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Is this underpaid tax bill right? Publication date: 16.01.2017
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Is this underpaid tax bill right?..Q. I incorporated my furniture retail business in March 2016 and declared this on my 2015/16 tax return. There was an enquiry and I have a bill for nearly £6,000 due to stock I “sold” to the company but I haven’t received any money! A. Stock in hand is deemed to be sold at market value on incorporation so HMRC...
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Making your intention clear to HMRC Publication date: 16.01.2017
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If you make gifts out of your surplus income, they can qualify for an unrestricted exemption - making your inheritance tax planning very valuable. But how can you demonstrate your intention to HMRC?
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Splitting income to avoid a charge Publication date: 16.01.2017
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If you are affected by the high income child benefit charge, you may be able to mitigate it if you have control over some of your income. How can our calculator help work out what to do?
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Can I avoid the charge? Publication date: 16.01.2017
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Can I avoid the charge?..Q. I am a sole trader, and my wife works part time. We have three children and receive approximately £180 per month in child benefit. I think that the charge which applies for higher incomes might affect me over the next few years as the business is growing. I understand I would have to pay the charge even though my wife receives...
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Quickly check on your tax position Publication date: 16.01.2017
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2016 saw a new regime for income tax on dividends, as well as new allowances for unearned income, and restrictions on the way relief for financing costs for rental businesses is given. How can you quickly check your tax position with our new calculator?
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Make sure you’re taxed on the right amount Publication date: 16.01.2017
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Where a gift is made in a person’s lifetime, it will often become exempt from inheritance tax if the person who made it lives for seven or more years. If they don’t it’s included in the estate at original value - but what if the value has fallen?
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How to avoid an income tax charge when incorporating Publication date: 16.01.2017
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When an unincorporated business transfers to a limited company, it’s not just capital equipment that needs to be accounted for. If there is stock or works in progress, a notional profit can arise. How can this be avoided with our new election?
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Waiving the right to a dividend payout Publication date: 16.01.2017
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Sometimes a shareholder will have no requirement for a dividend - they may have significant other income, or they may want to help the company by allowing it to retain the money as working capital. How do you go about waiving a dividend?
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Are you ready for the new savings allowance? Publication date: 02.12.2015
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A new personal savings allowance (PSA) will be introduced in 2016. It is a relatively minor change, but one which could have far reaching implications. What exactly is happening and what do you need to look out for with your clients?
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Interest taxable despite EU law Publication date: 02.12.2015
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Interest taxable despite EU law..Confirmation . Going hand in hand with the announcement on the new corporation tax rate on payments of restitution interest, the case of Coin-a-drink Ltd v HMRC [2015] TC04657 has confirmed that restitution interest can indeed be subject to direct tax. The case concerned a repayment of output VAT relating to supplies...
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