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Do you use the new HMRC starter checklist when taking on new employees? This form was updated in April 2019, and you should ask all new employees to complete it even if the individual presents you with a completed form P45. Page 1 of the ...

Your employer should have sent you a P60 certificate for 2018/19 by now. This shows your income from that employer in the tax year to 5 April 2019 and the total amount of tax deducted. If you also received taxable benefits in that year, such ...

Occasional treats for employees can be provided as tax-free trivial benefits if four conditions are met: 1. the treat is not cash or a voucher that can be exchanged for cash2. the cost of providing each treat doesn’t exceed £50 per employee3. the employee is ...

A popular daytime TV programme follows people who renovate residential properties for a profit, but it rarely spells out the tax implications for those entrepreneurs.If the property development business is operated as a sole trader, or a partnership, the profits made on selling the properties ...

If you are planning to sell your main home, a holiday home, or an investment property, you need to be aware of the rule changes around the corner.When you sell your own home the gain is tax-free for the periods you lived in the property ...

Married couples tend to pool their resources and share fiscal burdens, but the UK tax system treats every individual as an independent person. This can lead to families paying more tax overall. Where one person earns the majority of the family income, he or she ...

When you cash in a life assurance policy or bond, the taxable amount you receive is treated as the highest slice of your income. The taxable portion won’t be the full proceeds, but it can increase your marginal tax rate so you pay more tax ...

People who complete a Self-assessment tax return and owe more than £1,000 of tax, generally have to make two payments on account of tax due for the 2018/19 year, by 31 January 2019 and 31 July 2019. Those on account bills are based on the ...

But forgiveness is not the HMRC way. Taxpayers are expected to get their tax returns right first time, and to diligently preserve all records relevant to their tax affairs for at least six years. However, HMRC has been shown to make systematic mistakes in tax ...

There are three ways to reduce the tax payable by an employee or director who is provided with a company car: choose electric or hybrid, a ‘clean’ diesel, or take a van. Electric and hybrid cars with CO2 emissions of up to 50g/km currently attract ...

A business must register for VAT when its turnover for the last 12 months exceeds £85,000. It must also look forward and judge if its turnover in the next 30 days alone will exceed £85,000. This threshold has been frozen since 1 April 2017, and ...

When you sell some or all of the shares in your company, you should expect to pay Capital Gains Tax (CGT) on any profits you make. This tax is normally charged at 20% for higher rate taxpayers, but Entrepreneurs’ Relief can reduce the CGT payable ...