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.
Read articleA How to Guide to Probate and Estate Administration
This guide sets out what must happen, from a legal and financial perspective, when somebody dies. This can be a very upsetting and difficult period.
Read articleA 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.
Read articleHow 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.
Read articleWhat 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”!
Read articleThe 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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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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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”!
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How HMRC monitors you if you’ve broken tax rules
HM Revenue & Customs (HMRC) has a programme to manage customers who deliberately do not pay their taxes. This is known as the Managing Serious Defaulters (MSD) programme.
Read articleHave you declared all of your income to the Revenue? If not, should you be concerned?
Many people are worried because they have not declared income or gains to HMRC. This may have happened for a number of reasons – ignorance of the tax system, an intention to register but never got round to it.
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