Planning for the future
Whatever your plans are in the future, you will need an income. How far will just the state pension of £221.20 per week take you? And do you (or can […]
Personal Tax
The 60% tax trap
Apparently, over half a million taxpayers paid a marginal tax rate of 60% in 2022/23! This 60% tax rate does not appear in tax tables though. For 2024/25 taxpayers in
Cash basis or accruals basis?
From April 2024, cash basis accounting, where income or costs are recorded at the date the money is either received or paid out, is the HMRC recognised default accounting method
Do you know the amount of your January 2025 self-assessment tax bill?
Knowing how much needs to be paid gives you time to budget and ensure the funds are in place. Leaving your tax return and/or accounts until the last minute can
Pre Budget tax planning and actions
Care is needed if you are undertaking and actions prior to the budget at the end of October to avoid falling foul of any anti-avoidance legislation. There is speculation that
IHT – Inheritance Tax
Nearly £6bn of Inheritance Tax (IHT) was collected in the 2021/22 tax year according to the latest Government figures – a new record for British families. While these figures are
Paying your tax…
What happens if you don’t pay your taxes when they become due? It is crucial to contact HMRC as soon as practicable if a tax debt cannot be paid on
Directors Loans
All too often, directors treat the company bank account as if it were their own personal funds, and just help themselves to monies as and when required, just as they
Are you paying dividends legally?
It is common for a limited company to remunerate the directors/shareholders via a combination of dividends and salary. A dividend can only legally be paid however if there are sufficient
Do you need to register for self–assessment?
HMRC provide an online tool to enable you to check if you need to send a SA return. If you need to register, you must do so before 5 October