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Category: Income Tax

Tax payment time again
Income Tax

Tax payment time again

  As all our self-assessment readers will be aware, 31 January is the date by which any arrears of tax for 2017-18 need to be settled, together with a payment on account for 2018-19, if one is due. Those who have completed their tax returns…

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January 11, 2019 by Ellie Roach
Are you eligible to claim the Marriage Allowance
Income Tax

Are you eligible to claim the Marriage Allowance

  Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner – if they earn more than you. This reduces their tax by up to £238 in the tax year. To benefit from this arrangement, you (as the…

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December 7, 2018 by Ellie Roach
What is a reasonable excuse?
Income Tax

What is a reasonable excuse?

  HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable…

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October 10, 2018 by Ellie Roach
Buy-to-let mortgages
Income Tax

Buy-to-let mortgages

  The gradual restriction of tax relief for buy-to-let mortgage interest has received much publicity since the process commenced 5 April 2017. From that date, tax relief is converted from a straight forward deduction against business profits into a basic rate tax deduction. If you…

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September 5, 2018 by Ellie Roach
What is side-ways loss relief?
Income Tax

What is side-ways loss relief?

  If a business owner makes a loss as a self-employed person, they can set off the loses against any other earnings of the same year. In effect, the business losses are moved side-ways against other earnings. However, in order for loss relief to be…

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September 5, 2018 by Ellie Roach
Changes to rent-a-room relief
Income Tax

Changes to rent-a-room relief

  A new test is to be added to the qualifying criteria for rent-a-room relief from April 2019. The test will require that the individual or individuals in receipt of income – the home owner(s) – will need to share occupancy of the residence in…

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August 1, 2018 by Ellie Roach
Points based penalties
Income Tax

Points based penalties

  In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations. Rather than base…

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August 1, 2018 by Ellie Roach
Director minimum salary levels 2018-19
Income Tax

Director minimum salary levels 2018-19

  Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases Income Tax. The planning strategy is to pay a salary at a level that qualifies the director for…

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July 10, 2018 by Ellie Roach
Self-employed tax bills
Income Tax

Self-employed tax bills

  Whether you pay Income Tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover…

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July 10, 2018 by Ellie Roach
What to do if you can't pay your tax
Income Tax

What to do if you can't pay your tax

HMRC will consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities. If you can’t pay before the deadline, call the Business Payment Support…

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June 20, 2018 by Ellie Roach

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