Personal Tax

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How to Avoid Self Assessment Penalties

For most people doing their Self Assessment Tax Return is something they dread. Some though may be blissfully unaware that they even need to do one. Whatever the scenario, if you don't complete one and you should or are late, then you are at risk of severe financial penalties.

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A Guide to Self Assessment

Self Assessment is the process of determining how much tax an individual is required to pay. By identifying your income,whether it is from from self employment or other sources, you can then calculate what taxes may be due for payment to Her Majesty’s Revenue and Customs. You are required to complete a Self Assessment Return even if your business makes a loss.

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The Taxation of Trusts

This article aims to provide a brief overview of the Income Tax and Capital gains tax regime for trusts, it does not cover all of the complexities and reliefs which can be available.

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What are HMRC Spotlights?

The following gives a brief summary of something that most people, including many accountants and tax advisers, will know very little about: HMRC “Spotlights”!

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The Tax Implications of Divorce

Divorce can be extremely stressful times but, as transfers between spouses or civil partners are not charged to tax, you don’t have to worry about that, right? Unfortunately, wrong.

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What are HMRC Spotlights?

The following gives a brief summary of something that most people, including many accountants and tax advisors, will know very little about: HMRC “Spotlights”!

Read article

Don’t get caught by the taxman

It may be hard to believe, but paying more tax than you actually need to is a worryingly frequent occurrence. As the 31st January self assessment deadline approaches, it is important to ensure that individuals don’t pay more tax than is absolutely due and necessary.

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