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Tax Diary May/June 2019

1 May 2019 - Due date for Corporation Tax due for the year ended 30 July 2018. 19 May 2019 - PAYE and NIC deductions due for month ended 5 May 2019. (If you pay your tax electronically the due date is 22 May 2019) 19 May 2019 - Filing deadline for the CIS300 monthly return for the...
1 month 2 weeks ago

Can you change a will after death?

On the face of it, this sounds implausible. How can you change your will if you have died? In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death. Any change must be completed within two years of the death...
1 month 2 weeks ago

Do you manage your own VAT returns?

Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions...
1 month 2 weeks ago

Income Tax - regional differences

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales. At present, the only regional variations under the control of the Scottish or Welsh governments are the rates of Income Tax...
1 month 2 weeks ago

Who inherits if you die without a will?

If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent whose personal assets amount to more than £...
1 month 2 weeks ago

Employing family, younger persons or volunteers

The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business. If you hire family members you must: avoid special treatment in terms of pay, promotion and working...
1 month 3 weeks ago

Investing in new equipment?

For most of us in business the recent, and continuing, Brexit fiasco has meant that making meaningful investment decisions has proved to be problematic. What will our future trading relationship with Europe look like and how will that affect our own trading results? And yet in the...
1 month 3 weeks ago

When do you pay capital gains tax?

If you personally disposed of an asset that is subject to a capital gains tax (CGT) charge, at any time during the tax year ending 5 April 2019, any CGT due will need to be paid 31 January 2020. Accordingly, if you know the amount of the taxable gain, and the amount of CGT payable,...
2 months 2 days ago

What is a Debt Relief Order?

The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts*. Since then, the Insolvency Service has approved more than 254,000 DROs to people with debts worth...
2 months 4 days ago

Can\'t pay your tax?

A reminder that HMRC may 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...
2 months 1 week ago

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