If you’re expecting a sizeable self-assessment tax bill for 31 January 2020. How and when can you reduce this, and if you can’t how can you manage the payment in the most cost-efficient way? HMRC’s pound of flesh If you’re late paying either of your January or July instalments of tax, HMRC will charge interest … Continue reading How to avoid late HMRC payment penalties and interest
With a view to keeping you this side of an HMRC penalty the deadlines for February 2020 are as follows: 1st February P46(car) deadline for the quarter to 5th January 2020. Tip: mThe form is only required when you first start to provide or permanently withdraw use of a car to an employee. 5th February … Continue reading HMRC February Deadlines
It's another New Year , but somethings never change as far as HMRC is concerned. Every month there are key deadlines and dates to remember. Overlook one and you risk incurring the wrath of HMRC. In January alone there are potentially nine things to get right, ranging from paying your corporation tax to filing a … Continue reading Never miss another tax deadline!
The Chancellor has announced the date for the first Budget in more than a year. What can you expect? What tax adjustments are expected? The Conservatives' manifesto mentioned a 1% increase to R&D tax credits and the structures and buildings allowance, along with a £1,000 increase to the employment allowance. The party promised that it … Continue reading The Budget has been set for 11 March 2020
This will not affect everyone one but if you inherited a property several years ago which you keep as a weekender. You want to retain the property but reduce its value in your estate for inheritance tax purposes. Is it possible to achieve both of these goals? It’s no give-away As you probably know, where … Continue reading How to minimise IHT if you own more than one property
HMRC’s reputation as a Scrooge isn’t always justified. For example, its rules allow for a little seasonal goodwill provided you’re not too generous. How does this apply to gifts for your staff and customers? Giving and receiving There are two sides to the equation for tax on Christmas gifts; one for the giver and the … Continue reading Seasonal gifts – the tax small print
The general election is now just a few days away. What tax policies are the main parties proposing? Conservatives. The headline proposal is the Conservatives’ pledge to keep the corporation tax rate at 19%, having previously planned to reduce it to 17% from April 2020. The Conservatives are offering a 1% increase to R&D tax credits … Continue reading General Election Tax Policies
The Chancellor has announced the date for the first post-Brexit Budget. What can we expect? Whats in store for us? Announcement. Sajid Javid said "This will be the first Budget after leaving the EU. I will be setting out our plan to shape the economy for the future and triggering the start of our infrastructure revolution". What … Continue reading The Budget has been set for 6th November 2019
HMO stands for house in multiple occupation. We've always had these in the UK, but they seem to be a very topical subject at the moment, no doubt due to our chronic housing shortage and their increased cash flow potential. The experience of landlords letting HMOs seems to vary with some enjoying greatly enhance profits … Continue reading Minimising your tax on ‘HMO’ conversions
They want their pond of flesh ever more quickly! Here is a quick summary on the ways that the HMRC require you to pay your taxes due to them. At the post office You won’t be able to pay at the post office from 15 December 2017. you will need to choose a different way … Continue reading How to pay your taxes.