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What is IR35 and how is it changing?

What is IR35 and how is it changing?

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.

Inheritance Tax – What is your Current Allowance?

Inheritance Tax – What is your Current Allowance?

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.

Self-Assessments – Why Plan Ahead?

Self-Assessments – Why Plan Ahead?

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.