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 »
Posts By: ilyas Patel
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 »
Car Mileage & VAT Claims
Employees who use their own car for business purposes can claim mileage. This is currently 45p per mile for the first 10,000 miles and 25p per mile thereafter. If the employer pays more than this, the additional amount will be taxed as income. On the other hand, if the employer pays less than this, the employee gets… Read more »
Trust For School Fees
One of the many problems with having children is the cost of school fees and that the cost comes out of your taxed income. However, all individuals including children are entitled to claim a personal allowance of up to £11,000 (2015/16) which they can use to reduce the amount of income on which they pay… Read more »
Higher Road Tax Rates for £40,000+ Cars
From April 2017, purchasers of new cars that are worth £40,000 and more will have to pay a five-year charge and an annual road tax rate. Cars registered before 1 April 2017 will not be affected and will remain in the current Vehicle Excise Duty (VED) system. The measure was first introduced in… Read more »
Should Properties Be Held Personally Or Via A Company?
Emma, a sole beneficiary of her late mother’s estate worth £2 million after accounting for Inheritance Tax, is planning to build up a mortgage-free rental property portfolio worth £1.5 million. Currently, she has a relatively good job at the age of 56, earning £48,000 per annum. Assuming Emma will pursue her plans, here’s… Read more »
Accountants Ranked #4 as Most Desirable People to Date
A recent poll of 3,500 people by Xero revealed that accountants are one of the most desirable people to date. The vast majority of the people who have been surveyed viewed accountants as analytical, intelligent, and with good business skills which is in contrast to people who stereotype accountants as ‘nerds’ and ‘introverts’. … Read more »
Grandparents Overlook Childcare NI Credit
In 2011, the specified adult childcare was introduced and is available to grandparents or other family members who care for a child under 12 whenever their parent or main carer is at work. An estimate shows that more than 100,000 grandparents of working age could benefit from the scheme . Nevertheless, only a few claim… Read more »
