A new tax year brings changes, sometimes these changes are small but other times they can impact individual’s income in a larger way. In addition to the usual changes we have also found ourselves in an unprecedented situation due to the COVID-19 pandemic, the financial impact of which will last for many decades...
For Personal Service Company directors in the contracting industry, and indeed small businesses in general, the countdown to Christmas each year brings with it some tedious but essential tasks before the festive season can be enjoyed.
When you die, the assets that you leave behind are known as your estate – things like your possessions, savings and investments, and property. If your estate is valued above a certain threshold, IHT may be charged on it. The normal rate of inheritance tax is 40% in 2020. Have you planned for the current tax year?
The start of the new tax year on 6 April 2020 has passed virtually unnoticed against the backdrop of current events. A further Budget is scheduled for November this year at which the Chancellor is likely to outline his plans to recoup the enormous cost to the country of the financial measures introduced to combat the effects of the COVID-19 virus. Have you considered your tax plan for the upcoming year?
As the Self Assessment tax return deadline of 31st January draws closers, we thought it would be important to remind you of remaining vigilant to scammers who imitate HMRC in an attempt to steal the hard-earned money of our contractors. There are many inventive ways in which these scammers work, through multiple channels in an attempt to trick people into a false sense of security. Read on to learn more about what to watch out for.
As we approach the end of July, contractors who have to make payments on account of their 2018/19 personal tax liabilities should hopefully be in a financial position to make those payments by the due date of 31 July.
Personal Tax planning can be a complicated landscape to navigate. But with the Brexit process rumbling on and Making Tax Digital finally coming into force, there is no better time than now to put your financial plans in place for 2019/20.