Trusts and tax returns
Tax practitioners who deal with a lot of trusts and estates have noticed a problem with trusts which have made capital gains – in nearly every instance the CGT due has been calculated incorrectly by HMRC.
News & Updates
11/01/2018 Gifts liable to IHT
Gifts liable to IHT
The one thing you may remember about the IHT rules for gifts is: “lifetime gifts are PETs”. A PET is a potentially exempt transfer which is only subject to IHT if the donor dies within 7 years of the date of the gift.
11/01/2018 NMW and directors
NMW and directors
We reviewed a number of national minimum wage (NMW) traps that can catch-out employers in our newsletter on 14 December 2017, but we glossed over the need to consider the NMW for directors’ pay.
11/01/2018 First time tax returns
First time tax returns
An individual should file a tax return if they have a liability to tax, and that tax will not be collected through PAYE. For years before 6 April 2016, the tax deducted at source from interest and the tax credit attached to dividends would cover the tax liability of basic rate taxpayers who received large amounts of investment income.
04/01/2018 Ways to pay tax
Ways to pay tax
It is already too late to pay a tax liability with cash or cheque at a Post Office counter, as this service was withdrawn on 15 December 2017. The ability to pay tax using a personal credit card will be ceased on 12 January 2018, as we explained in our newsletter on 26 October 2017.
January 2018 Monthly Newswire
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
KEY TRENDS TO WATCH IN 2018
Technology and innovation are driving the evolution of most businesses these days. Here are some of the key business trends to watch out for in 2018.