Two years into my switch to UW I did an analysis exercise on what I would have paid if I had not changed. At that time, which was May 2020, I had saved £1418.58.
Making Tax Digital
Medium to Large-Sized Companies
From 6 April 2021, medium and large-sized businesses in the private sector will be responsible for calculating and deducting income tax and NICs for any contractors that fall within IR35 rules via the PAYE system.
Following two previously announced delays the new Domestic Reverse VAT Charge (DRC) for Building and Construction Services will come into force on 1 March 2021.
Please forgive any awkwardness you feel when reading this letter. At heart, I am a very private person…
There is a lot of information being thrown around when is comes to the financial support you can get from the goverment to assist yourself or your business through Covid-19. Although many new legislations have come through, the process of implementing them are not as...
The ‘Educate The Executor™ Forum’ has been set up to educate, support and inform existing or potential executors and administrators. It is also to support the bereaved and anyone that has suffered a loss.
On 26 March 2020, Chancellor Rishi Sunak announced assistance for the self-employed, intended to be comparable to the help already in progress for furloughed employees. At the time of writing the fine detail is still emerging, but the basics are in this article.
View all the financial support you can get from the UK Government here with the, JT AccountS® Covid-19 Financial Support Guide.
The current inheritance tax (IHT) allowance whereby no inheritance tax is charged is on the first £325,000 (per person) of someone’s estate – which is the value of the total assets they leave behind when they die (or 36% if leaving at least 10% to a charity). Couples can leave a home worth £650,000 without it attracting inheritance tax (singles £325,000). Above the threshold, the charge is 40%. This remains unchanged.
A Self-Assessment tax return declares all your income for the tax year, including income that has already been taxed at source. If you have paid too much tax during the year you’re likely to receive a rebate. The tax year for every individual in the UK runs from 6th April to the 5th April of the following year. Please note that a Self-Assessment tax return is completely separate to a company tax return.