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View Make sure you report Benefits in Kind

Make sure you report Benefits in Kind

HMRC posted a reminder about Benefits in Kind on their website the first day of the new tax year. Examples of these include company cars, health insurance, travel and entertainment expenses, and childcare. The Benefits in Kind reminder Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs), to HMRC on form…

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View Why ticking the Gift Aid box is important

Why ticking the Gift Aid box is important

Tick That Gift Aid Box HMRC have said that charities are missing out on up to £600m a year of funding due to people not ticking Gift Aid box. They said: The research, published today by HM Revenue & Customs (HMRC), shows that a third of eligible donations made to many of the UK’s 200,000…

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View Why investing in tax professionals is always your best option

Why investing in tax professionals is always your best option

Tax Professionals are your best option The UK tax code, the laws that govern how much tax we pay, is one of the largest in the developed global economies. Unless you have a reasonable grasp of the multitude of tax rules and regulations, attempting to manage your own tax affairs is like driving with a…

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View Ken Dodd has the last laugh

Ken Dodd has the last laugh

Ken Dodd has the last laugh with his taxes. According to the press, Ken Dodd married his long-time partner, Anne Jones, just two days before he died. With an estate estimated to be £7m, the executors were facing an Inheritance Tax bill of over £2m, but tying the knot means that assets transferred to Anne…

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View Is inheritance tax due for a shakeup?

Is inheritance tax due for a shakeup?

The government department simplifying our present tax system is taking a fresh look at inheritance tax. Their review has just been published and we’re going to take you through it. The review says: The review will consider how aspects of the IHT system work, if and how they might be simplified. This will include a…

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View Timing is Everything For Self Employed

Timing is Everything For Self Employed

Timing is everything for the self employed as ee are fast approaching the end of the 2017-18 tax year. In fact, the 31 March (or 5 April) is probably the most common trading year end date for sole traders, partnerships and limited companies. And individuals have no choice, the self-assessment tax year ends on 5…

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View Private Pensions Tax Relief

Private Pensions Tax Relief

There was much speculation prior to the budget last month, that the tax relief for higher rate tax payers was going to be scrapped, or reduced. Many pundits were expecting a flat-rate tax deduction of 33% rather than tax relief for higher rate taxpayers of 40%. Fortunately, for those who may have been affected by…

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View Company Capital Gains Relief Is Frozen

Company Capital Gains Relief Is Frozen

Before the Autumn Budget, the capital gains tax (CGT) calculations of companies included a relief called the indexation allowance. Basically, this allowed a company to increase the acquisition cost of an asset by the annual rate of inflation. Without this relief, any CGT payable on the sale of the asset would increase. Instead of deducting…

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View If You’re Paying Tax in Jan 2018, Read This

If You’re Paying Tax in Jan 2018, Read This

If your business is a limited company, and your tax year ends 31 March 2017, any corporation tax due for that year is payable 1 January 2018. Unlike your self-employed counterparts – see below – no payments on account are required for 2017-18. If you are a self-employed business person, sole trader or in partnership,…

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