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Posts Tagged ‘HMRC’

Payments on Account – what are they?

Payments on Account are the way in which HMRC get you to pay next year’s tax bill in advance. As a result, the idea is very simple but, inevitably, there are added complications that leave everyone scratching their heads. It is best to think about Payments on Account as being the same as your electricity…

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High Income Child Benefit charge

Anyone who is responsible for a child should claim Child Benefit at a rate of £20.70 per week for the first child, and £13.70 for each subsequent child.  What’s quoted are the 2018/19 rates and changes should be updated on the HMRC Child Benefit pages once they occur. If more than one person is looking…

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Capital Gains Tax and PPR relief

How to avoid capital gains on PPR

Capital Gains Tax is chargeable on all gains, including your Principal Private Residence (“PPR”), but there are some allowances and deductions which can reduce the tax you have to pay. We were recently asked by a client who had been working abroad about the tax liability on her UK home, which she had now returned…

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Years of farming losses disallowed

Years of successive losses disqualified farmer from loss relief The First-tier Tax Tribunal has refused to allow trading tax relief on the losses of a farmer’s sheep-breeding business, because it had made a loss in several successive years and so had no ‘reasonable expectation of profit’ as required by s68 of the Income Tax Act…

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Benefits and expenses tax reform

Radical changes to the benefits and expenses rules have been announced. What are they and when will they come into effect? The current rules for taxing and declaring benefits and expenses have been criticised as over-complicated for years. In 2014 the Office of Tax Simplification took on the task of coming up with a better…

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Paperwork is vital with shareholdings

Do the paperwork when sharing your shares A tribunal was asked to rule on whether some of the shares apparently owned by a director were actually his wife’s. What did the tribunal rule and what useful tax planning tips can shareholders take from it? Asset Ownership Ownership of an asset isn’t just a case of…

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Company loan: a tax saving tip

A company loan?  A tax-saving tip The personal tax cost of borrowing from your company is now quite low. However, when the time comes to repay the loan there’s a neat trick you can use to cut it further. What is it and how does it work? First, the current rules Example: John borrows £100,000…

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VAT on single-use carrier bags

5p carrier bags levy As of today, a 5p charge is levieed by the retailer on every single-use carrier bag sold in Scotland.  Similar schemes have already been introduced in Northern Ireland and Wales. The legislation is provided by HMRC at Business Brief 38 (2014), but this can be boiled down to four basic facts…

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Credit card sales – HMRC crack down

Credit card crack down Businesses with undeclared income from debit and credit card sales have been offered the chance to settle their tax affairs on the best terms.  The offer is HMRC‘s latest tax campaign, or taskforce, against tax evasion. Businesses that make the voluntary disclosure will have four months to pay what they owe from the date…

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HMRC Basic Tools for RTI

Basic Tools for RTI If you use the HMRC Basic Tools software for your RTI submission, you need to heed their advice and make sure that you take regular back-ups and store them safely. A client recently had a hardware problem, and when fixing the Windows installation the IT company scrubbed all the historic data…

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