average, spending on public services will grow 1.2% above inflation a year from next year until 2023-24. 2. Emplo...

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