Trivial Benefits

Remember that from 6 April 2016, benefits are exempt from tax and NICs if all the following conditions are satisfied: the cost of providing the benefit does not exceed £50; the benefit is not cash or a cash voucher; the employee is not entitled to the benefit as part...

Thinking of Winding up your Company?

Up until 6 April last year, the distribution of cash to shareholders on the winding up of a trading company by a liquidator, was usually taxed as a capital gain, potentially taxed at just 10% with the benefit of entrepreneurs’ relief. However, last year’s Finance Act...

Tax Diary of Main Events

Date What’s Due 01 October Corporation tax for year to 31/12/16 unless quarterly instalments apply. 05 October Deadline for notifying HMRC of chargeability for 2016/17 if not within Self-Assessment and receive income or gains on which tax is due, for example rental...

Diary of Main Tax Events September/October 2017

Date What’s Due 1 September Corporation tax for year to 30/11/16 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/17 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/16 5 October Deadline for...

Are you aware of the changes to the way property income is taxed?

As a property owner who is letting residential properties as an individual, in a partnership or a trust, you need to know that the income tax relief on your mortgage interest payments is gradually (over the 4 years from April 2017) being restricted to the basic rate...