Chartered Certified Accountants - Tax Advisors - Business Advisors
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SKY Business News
Fri, 16 Apr 2021 09:35:00 +0100
The FTSE 100 has climbed above the 7,000 mark for the first time since the early days of the coronavirus crisis.
Fri, 16 Apr 2021 15:23:00 +0100
Poundland's owner is snubbing London to pursue a€4.5bn (£3.9bn) listing in Warsaw after months of deliberations about a flotation that would have further bolstered the ranks of listed retailers on the London stock market.
Fri, 16 Apr 2021 12:07:00 +0100
Whitehall's spending watchdog has launched an investigation into Greensill Capital's involvement in government-backed COVID support schemes prior to the firm's collapse.
Fri, 16 Apr 2021 12:48:00 +0100
The cost of COVID-19 tests for holidaymakers should be cut to£30 to encourage people to start travelling again, a boss at one of Britain's biggest travel chains has told Sky News.
Fri, 16 Apr 2021 14:47:00 +0100
Ocado has revealed plans to develop self-driving delivery vehicles and"kerb to kitchen"robots as part of a tie-up with tech firm Oxbotica.
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 March 2021
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