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Should you pay tax on money or goods you inherit?

25/04/2018

The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. If you are the heir to all or part of the deceased estate, you should not be liable to pay tax on the inheritance....

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How to claim or stop claiming the employment allowance

25/04/2018

The employment allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process using either HMRC’s Basic PAYE Tools or using other commercial payroll software packages. Once you have claimed the employment...

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Which car benefits are exempt from tax?

25/04/2018

The tax benefits of driving a company car have been steadily reduced over many years. Most employers and employees are aware of the additional costs of providing company cars and the tax implications they create. However, for many employees the lure of having a company car means that this remains a very popular option. There are some...

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Late filing of self-assessment tax returns

25/04/2018

Taxpayers that have not yet filed their 2016-17 self-assessment returns, will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2018 even if no tax was due or the tax due was paid on time. HMRC has estimated that almost 750,000 taxpayers missed the 31 January 2018 deadline for...

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Tax when your company gives to a charity

25/04/2018

There are special rules in place when a limited company gives to charity. This can include, corporation tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as well as capital allowances for giving away equipment that has been used by your company. However, the rules are different if...

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Simplified expenses for the self-employed

25/04/2018

There are some simplified arrangements available to the self employed, and to some partnerships for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company. Simplified...

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Work covered by the CIS scheme

25/04/2018

The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. Under the scheme, contractors deduct money from a subcontractor’s payments and pass it to HMRC....

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Small amounts of property and trading income

25/04/2018

There are two separate £1,000 tax allowances for property and trading income that have been available to taxpayers since April 2017. The £1,000 exemptions from tax apply to: Taxpayers who make up to £1,000 income from self-employment, casual services or hiring personal equipment. This is known as the trading allowance. The first...

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Information Commissioner’s Office announces new lawful basis interactive guidance tool

24/04/2018

The Information Commissioner's Office (ICO) has announced that it has produced a lawful basis interactive guidance tool to assist businesses in determining, which lawful basis is appropriate for their data processing activities. The tool requires businesses to answer a set of questions and it then provides an indicative rating for each...

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