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DIARY DATES OF MAIN TAX EVENTS JANUARY/FEBRUARY 2020

Blog, Tax Diary

Date What’s Due 01/01/20 Corporation tax for year to 31/03/19 unless quarterly installments apply 19/01/20 PAYE & NIC deductions and CIS return and tax, for month to 05/01/20 (due 22/01 if you pay electronically) 31/01/20 VAT for Returns ended 30/11/19 (due 07/01 if paid electronically, 12/01 if paid by direct debit) 31/01/20 Deadline for Self-Assessment […]

PENSION PLANNING

Blog, Pensions

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the […]

GIFTS OUT OF SURPLUS INCOME

Blog, HMRC

Inheritance tax only applies to gifts of capital. There is currently a very generous exemption from inheritance tax for regular gifts out of income. In order to qualify for the exemption, it is important to set up regular transfers and to be able to prove that after those regular gifts you are left with sufficient […]

DON’T FORGET THERE MAY BE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY

Blog, Tax

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that means more tax to pay on dividends on 31 January each year.   If you are a higher rate taxpayer and […]

FINANCE BILL SHOULD NOW PROCEED

Blog, Money Matters

Now that the General Election is out of the way, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more likely to go ahead. The key tax measures “in limbo” until legislated in Finance Act 2020 are: – Extending the “off-payroll” working rules to the private sector […]

NEW YEAR’S RESOLUTIONS TO SAVE TAX

Blog, Tax

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year (currently £20,000 each). You might […]

PASSING ON THE FAMILY HOME

Blog, Money Matters, Tax

The Labour party were proposing to reverse the recent Tory party inheritance tax cuts if elected. They were referring to the additional nil rate band for passing on the family home. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will […]

ADVISORY FUEL RATE FOR COMPANY CARS

Blog, Money Matters

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p   8p 1600cc or less   9p (10p)   1401cc to 2000cc 14p   9p […]

CONSERVATIVE PARTY ELECTED WITH WORKING MAJORITY

Blog, Brexit

Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”?  More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS?   We are still awaiting the date of the Budget which is likely to be […]

DIARY DATES OF MAIN TAX EVENTS DECEMBER 2019/JANUARY 2020

Blog, Tax Diary

Date What’s Due 01/12/19 Corporation tax for year to 28/02/19 unless quarterly installments apply 19/12/19 PAYE & NIC deductions and CIS return and tax, for month to 05/12/19 (due 22/12 if you pay electronically) 30/12/19 VAT for Returns ended 31/10/19 (due 07/12 if paid electronically, 12/12 if paid by direct debit) 30/12/19 Deadline for filing […]