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The Benefits of Moving to Cloud Bookkeeping
If you’re still using a desktop solution for bookkeeping, you’re missing out. With cloud software, your record-keeping is faster, more accurate, and more valuable.
CORPORATION TAX – PLANNING TIPS
Last year alone, Corporation Tax netted the Treasury £55.1 billion. While the 2018/19 figure represented a 2% rise on the previous year, it also increased for the sixth successive year. With that in mind, what can you do to ensure you minimise your Corporation Tax...
TAX BENEFITS OF MAKING PENSION CONTRIBUTIONS
Personal Pension Contributions As a reminder, Personal Pension Contributions made by individuals are paid ‘net’ of basic rate income tax (20%) since HM Revenue & Customs (HMRC) pay the 20% tax into the pension scheme. For example, if you pay £8,000 in to your...
TIPS FOR MINIMISING INHERITANCE TAX – LIFETIME GIFTS
It is important to remember that the current Nil Rate Band is £325,000. This is the amount up to which an Estate has no IHT to pay. Furthermore, the Residence Nil Rate Band (RNRB) enables individuals to benefit from a further Nil Rate Band which can generally only be...
SHOULD I EXTRACT THE PROFITS FROM MY LIMITED COMPANY?
Salary It is relatively common practice for director/shareholders of ‘ownermanaged companies’ (e.g. companies that are owned and managed by a single person or more than one individual such as husband and wife etc.) to pay themselves a salary sufficient to gain a...
MAKING TAX DIGITAL FOR VAT – ACT NOW!
What does ‘MTD for VAT’ mean for my business? Many businesses will already be used to filing their VAT returns online through HMRC’s gateway, but under MTD for VAT, this in isolation is no longer an option and the new requirements represent a major change. Businesses...
MAKING A GIFT? DON’T FORGET TO TELL THE TAXMAN!
How can Capital Gains Tax be payable when I haven’t actually made a gain? Any transfer of an asset by an individual to a ‘connected person’ is deemed to take place at market value for CGT purposes. This applies to any asset which is a chargeable asset for CGT...
REPORTING BENEFITS AND EXPENSES PROVIDED
Do all businesses need to complete the forms and which benefits/expenses are reportable? Not every business will need to prepare forms P11D since they are only required if the employer has provided reportable and/or taxable benefits or expenses to employees during the...
THE NEW TAX YEAR
Income Tax and Capital Gains Tax The personal allowance is increasing by just over 5% to £12,500 across the UK, meaning any individual with taxable income up to that amount in the tax year ending 5 April 2020 will not pay any income tax at all. A typical basic-rate...
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