How to reduce your payments on account

April 09, 2019 | by Sian Kelly | No comments

Under the self-assessment system, a taxpayer is required to make payments on account – advance payments towards the eventual tax and National Insurance liability – where the previous year’s self-assessment bill was £1,000 or more, unless more than 80% of the tax liability is deducted at source

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Made a mistake? How to amend your tax return

March 05, 2019 | by Sian Kelly | No comments

The deadline for filing the 2017/18 self-assessment tax return of 31 January 2019 has now passed. You filed your return on time and paid the tax that you thought was due, but you know realise that you have made a mistake.

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Why you should still register for child benefit even if you’re a high earner

March 04, 2019 | by Sian Kelly | No comments

Parents affected by the High-Income Child Benefit charge (HICBC) can be forgiven for thinking that there is no point is registering for child benefit if they are only going to have to give back everything they receive in the form of the tax.

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Salary v dividend 2019/20

February 26, 2019 | by Sian Kelly | No comments

A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is pursued for 2019/20, what level should be the salary be set at to ensure the strategy remain tax efficient?

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Letting a property as a furnished holiday let- is it worthwhile?

February 26, 2019 | by Sian Kelly | No comments

Where a property is located in a holiday region, a consideration will be whether to let it as a holiday let or on a longer-term basis. As well as differing rental income profiles, there are tax differences to consider.

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Tax-free investments using Premium Bonds

February 19, 2019 | by Sian Kelly | No comments

Premium Bonds (PBs) are an investment product issued and maintained by National Savings and Investments (NS&I), which in turn, is backed by HM Treasury.

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