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January Tax Return Traps

The deadline for filing a paper tax return has already passed. However, you still have a few weeks to submit your online tax return. This needs to be filed by midnight on 31 January 2018.

 

You need to file a self-assessment tax return if you:

  • are self-employed
  • earn more than £100,000 a year
  • have a pension income above the… Full article

Auto – Enrolment Traps To Look Out For

Auto enrolment has been gradually phased in by The Pensions Regulator. However, from 1 October 2017, first time employers will need to comply with the legislation immediately.

It’s essential that these employers understand their legal obligation and discharge them. If they failed to do so, fines will be imposed at a rate of up to £10,000 per day.

If you… Full article

Free App For Taxpayers Offered by HMRC

HMRC is endorsing a new app which allows taxpayers to view their tax code and an estimate of the tax to be paid.

The app is available from the app store for iOS and Google Play Store users. To use the app, users will need to enter their government gateway ID and password. Users will also be able to sign… Full article

FREE Champagne From The Taxman

Treat your employees with tax-free champagnes this holiday season ! As long as it doesn’t exceed the trivial benefit threshold and certain conditions are met, your other presents could also be tax-free !

THE RULES  

  • The cost of providing the benefit should not exceed £50 per employee
  • The benefit is not a cash or cash voucher
  • The benefit is not… Full article

Weird And Wonderful Things With Family Companies

There is a misconception that “Family Investment Companies” are complicated and are only relevant to rich families. However, this is clearly not the case !

A Family Investment is simply a company where the shares are held by family members. It’s possible that one can do weird and wonderful things with the share capital, but this is not always necessary.

Here’s an… Full article

Get On Your Bike

You can get a bike and cycling equipment worth up to £1,000.
Here’s how . . .

The HMRC “Cycle-to-Work” scheme allows you to enter into a hire agreement with your employer or your business in order to pay back the amount. This is typically done through monthly salary sacrifice over the period of 12 to 18 months.

This amount… Full article

Tax Savings For Employees And Directors

 

6 Things You Need To Know


1. Season ticket loan

If you are a commuter, you can ask your employer if they can give you a tax-free loan to buy your season ticket.

2. Pool cars

Use a pool car for occasional business travel if your employer provides these.

3. Childcare schemes and tax credits

Ask your employer if they… Full article

Tax-free Mileage Allowance of 60p

The approved HMRC mileage allowance payment is a maximum of 45p per mile. This means that you can pay your directors and employees the maximum amount for using their own vehicles for business journeys.

You can also pay your employees more than the HMRC’s approved rates of 45p for the first 10,000 miles and 25p per mile thereafter. The excess… Full article

Pay Less Tax On Savings And Investments

6 Things You Need To Know

  1. Transfer Assets – If your wife or husband is paying a lower rate of tax than you do, you can transfer your savings and investments to them in order to pay less income tax.
  2. Dividend Allowance – The first £5,000 you receive in dividends is tax-free. Basic-rate taxpayers will pay 7.5% tax on dividends they receive… Full article

Child Benefit Changes

If you or your partner has an income of more than £50,000 per year, then the partner with a higher income has to pay the High Income Child Benefit Charge that came into effect on 7 January 2013. This means that the partner with a higher income must pay an income tax on some or all of the child benefit… Full article