Category: Tax

The deadline to submit your self-assessment paper tax return for the 2015/16 tax year is 31 October 2016. Tax returns must account for all income received during each tax year running from 6 April to 5 April. The form to complete is SA100. This should include: income from self-employment employment income dividends income and expenses … Continued

Businesses paid £44.4 billion in corporation tax in 2015/16, according to figures from HMRC. This is an increase of 3% from the £43 billion collected in 2014/15, and is the highest since 2007/08. The figure reflects increases in tax from the manufacturing, distribution, financial services and commercial sectors. North Sea oil and gas sector receipts … Continued

As a result of the new restrictions on Pension contributions and the potential suspension of contributions under fixed protection (2016), financial advisors are seeing a marked increase in enquiries relating to Venture Capital Trusts (VCT’s). VCT’s are a popular way of investing into smaller UK Companies and specialists firms can assist in selecting a portfolio … Continued

Are you afraid you have left Inheritance Tax Planning too late? Are you perhaps faced with an illness which means you have a reduced life expectancy and you are concerned about your exposure to IHT? Don’t rule out planning now – there are specialist IHT solutions that may assist you. Some achieve IHT efficiency after … Continued

HMRC has this week launched its new worldwide disclosure facility (WDF), enabling taxpayers with undeclared offshore income or assets to make a notification and full disclosure online via the new digital disclosure service. From the end of September 2016, HMRC will start to receive financial account information automatically from the UK’s Crown Dependencies and overseas … Continued

Inheritance tax (IHT) receipts totalled £4.7 billion in 2015/16, a 22% increase on the previous year. Without taking inflation into account, this is the highest receipts have been since the IHT system was introduced in 1986. The Office for National Statistics cites several reasons for the rise: Property prices Property makes up around 30% of … Continued

69% of over-45 homeowners say that their home is worth more than their pensions, savings and investments combined, research by Aviva has found. Important findings: 46% see their property wealth as a key part of their retirement income 23% are worried about paying off their loans 33% do not think they will have paid off … Continued

The Government is introducing a fundamental change for UK resident non-domiciled individual (non-doms) from 6 April 2017. The new deemed UK domicile rules will mean that some non-doms will no longer be able to use the remittance basis and instead will be subject to UK tax on their worldwide income and gains. Additionally, all UK … Continued

HMRC has published revised advisory fuel rates for company cars, applying from 1 September 2016. 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 September 2016. You … Continued