Queries:
Tax tipsSavings and Investment Children and Savings If you have significant funds invested in savings accounts in your own name, you may want to investigate sharing the investment with your kids. There are Inheritance Tax planning matters to take into account, but for higher rate tax payers this may be a lucrative tax saver. Own…
Tax tipsProperty and Loans Stamp Duty on purchase of Residential Property. Presently there is no Stamp Duty Land Tax to pay if the price paid by purchaser is under £125,000. Rollover Property Gains As mentioned in later tips, holiday rental properties are considered trading assets in certain circumstances. It is possible therefore to rollover gains…
Tax tipsLosses Losses in recession. If due to the current economic downturn your business is currently making a loss, there may be a way you can recover tax paid in the previous three years, please call if you would like more information. Losses and Capital Allowances If you are likely to make a trading loss…
Tax tipsBenefits in Kind Car Fuel Benefit. This is the tax charge when employers pay for your private petrol. It may be beneficial if you paid your own private fuel and save the tax on the benefit. Call us and we will compute the savings for you. Low interest loans provided by employers Providing you…
Tax tipsTax Allowable Payments More Tax Relief Private Cars If your employer does not pay you the full rate for the use of your car for his business, you may be entitled to more tax relief. Give us a call and we will make a claim for you. Business Gifts up to £50 are now…
Tax tipsEstate Planning Uplift to Market Value On the first death the surviving spouse acquires assets at market value. No Capital Gains to pay. Make gifts now and if you have a substantial estate, currently in excess of £325,000, you may save inheritance tax. As long as you live 7 years after making the gift…
Tax tipsNational Insurance and VAT Cash Accounting and Flat Rate Scheme. Both of these special schemes for calculating the VAT you need to pay may reduce the cash flow impact of your quarterly payments. The entry rules are complicated. Call us if you would like more information. VAT – Defer Registration If you are starting up…
Tax tipsTax Administration July Tax Instalments – are you paying too much? If your taxable income has reduced this current tax year 2010/2011, compared to 2009/2010, you may be able to make a claim to reduce your payments on account due 31 January and 31 July 2011. Please call and we will advise. File your…
Tax tipsBusiness Tax Planning Capital Gains – Using Home as Office. If you claim tax relief for the use of a room as an office you can avoid any possibility of CGT on a sale of your home if you make sure that the room is not used exclusively for business. A portable TV and…
Tax tipsPersonal Tax Planning More Tax Relief – Use of Own Car! If you use your own car for business trips on behalf of your employer, read on! If you are paid a rate per mile which is below the Revenue approved rates you are entitled to make a claim on your tax return. Child…
