If we act for a self-employed parent, who has relatively low profits, we have to think about the contribution their partner brings to the family’s income. We may not act for the partner, but he or she could be supporting the family with a significant salary. In such cases, should the child benefit received by the family be reported on the partner’s tax return?
News & Updates
Three years ago we were advised about the taxation of settlements of payment protection insurance (PPI) claims – see our newsletter on 13 February 2014. Many thousands of people received such payments, and most believed that the entire payment was tax free, so it would have no effect on their tax liability.
Our monthly tax update
Our monthly update
Calculating the CGT due on the disposal of a property is not easy; you need to know which expenses can be deducted, and if any tax reliefs are due. If the property was located overseas, the computation is complicated by the fact that the consideration, and possibly the purchase, are likely to have been made in a foreign currency.
HMRC is urging all taxpayers, and particularly employers, to pay their tax labilities by electronic means rather than by cheque. HMRC officers have been calling and writing to employers who still pay by cheque, to ask them to switch to online or telephone banking, to pay by debit or credit card online.