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Surprisingly, if you start a business as a self-employed individual then there is no need to inform HMRC and register for tax. However, there is a legal requirement to register for National Insurance, and this is done by completing a form CWF1 and submitting it to the tax office. Not surprisingly, the tax office then … Continue reading The Quickest And Easiest Ways Of Completing Form CWF1
As we approach the end of another tax year it is time to look again at some of the valuable exemptions available to you. Inheritance Tax Inheritance tax is payable at 40% on the value of your estate on death over the threshold currently standing at £325,000. If you own your own home the Residence … Continue reading Possible Tax Relief and Exemptions As We Approach The End Of The Tax Year
Making Tax Digital (“MTD”) seems to be a theme this month. Tax free childcare is almost here! This has been the subject of several changes since it was first proposed way back in 2013. The current position is as follows: 1. The scheme is based on an on-line account, into which you pay money and … Continue reading Tax Free Childcare Advice and Information
The consultation period has finished and HMRC’s reaction to the 3,000 responses to their consultation documents have now been published. Making Tax Digital (“MTD”) is coming. So What do we now know? Not a lot! Despite fears expressed by various representative bodies as well as by members of the House of Commons Treasury Committee that … Continue reading Making Tax Digital: What We Currently Know
With some exceptions you will be now be looking at an automatic penalty of at least £100. That is unavoidable. But why not minimise your penalties? If your return remains outstanding at the end of April then you will incur a further penalty. Moreover, if any tax payable remains unpaid at the end of February, … Continue reading Are you late in submitting your tax return?