When might you be due a tax refund?

HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you: are employed and had too much tax taken from your pay; have stopped work; sent a tax return and paid too much tax; have paid too much …

Profit Extraction Strategies – Salary and Dividends

Our simplified guide to tax efficient extraction of money from your company, part of a new series on Tax Made Simple One of the most important aspects of our work at Schoolgate is helping our clients get the most out of their business as possible, financially speaking, when it comes to paying tax. It is almost inevitable that the idea …

Inheritance Tax – Some FAQs

On 27 April, the Office for Tax Simplification published a call for evidence to gather information about people’s experience and perceptions of Inheritance Tax. Whilst the results of this review are not guaranteed to impact government policy, we thought it might be useful to take a look at this controversial scheme as well as answering some frequently asked questions and …

Claiming for Job Related Expenses

Employees who use their own money to buy things (expenses) they need for their job, can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for work. There is no tax relief available if your employer refunds any costs in full. In addition, you cannot claim tax …

Tax Diary – May/June 2018

Here are some useful tax deadlines to keep in mind over the coming 2 months: 1 May 2018 – Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 – PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date is 22 May 2018) …

New Tax Year 2018/19

Here is a brief summary of the main changes to taxpayer liabilities for the new fiscal year. Personal allowance The amount you can earn without paying income tax rises from £11,500 to £11,850. This works out as a £70 tax cut for most people. Income tax The starting figure at which 20% basic rate tax applies will be £11,850, while …

Planning for Retirement

Planning for Retirement Retirement may well be a long way off for some and a lot nearer for others. Whatever our age and circumstances, planning for the future is important and the sooner we start that planning, the better. Our future lifestyle choices will be determined, to a great extent, by what we do now. There are a number of …

Tax-free benefits

There is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply: the benefit is not cash or a cash-voucher; and costs £50 or less; and is not provided as part of a salary sacrifice or other contractual arrangement; and is not provided in recognition of services performed by the employee …

Should you be paying business rates on your holiday let?

One important aspect of a self-catering or holiday let business that should not be overlooked, is whether or not the owner of a holiday let is liable to pay business rates. Business rates are charged on non-domestic properties and help councils and local authorities to fund local services. The business rates are charged in place of council tax and may be less …

VAT regs tightened up for online sellers

Under new rules that came into force on 15 March 2018, HMRC has enhanced powers to make online marketplaces accountable for VAT fraud committed by online sellers on their platforms. These measures are correctly referred to as joint and several liability (JSL) for marketplaces. The rules previously applied to overseas retailers that supplied goods already in the UK at the …