Category: Tax

Comments Off on Sick pay valued over other benefits

Sick pay valued over other benefits

Sick pay valued over other benefits

Self-employed people would prefer to receive sick pay than any other statutory benefit, a study has found. FreeAgent and The Freelancer & Contractor Services Association (FCSA) polled 900 micro-business owners and found 76% do not currently offer sick pay and other benefits such as maternity leave, holiday or redundancy pay. Attitudes towards statutory benefits varied … Continued

Comments Off on Second payment on account deadline reminder

Second payment on account deadline reminder

Second payment on account deadline reminder

The second annual deadline to submit advance payments towards your self-assessed tax bill for the previous year is due on 31 July 2017. ‘Payments on account’ take place every six months – on 31 January and 31 July – and include class 4 national insurance contributions if you’re self-employed. Each payment is half your previous … Continued

Comments Off on HMRC urged to extend executors’ inheritance tax deadline

HMRC urged to extend executors’ inheritance tax deadline

HMRC urged to extend executors’ inheritance tax deadline

Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process … Continued

Comments Off on Company car advisory fuel rates from 1 June 2017

Company car advisory fuel rates from 1 June 2017

Company car advisory fuel rates from 1 June 2017

HMRC has published revised advisory fuel rates for company cars, applying from 1 June 2017. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. These rates apply from 1 June 2017. You can use … Continued

Comments Off on HMRC computer isn’t always correct

HMRC computer isn’t always correct

HMRC computer isn’t always correct

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances, … Continued

Comments Off on Tell HMRC about shares and options in your company by 6 July 2017

Tell HMRC about shares and options in your company by 6 July 2017

Tell HMRC about shares and options in your company by 6 July 2017

It is time to file your employment related securities (ERS) tax return with HMRC. The deadline is 6 July 2017. What to report? All employers have to file annual tax returns reporting grants, lapses, exercises and awards of shares or share options during the tax year 6 April 2016 to 5 April 2017 (the tax … Continued

Comments Off on Trading down Pension entitlement and Review of Pension Pots

Trading down Pension entitlement and Review of Pension Pots

Trading down Pension entitlement and Review of Pension Pots

As most people these days change jobs during their lifetime it is also common for people to build up a collection of different pension pots, making it difficult to keep track. A study by Aegon found that, of the 62% of people who have multiple pensions, more than a fifth (21%) have lost track of … Continued

Comments Off on Financial Security – How can you always live the life you love?

Financial Security – How can you always live the life you love?

Financial Security – How can you always live the life you love?

We work alongside local independent financial planners to help you create a bespoke financial plan to help you reach your goals, whatever they maybe. It’s never too early or to late to look at your retirement plans. We can assist in helping you review if you’re on track and how to help you get there. … Continued

Comments Off on Making Tax Digital on hold – but businesses should still prepare

Making Tax Digital on hold – but businesses should still prepare

Making Tax Digital on hold – but businesses should still prepare

Plans to force every business and landlord operating in the UK to file four six returns a year online plus VAT returns have been put on hold ahead of the General Election on June 8. And the news has been welcomed by leading Merseyside accountant Peter Taaffe, managing partner of Castle Street-based practice BWMacfarlane. However, … Continued

Comments Off on Investing in small companies

Investing in small companies

Investing in small companies

ISAs and pensions are the most popular options for people saving for their futures. However, if you are an experienced investor with a significant portfolio of assets, there are other tax-advantaged products which may be appropriate. Known as ‘tax-led investments’, these include Venture Capital Trusts (VCTs) and the Enterprise Investment Scheme (EIS). Tax-led investments offer … Continued