Do you manage your own VAT returns?
May 2, 2019

Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and...

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Who inherits if you die without a will?
May 1, 2019

If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences.

Consider a...

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Employing family, younger persons or volunteers
April 25, 2019

The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business.

If you hire family members you must:

Investing in new equipment?
April 23, 2019

For most of us in business the recent, and continuing, Brexit fiasco has meant that making meaningful investment decisions has proved to be problematic. What will our future trading relationship with Europe look like and how will that affect...

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When do you pay capital gains tax?
April 18, 2019

If you personally disposed of an asset that is subject to a capital gains tax (CGT) charge, at any time during the tax year ending 5 April 2019, any CGT due will need to be paid 31 January 2020.

Accordingly, if you know the amount of...

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What is a Debt Relief Order?
April 16, 2019

The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts*.

Since then, the Insolvency Service has approved...

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Green light for pension dashboards
April 12, 2019

The government has given the green light to allow pension providers to create user-friendly services that display pension information for individuals on-line.

Savers will be in the driving seat with all the facts and figures about their...

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Can\’t pay your tax?
April 12, 2019

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

If you...

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Tax-free property and trading allowances
April 9, 2019

Since April 2017, you can earn £1,000 from a trading activity and £1,000 of property related income, without being liable to income tax.

These tax-free allowances on property and trading income are useful as families can...

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What will HMRC avoid telling you?
April 5, 2019

There are three things that you can count on that HMRC will do:

  1. Calculate the amount of tax you owe based on the information they have gathered.
  2. Chase you for payment of this tax if not recovered by...

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