Personal Tax Archives - Page 4 of 6

Mar 07 2018

Paying Your Child From The Business

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

You can pay your son or daughter out of your business, but they must do some real work for that money, work which is worth what you pay them. You can't pay over the odds for an office assistant just because the worker is your relative. The work need not…

Dec 22 2017

How To Fight An NRCGT Penalty

By admin Non-Resident Capital Gains Tax (NRCGT), Personal Tax, Potts & Co Accountancy & Business Advice News

Taxpayers who live abroad may sell UK property. Before 6 April 2015 any gains they made would have escaped UK tax. Now such non-resident property owners must pay non-resident capital gains tax (NRCGT) on gains made on UK residential property, but not (yet) on gains made from commercial property. The gain…

Dec 21 2017

State Pension: When To Stop

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

In order to receive the full flatrate state pension (currently £159.55 per week) you need to accrue 35 years of national insurance (NI) credits. It's easy to find out how many NI credit years you already have: log in to your online personal tax account on gov.uk/personal-tax-account. If you contracted…

Dec 20 2017

Budget For Your Tax Bills

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

Many company owners take a small salary and variable amounts of dividends from their company each year. Previously, the dividends came with a tax credit, so there was no further tax to pay as long as total income didn't stray into the higher tax bands. However, since 6 April 2016…

Dec 19 2017

Property Allowance

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

When you let one or more furnished rooms in your own home, the rental income can be free of tax if it is covered by rent -a-room relief, currently capped at £7,500 per year. But this relief only applies where the room is used as residential accommodation. If the room…

Dec 19 2017

Simple Assessments Have Arrived

By admin PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News, Self Assessment

The self-assessment tax return system has been with us for over twenty years now and it is certainly not simple. Pensioners, in particular, find that they are required to submit a tax return each year to report their various different sources of pension and savings income and to pay a…

Dec 04 2017

SDLT Help For First-Time Buyers

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

First-time buyers can now take advantage of a permanent exemption from stamp duty land tax (SDLT) when purchasing a property which they intend to occupy as their main home. The exemption removes the SDLT charge for the first £300,000 of the purchase price, for deals completed on and after 22…

Nov 30 2017

Who Can Claim The Marriage Allowance?

By admin Budget Update, HMRC, Personal Tax

When an individual is married or in a civil partnership and has little or no income so that they don't use their entire personal allowance (£11,500 for 2017-18), that person can elect to transfer 10% of their allowance to their partner. This is called the marriage allowance. The recipient must…

Sep 18 2017

Why Your Tax Code May Be Wrong

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

If you are a basic rate taxpayer, you have a savings allowance of £1,000 in 2017-18; for higher rate taxpayers it's £500. You pay no tax on any interest you receive which is covered by your savings allowance. If you examine your PAYE tax code you may see an…

Jun 08 2017

Inheritance tax residential nil rate band

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

In 2015 the Conservative Party promised to 'take the family home out of tax by increasing the effective IHT threshold to £1 million'. As the law stands, this target will be met by 2020 through the introduction of the residential nil rate band (RNRB). When the RNRB (worth up to…

Personal Tax

Paying Your Child From The Business

How To Fight An NRCGT Penalty

State Pension: When To Stop

Budget For Your Tax Bills

Property Allowance

Simple Assessments Have Arrived

SDLT Help For First-Time Buyers

Who Can Claim The Marriage Allowance?

Why Your Tax Code May Be Wrong

Inheritance tax residential nil rate band

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