For business owners, Entrepreneurs’ Relief (ER) is an attractive Tax relief which can be used on the disposal of a business. Owners of Limited companies, unincorporated businesses and even Trustees may be able to take advantage of ER. Any Capital Gain made on the disposal of a business may be taxed at a 10% rate of […]Read More
It’s all change on dividend tax rules following the 2015 Summer Budget. Read on to find out how they could affect you…
In the 2015 Summer Budget, the Chancellor announced there are going to be fundamental changes to the way dividends are taxed.Read More
As I have blogged before, most mortgage lenders require form SA302 as evidence of a mortgage applicant’s financial standing. These forms are difficult to get hold of as HMRC only automatically issue them to tax payers who have submitted a paper tax return. A vast majority of people either submit their returns on-line or use tax agents who similarly submit their client’s tax returns on-line.Read More
Once again some taxpayers have received letters from HMRC asking them to “check their tax return”. HMRC appears to have sent the letters to those individuals who said they had received child benefit and earned over £50,000 in 2012/13. However they have not paid the High Income Child Benefit Charge (HICBC). In all the cases our professional body, the ICAEW, has seen, the taxpayers did not have to pay HICBC because their spouse or partner earned more than them and had actually paid it.Read More
As you can imagine, the H.M.R.C. have a big job each tax year-end in reviewing the tax liabilities of nearly 5.5 million people. They will receive their tax calculations (via form P800) before the end of October of the year in which the tax-year ends (so for Apr 2013 – that is 31st October 2013 and so on).
These calculations only affect those who have income taxed under PAYE and who have not been asked by H.M.R.C. to complete a self assessment tax return for year-end under review. If you don’t fall into either of these categories you don’t need to worry.Read More