The Chinese Football Association (CFA) has announced a 100% tax on the signings of foreign players in order to control transfer fees. The new policy will come into effect from the beginning of June which means that any loss-making clubs that are buying foreign players will have to pay the same amount as the transfer… Read more »
Posts By: ilyas Patel
Unmarried Pensioners Who Live Together Miss Out On Tax Benefits
The tax system still categorises the public into single people living alone and married people living together. Yet, despite the growth of cohabiting couples most of which are pensioners, most of the tax benefit rules still do not recognise cohabitation. Tax Benefits that don’t apply to cohabiting couples: Inheritance Tax (IHT) When married couples pass… Read more »
Single Property Landlords Hit By Buy-To-Let Changes
62% of the UK’s landlord population are single property landlords which is around 1.5 million of the estimated 2.3 million landlords. However, due to the introduction of new tax rules for buy-to-let landlords, they will be pushed into the higher income tax bracket according to the National Landlords Association (NLA). Currently, the average annual mortgage… Read more »
Delay Tax On Bonus Payments
Paying a director’s salary or bonus is a Corporation Tax deductible cost for a company. The taxman could dispute a deduction if the remuneration is excessive compared to the company’s income. However, the timing of a tax deduction is a different matter. Nine-month rule: According to the Corporation Tax rules, a deduction can be… Read more »
Why You Need To Hire An Accountant Â
One of the constant dilemmas of sole traders and small business is deciding whether to do the accounting work yourselves or to bring in an expert into the business. Employing any professional service including an accountant can be expensive. However, accountants can sure eliminate your workload and therefore, give you more time to concentrate… Read more »
Avoid Capital Gains Tax On Divorce
One prevalent issue with divorce is the separation of assets from one spouse to another. Although assets can generally be transferred between spouses at no gain or no loss when spouses are still ‘living together’, this treatment ceases after the tax year in which separation occurs. HMRC treats spouses as ‘living together‘ unless separated: under a court… Read more »
New Tax-free Childcare Scheme
Application for the new tax-free childcare scheme is now open for working parents. Another childcare scheme will also be opening in September. The two new schemes are intended to cut childcare costs by up to £2,000 per year for each child under 12 years old. This is £4,000 per year for disabled children under 17… Read more »
National lottery syndicate tax rules
Businesses all over the country run lottery syndicates. Find out more about national lottery syndicate tax rules. In lottery syndicates, staff members usually put in an agreed amount each week and the designated employee will use the funds to buy lottery tickets. If the lucky numbers come up, the prize will be equally shared by… Read more »
Pensioners Are Advised To Delay Their Tax Return Submission
HMRC used to collect tax due on state pensioners which exceeded the personal allowance through self-assessment tax return. This is due to Department of Work and Pensions (DWP) not deducting tax under PAYE. In order to be more efficient, HMRC is now introducing a new system this month intended to eradicate the completion of tax… Read more »
HMRC Targets Online Retailers
According to research, HMRC is imposing harsh penalties on online retailers also known as ‘deliberate defaulters’ who underpay their tax. On average, these small scale online retailers face penalties of 59% of the tax owed which is payable on top of the underpaid tax. This is in comparison to the normal penalty of 35%-50% of… Read more »