If you inherit property, money or shares you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs.
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
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
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
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
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.
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The recent, and temporary, increase in the AIA to £1m from 1 January 2019 creates computational issues if a trader’s accounting period straddles this date.
The following example published by HMRC illustrates one variant that you may encounter when
According to HMRC, individuals pay Scottish Income Tax if they live in Scotland. Care should be taken when considering the phrase “live in Scotland”. In particular, you may also pay Scottish Income Tax if you:
– move to or from Scotland,- live in a
Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced rate (5%) or the ‘zero rate’ on some goods and services.
Charities pays 5% VAT on fuel and power if they’re
The Brexit uncertainties continue. To help businesses consider their options HMRC has published more information for UK businesses that buy or sell goods from or to the EU. We have copied in below three specific actions that need to be considered and
Last week we passed the filing deadline (31 January 2019) for the 2017-18 self assessment tax returns. A surprising number of taxpayers are still content to deal with this annual chore at the last minute. This article sets out a few compelling
When you purchase a van or other equipment that qualifies for tax relief, the cost of the asset is reduced – for tax purposes – by the amount of any capital allowance you claim.
Consequently, if you sell the asset at a later date you will need to
A recent press release by HMRC revealed some of the oddest excuses for submitting a late tax return. The excuses ranged from the sublime to the ridiculous and included:
My mother-in-law is a witch and put a curse on me.
I’m too short to reach the
The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is to use the advisory fuel rates published by HMRC to repay any private fuel costs to your employer. The advisory fuel rates are intended
There are special rules involving bicycles usually referred to as ‘Cycle to Work’ arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use of healthy ways to commute to work using an environmentally friendly
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