Friday January 20, 2012 at 6:55pm
We’ve all done it. That letter needs writing; those invoices need filing; that client needs calling. But then, that other thing needs doing too. You know, that really important thing. The one that can’t wait - your annual tax return.
It’s human nature. We put off anything that doesn’t need doing by yesterday. But the problem with filing your online tax return even a few minutes after the deadline, is you’ll be rewarded with an unwelcome fine of £100. This pe....
Thursday July 14, 2011 at 9:00am
We can and frequently do help clients to mitigate Stamp Duty on purchase of a home or commercial premises. But when it comes to avoiding the Inheritance Tax (IHT) payable on the home on death, many clients seem to think there’s little they can do. With the rise in property prices and Inheritance Tax thresholds at £325,000 per person once the home is added to the estate many people find that Inheritance Tax will be due on death. This tax is gratefully received by HMRC, so much so they....
Thursday May 26, 2011 at 10:00am
New penalties for late filing and late payment of self-assessment income tax returns came into effect on 6 April 2011. The new penalties will apply to late 2010-11 and subsequent tax returns. And the worst news is that the penalties increase the greater the delay in filing self-assessment returns or making payments due to HMRC.
The new rules will apply to anyone who is late sending back their tax return for 2010-11 and any taxpayers who pays the tax they owe for 2010-11 more than 30 days late.....
Friday April 22, 2011 at 10:00am
Any taxpayers who have some undeclared income, should take a serious look at the latest opportunity offered by HMRC to get their tax affairs sorted out with usually no questions asked, and lower penalties applying than would be the case if HMRC approached them. Although this new opportunity is supposedly aimed at plumbers, (hence the name “Plumbers Tax Safe Plan), HMRC makes it clear that in fact it is open to anybody, whatever the source of income or capital gains and whether an individua....
Thursday March 24, 2011 at 10:00am
New late filing and late payment penalties will apply from 6 April 2011 (in relation to tax years ending after 5 April 2010) for personal, trust and partnership returns.
The existing rule that the late filing penalty is the lower of £100 and the balance due will be replaced. That is hardly a surprise, but the good news is that the level of the basic £100 penalty remains.
The penalties for late filing will include:
£100 penalty immediately after the due date for fi....
Thursday December 9, 2010 at 4:45pm
If you have registered to file your tax return online, then you only have until January 31st 2011 to do so. Missed deadlines will result in a £100 fine, so it’s worth making sure you file on time.
Here are our top tops for taking in the dreaded tax return:
Preparation is everything: Before you start filling in your tax return, you need to get all your records together and make sure that they’re in order. If you’re doing it yourself, it will make your life easier, and ....
Monday December 6, 2010 at 9:47am
One of the changes announced in the June budget seems not to have crossed many business owners’ radar and yet I think it potentially has a substantial impact on how they might be able to reduce tax costs now and in the future.
You may have spotted the change to the tax relief on contributions into pensions being reduced from £255,000 to £50,000 per annum for pensions with a pension input period ending after 5th April 2011. You might have been excused for thinking that it&rsqu....
Friday November 12, 2010 at 9:12am
Tax chiefs were hauled to give evidence to the Treasury Select Committee recently and admitted that a staggering 24 million people could have had their tax bills miscalculated over recent years.
The Panorama programme, Are you one of the six million? earlier this week has rekindled interest in this topic. It’s anticipated that six million people will get letters before Christmas either demanding an average of £1,400 or offering a refund by cheque after a new computer system identif....
Thursday September 30, 2010 at 7:05pm
At the Liberal party conference Nick Clegg was the latest Government spokesman to talk about clamping down on tax avoidance. He even went on to talk about avoiding tax as being an ethical question. I’d say a bigger ethical question is how our taxes are spent by government. Indeed if people felt their taxes were being spent wisely and fairly they may have more time for the ethics of high taxation. What’s all the fuss about? It is probably worth looking at the distinction between evasi....
Tuesday July 6, 2010 at 11:23am
Discretionary trusts can be a good way of avoiding inheritance tax on your capital. They can also allow you to exert control over the trust assets by being a trustee.
However, there is an entry tax (or chargeable lifetime transfer) of 20% on all transfers that exceed an individual’s inheritance tax nil rate band (£325,000 in 2009/10 tax year). This can be a major obstacle where assets exceed this amount.
Normally a gift into trust is still chargeable to inheritance tax in the fir....