Personal tax compliance checks can sound intimidating. However, with the right preparation and understanding, they don’t have to be. In this spotlight, we aim to walk you through what to expect during a tax compliance check, how to stay organised and ways to handle the process smoothly.
By offering clear, straightforward advice, we hope to give you confidence in facing any compliance check that may come your way.
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As we step into the 2024/25 tax year, it’s now more important than ever to take a proactive approach to managing your
personal finances.
Whether you’re navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the nuances of the UK tax system can help you make informed decisions.
This guide is crafted with you in mind, offering clarity and actionable advice to help you optimise your tax position and secure your financial wellbeing.
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HMRC is increasingly using the online tax accounts, or Government Gateways to allow you to access your tax information and forms such as tax calculations for mortgages.
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By the time you’re reading this, the new tax year is either just about to start or has already started. Some of the changes have been public knowledge for months now and some of the rises have been anxiously awaited as the country continues to face a cost-of-living squeeze.
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For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident.
Anyone domiciled and resident in the UK will need to report their worldwide income and capital gains on their return. However, what happens if you are either non-UK domiciled (non-dom) but UK resident, or UK domiciled but non-UK resident?
(more…) Read MoreIf there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years.
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After temporarily pausing tax investigations as COVID-19
business support measures rolled out earlier this year, HMRC
has restarted probes into businesses and individuals’ tax affairs.
The Revenue has also started to direct its attention towards the
misuse of coronavirus support schemes, such as the furlough
scheme and the self-employed income support scheme.
The Government left it to the very last minute to announce its tax plans for 2020/21. Fortunately, Chancellor Rishi Sunak had few surprises up his sleeve in last month’s Spring Budget.
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With the Brexit process rumbling on, Making Tax Digital finally coming into force, and Easter around the corner, now is the time to put your financial plans in place for 2019/20. (more…)
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The company provides some employees with Company cars that are hybrids. The employees are also provided with fuel cards that are available for their private use and receive a fuel Benefit in Kind in relation to the car. However, the cars are plugged in and charged at home can the employer offset this cost against the fuel Benefit in Kind?… (more…)
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Nobody wants the taxman to take more than his fair share, and
planning your finances early on can ensure you adopt the most
tax-efficient strategy for the months and years ahead.
Effective tax planning will help protect your wealth and any assets,
ready to pass on when the time comes, while also providing you
with peace of mind. (more…)
Our Data Card containing all the useful allowances and tax rates for 2018/19
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Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards.
Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flextime, it all helps to ensure employees feel valued and motivated. (more…)
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This months edition includes:
– One million firms comply with auto-enrolment
– Food and drink firms bring in record £22bn in exports
– Taxpayers reclaim £493m from HMRC
– One in 15 face fines after missing tax return deadline
Included in this article:
– PERSONAL ALLOWANCES
– ISAs
– PENSION CONTRIBUTIONS
– INHERITANCE TAX
– CAPITAL GAINS TAX
– NON-UK DOMICILE TAXATION
– TAX CREDITS
– CORPORATION TAX
– BUSINESS DEDUCTIONS
– ENTREPRENEURS’ RELIEF
– VAT
– PENALTIES
– UPCOMING CHANGES (more…)
