Everything you need to know about last minute tax returns, from what not to forget and how to shield yourself from enquiries. (6 minute read) HMRC maintain that the legal deadline for submissions is 31st January, although they will waive penalties as long as you submit by 28th February. There are still plenty of reasons… Read more »
Posts Tagged: tax planning tax consultant
How a Co-occupation Agreement Could Slash Your Inheritance Tax Obligations!
Looking to reduce your Inheritance Tax obligations without losing your assets? A co-occupation agreement could be perfect for you! (4 minute read) Inheritance Tax and Your Home For many people, their home is their most valuable asset. This makes deciding what to do with it in your Inheritance Tax (IHT) plan difficult. Do you gift… Read more »
Land Registry Property Alerts: One Simple Way to Avoid Property Fraud
This quick little tip takes no time at all to implement and could save you £££ (plus a headache)! Here’s why Land Registry Property Alerts are important. (2 minute read) This week’s tax tip explains: How fraudsters can target your property What Land Registry Property Alerts are How these alerts protect you and your property… Read more »
Self Assessment Late Filing Penalties Waived: Great News for the Self-Employed!
HMRC announce Self Assessment late filing penalties will be waived for a month after 31,000 people rush to submit during the holidays. (2 minute read) The Holiday Deadline Rush This year, thousands rushed to get their returns in on time. As a result, over 31,000 submissions were received between Christmas Eve and Boxing Day. Out… Read more »
Property Business: A Beginner’s Guide to Profits and Losses
Looking to get into property business or expand an existing portfolio but not sure where to start? Look no further! (2 minute read) We’ll be discussing: How property income is taxed Using losses to your advantage Special reliefs Taxing Property Income Property income is income you derive from an interest in a property. For example,… Read more »
Will £1 Billion in Covid Grants Curb The Christmas Crisis?
The government have announced a new wave of Covid grants to protect the hospitality and leisure industry in the wake of the omicron variant. But is it enough? (3 minute read) The Case for Covid Grants The emergence of the Omicron Covid 19 variant has wreaked havoc in industries across the country. In particular, the… Read more »
Is my Christmas Party Tax Deductible? Planning a Tax Efficient Function
‘Tis the season for the office do! Here’s how to make your end-of-year Christmas party tax deductible! (2 minute read) Throwing the Perfect Party End-of-year staff parties are a workplace staple: promoting camaraderie, teamwork and reflection in yourself and your employees. Whether you’re throwing a formal do or something more adventurous, there’s a million and… Read more »
Gifting Shares to Family: Everything You Need to Know
Whether gifting shares for your child’s further education or surprising your spouse with an unconventional Christmas present: shares are the gift that keeps on giving! (2 minute read) This guide covers: How to gift shares to family The tax considerations Where to get help if you need it How to Gift Shares Before gifting any… Read more »
VAT Error Correction: Can I Fix a Mistake?
VAT error correction can be costly and confusing. Today’s Friday Tax Tip will provide some guidance to alleviate the burden. (4 minute read) Errors under £10,000 If the net sum of errors is below £10,000, you can simply adjust for them in your next VAT return. However, adjusting for a mistake does not count as… Read more »
Tax on Cryptocurrency UK: WARNING for Investors!
Should you be paying tax on cryptocurrency UK? Yes! And HMRC are writing to crypto-investors to make sure you know it. (3 minute read) What are Cryptoassets? The world of crypto is shrouded by jargon which makes it seem impenetrable for those new to it. Even HMRC’s definition can be confusing. HMRC defines cryptoassets as… Read more »