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Tue, 07 Feb 2012 13:42:54 +0000
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
Mon, 06 Feb 2012 17:22:52 +0000
Consumers are shunning credit cards in favour of debit cards, digital payment and payday loans, according to a new report from PricewaterhouseCoopers (PwC). Although UK households paid off some unsecured debts in 2011, the average debt was around £7,900 at the end of the year. The Ernst & Young Item Club has also reported a [...]
Mon, 06 Feb 2012 12:24:59 +0000
The bank of England is expected to launch another round of quantitative easing (QE) this week, in the hope of preventing the UK falling into another recession, after the economy contracted by 0.2 per cent at the end of last year. The bank is likely to pump at least £50 billion into the economy by [...]
Personal Tax
Personal tax (income tax and capital gains tax) is arguably the most understood of all of the taxes, as most of the population pay it in a very visible way. Since the introduction of self assessment, the self employed, the employed, investors and trusts all need to understand the new rules, to minimise their overall tax exposure.
If you are selected by the Inland Revenue to fill in a self assessment personal tax return, because you are self employed, a higher rate taxpayer, a director, a property investor, or another reason, you need to make sure that this return correctly discloses all taxable income sources and claims all valid tax deductions.
Specific areas which we are typically asked to advise on include:
- Income and capital gains tax on buy-to-let residential properties,
- Disclosure and taxation of benefits in kind,
- Income tax on pension and investment income,
- Utilising both spouses' basic rate income tax bands and CGT annual exemptions,
- Filing and payment deadlines, together with the self assessment interest and penalty regime for when these deadlines are breached,
- Claiming maximum relief for contributions into pensions.
Disclosing and then agreeing your personal tax liability with the Inland Revenue is principally achieved by the completing and filing of a self assessment tax return..
Understanding this complicated tax system and paying the minimum amount of personal tax, at the correct time, through the correct mechanism, should satisfy our client. We may even be able to suggest ways to restructure your affairs to save further tax.
External Links
Next Tax Date
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5 January 2012
Registered in England & Wales under number 5750702. Registered office is 74 Chancery Lane, London, WC2A 1AD.
Registered to carry on audit work by The Association of Chartered Certified Accountants.