Tax codes for employees20190213040000

Tax codes for employees

February 13, 2019
The P9X form is used to notify employers of the tax code to use for employees. The form shows the tax codes to use from 6 April 2019. The basic Personal Allowance for the tax year starting 6 April 2019 will be £12,500 and the tax code for emergency...
EIS Income Tax relief restriction for connected parties20190213040000

EIS Income Tax relief restriction for connected parties

February 13, 2019
The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. In order for investors to be able to claim...
Reduction in special Writing Down Allowance20190213040000

Reduction in special Writing Down Allowance

February 13, 2019
Businesses can claim Capital Allowances tax relief for certain types of capital expenditure. For expenditure on plant and machinery that exceeds the Annual Investment Allowance (AIA) and does not qualify for a first year allowance, a standard 18%...
Class 4 NICs who is liable?20190213040000

Class 4 NICs who is liable?

February 13, 2019
There are two types of National Insurance Contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they qualify for the small earnings...
When do you pay Capital Gains Tax?20190213040000

When do you pay Capital Gains Tax?

February 13, 2019
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. However, if you only pay basic rate tax and make a small capital gain, you may only be subject to a reduced rate...
What work is covered by the CIS scheme?20190213040000

What work is covered by the CIS scheme?

February 13, 2019
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,...
Gifts out of disposable income20190213040000

Gifts out of disposable income

February 13, 2019
There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give unlimited individual gifts of up to £250 per per...
Checking your NIC records20190206040000

Checking your NIC records

February 6, 2019
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By...
Claiming money or property from a dissolved company20190206040000

Claiming money or property from a dissolved company

February 6, 2019
Any property, cash and other asset owned by a company when it is dissolved automatically passes to the Crown as ownerless property. This process is known as 'bona vacantia' which literally means vacant goods. The bodies that deal with bona vacantia...
MTD pilot for self-employed is available20190206040000

MTD pilot for self-employed is available

February 6, 2019
The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information...
Spring Statement 201920190206040000

Spring Statement 2019

February 6, 2019
The Chancellor, Philip Hammond, has announced that he will deliver his Spring Statement to the House of Commons on Wednesday, 13 March 2019. The timing of the statement is interesting as the Spring Statement is due to take place just over 2 weeks...
Struggling to pay your January tax bill?20190206040000

Struggling to pay your January tax bill?

February 6, 2019
Have you missed the 31 January 2019 deadline for paying your tax bill? The 31 January was not just the final date for submission of your Self Assessment tax return but also an important date for payment of other tax due. This included the payment of...
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