Posts Categorized: Friday Tax Tip’s

Deflating Dividends: Shareholders Will be 1.25% Worse Off.

Shareholders 1.25% Worse Off Under The NHS Health and Social Care Levy The levy will see an unprecedented 1.25% increase in NI contributions and dividend payments Shareholders of small businesses to be hit especially hard by double taxation Why is National Insurance Increasing? The changes brought about by the NHS Health and Social Care Levy… Read more »

New Plastic Packaging Tax 2022

20,000 UK Businesses Liable for New Plastic Packaging Tax 2022: Start Preparing Now The Plastic Packaging Tax is a new tax set to be introduced in April 2022 Businesses to be taxed on plastic packaging that doesn’t contain 30% recycled plastic Adjust your business practices now to avoid being hit What is the Plastic Packaging… Read more »

New UK VAT Penalties Revision 2022

‘Overly Complex’ New UK VAT Penalties Revision to Hit UK Businesses Next Year HMRC will enforce a new points-based penalty system for VAT and ITSA from 2022 The system aims to be ‘simple, fair and effective but could be ‘overly complex,’ the ICAEW warns Soften the impact by getting to grips with the changes as… Read more »

Claim back tax on PPI

What is tax on PPI Payment Protection Insurance (PPI) was mis-sold for decades, and from 2005 people started to claim back tax on PPI. By August 2019 the compensation topped £36 billion, with the average payout being close to £2,000. Many people don’t know that the PPI payouts are taxable, and most were paid after the tax… Read more »

Let Property Tax Guidance: Unpacking the Dreaded Brown Envelope

What is the Let Property Campaign? Did you receive a letter from HMRC recently? You’re not alone. HMRC is conducting a rigorous campaign against Property Tax non-compliance. Disclose any undeclared Property Tax now to avoid heavy penalties and interest later. Why Did I Get a Letter From HMRC? If you’ve recently received a letter from… Read more »

Inheritance Tax Gifts: Passing on your Home.

Could passing on your home via an Inheritance Tax gift save your children a huge tax bill? What are Inheritance Tax gifts? Inheritance Tax is a tax charged on your estate when you pass away, but it can also be charged on transfers made during your lifetime. There are various reliefs available on chargeable assets,… Read more »

IR35 News: The Main Pitfalls of the new rule.

Although the government has waivered penalties for the first year of the new IR35 Rule, here are some common blunders businesses should avoid staying on the good side of HMRC Forgetting Relevant Contractor Information on IR35 Under the new IR35 rule, businesses should make sure to identify all the contractors they use by logging the… Read more »

Asset Disposal: Reduce your tax bill when selling your company.

Business Asset Disposal Relief (BADR) is a discounted rate for Capital Gains Tax (CGT). This can significantly reduce your tax bill if you sell or wind up your company. To qualify for BADR you must meet certain criteria, including owning the shares for at least two years. How do I qualify for Business Asset Disposal… Read more »

Pay under 5% tax on a pension over £1 million.

The government has tried to stop people from building up a pension worth over £1 million. To do this they’ve introduced penalties of up to 55% for anyone who breaches the £1,073,100 lifetime pension limit. However, there are ways to reduce these charges, which mean you could be paying tax well below the basic rate…. Read more »

Covid Business Support: Bounce Back Loan Warning!

Bounce Back Loan Warning! The Insolvency Service will be given new powers to investigate directors of companies that have been dissolved. This will close a loophole previously used to avoid paying back Government-backed loans. These powers include harsher punishments for those found guilty of misconduct. Change in Bounce Back Loan Rules Previously, some company directors… Read more »