With rising inflation and recovery after Covid are you checking your turnover regularly? Alternatively would registration be beneficial? Most accounting software can cope with the calculation and filing of VAT returns. So the good news is, being obliged to register for VAT is not the time-consuming chore it used to be. The following notes set […]
Should you be registered for VAT? Read More »
Since April 2020, all UK residential properties disposed of by UK resident taxpayers – that create a taxable gain for Capital Gains Tax (CGT) purposes – will have to be reported to HMRC within 60-days of the disposal. Any CGT payable will have to be paid over to HMRC in the same 60-day window. Generally,
60 days to pay capital gains tax If you sell chargeable UK residential property Read More »
Tax Returns! We are now nearly two months into the new tax year and it is time to think about completing tax returns! Tax return information should be available with banks and brokers making annual reports available online or sending them out and employers issuing end of year details. We are asking all clients to
June 22 Update – Tax returns Read More »
The final reporting obligations for employers that provide Benefits in Kind (BiK) to employees, including directors, is fast approaching. The following update sets out what needs to be done and by what date What needs to be included on P11D forms Items that should be included on a form P11D include any payments made, or
P11Ds: Reporting Benefits in Kind 2021-22 Read More »
PROPERTY BUSINESSES – TAX REVIEW CHECKLIST As Making Tax Digital is now just 2 years away, it is time to start preparations if you have not already done so. Landlords whose rental and self-employed income exceeds £10,000 per year will have to comply with the MTD rules. Note that it is gross income (turnover) that
Property tax issues and checklists Read More »
The Chancellor unveiled his Spring Statement today. With a background of increasing wage, fuel and raw material costs and rising inflation, it was hoped the Chancellor would bring some respite for small businesses and sole traders. Thankfully there is some small respite coming for small business owners and sole traders. Before you get too excited,
The annual tax-free capital gains allowance is £12,300. Consider selling assets, shares for example, that can be sold within the tax-free allowance. If your chargeable gains are likely to exceed the £12,300 limit, are there any assets you can sell at a loss to reduce the total gains below the tax-free limit? It is no
Year-end capital gains tax planning 2021-22 Read More »
Inheritance tax (IHT) planning check list Make sure you have an up-to-date Will. Dying without a Will can cause all sorts of problems for your surviving family as well as affecting your IHT liabilities. Make the most of the annual gift exemptions. You can only carry forward the £3,000 unused annual allowance for one year.
IHT Year-end Checklist for 2021-22 Read More »
There is just over a month to go before the end of the tax year. If you have not already started to do so it is time to start reviewing your finances to consider any actions required by 5 April. If your business year-end is also at the end of March then there will be
Tax payments due 31 JanuaryThis a quick reminder that tax due for last year and payments on account for the current year are due by 31 January. Clients who have completed their tax returns will have the details in the tax return documentation sent out with their return. Details of how to pay if you
31 January Tax Payment Reminder And Filing Deadline Read More »
