Personal Tax Archives - Page 2 of 6

Mar 30 2021

Fourth SEISS Grant

By admin Covid-19, Grants, HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, Self Assessment, Self-Employed Income Support Scheme (SEISS)

Self-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019- 20 by midnight on 2 March 2021 (it was due by 31 January 2021). HMRC has asked for additional evidence from two categories of taxpayer. This will…

Mar 29 2021

Ideal Salary For 2021-22

By admin HMRC, National Insurance, Personal Tax, Potts & Co Accountancy & Business Advice News

As the owner and director of your own company, you decide how much salary to take each year. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state benefit entitlements. In the tax year 2021-22 if you take a salary…

Mar 19 2021

Frozen Bands & Allowances

By admin Budget Update, Capital Gains Tax, HMRC, Income Tax, National Insurance, Personal Tax, Potts & Co Accountancy & Business Advice News

Income tax and national insurance contribution rates have been frozen for 2021-22 and are likely to remain frozen until the end of this Parliament in 2024. By freezing the personal allowances and tax bands at their 2021-22 levels the Chancellor is causing the value of those allowances and bands to…

Dec 14 2020

Deferring Tax Due in 2021

By admin Capital Gains Tax, Covid-19, Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

Many people will face some very big tax bills in January 2021 as the balance of income tax due for 2019 -20 on profits earned before the pandemic is due for payment. The income tax payable by 31 July 2020 was automatically deferred to 31 January 2021, which makes the…

Dec 12 2020

Christmas Cheer for Employees

By admin HMRC, National Insurance, Personal Tax, Potts & Co Accountancy & Business Advice News

It has been a grim year, so if your employees have worked all the way through the pandemic they deserve a big ' thank you' which you may choose to mark with a gift or a virtual party. A surprise gift can be provided to each employee tax-free as long…

Dec 10 2020

Report and Pay CGT in 30 Days

By admin Capital Gains Tax, HMRC, Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

Capital gains tax (CGT ) is normally payable by 31 January following the tax year in which you sold the asset. This can give you up to an extra 22 months to hold on to the full proceeds. Sadly, the tax rules changed from 6 April 2020 and you must…

Sep 07 2020

Tax Reduction When Buying Homes

By admin HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, Stamp Duty Land Tax

Buying or selling a home is always stressful but the process has been made a little easier for buyers as the starting point at which stamp duty becomes payable has been temporarily raised. Purchasers in England and Northern Ireland pay stamp duty land tax (SDLT) which currently only applies to…

Jun 05 2019

Paying The Right NIC

By admin HMRC, National Insurance, Pensions, Personal Tax, Potts & Co Accountancy & Business Advice News

Your workforce may include people of all ages from school leavers to those past state pension age, with some working part time or holding down two jobs concurrently. The national insurance contributions (NICs) payable differ, so it is important to get the calculations right. Employers' NICs are not due on…

Dec 14 2018

Interest From PPI Claims

By admin HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, PPI Claims

Thousands of people have claimed and received refunds of payment protection insurance (PPI). Most people believe that the entire payment is tax free and hence does not have to be declared on their tax return. This is not the case. Each PPI settlement includes interest calculated at eight percent on…

Dec 10 2018

Termination Payments

By admin Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

If an employment contract is terminated after 5 April 2018, the £30,000 tax-free cap on a payoff does not necessarily apply in full. Any payment made on termination of the employment needs to be broken down into its elements to test which parts may be covered by the tax-free amount.…

Personal Tax