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SKY Business News
Sat, 26 Sep 2020 12:57:00 +0100
Royal London is pursuing a takeover of its fellow financial services provider, LV=, in a deal that would create a"mutual champion"with nearly 10m customers across the UK.
Fri, 25 Sep 2020 06:06:00 +0100
The Treasury borrowed the third-highest sum for any month on record in August, according to official figures - as the chancellor prepares to unleash his latest support for the coronavirus-hit economy.
Fri, 25 Sep 2020 13:30:00 +0100
Rishi Sunak could not have been more stark.
Fri, 25 Sep 2020 08:51:00 +0100
Online fashion retailer Boohoo is facing criticism over its handling of the treatment of workers within the company's Leicester supply chain.
Fri, 25 Sep 2020 13:26:00 +0100
Kuwait’s sovereign wealth fund is in talks to buy a stake in Rolls-Royce Holdings as one of Britain’s most important industrial groups scrambles to raise billions of pounds of new funding.
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.
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Next Tax Date
PAYE and CIS deductions are due for the month to 5 February 2020
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