Child benefit tax trap

Nov 14, 2017

A family claiming the weekly Child Benefit (currently, £20.70 a week for eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds…

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Abolition of self-employed NIC to be deferred

Nov 10, 2017

The Low Incomes Tax Reform Group (LITRG) has welcomed a recent announcement by the Government that there will be a one-year delay before the removal of Class 2 National Insurance contributions (NICs)…

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Smaller businesses to be drawn into the VAT net

Nov 09, 2017

The Office of Tax Simplification (OTS) published a report setting out a range of proposals for simplifying VAT. According to the OTS the tax is showing its age. What was meant to be a simple tax has…

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Clampdown on child maintenance cheats

Nov 06, 2017

If a parent owes child maintenance, deductions to recover that debt can currently only be made from a bank or building society account held solely by them.

Unfortunately, a small minority of…

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Paying self-assessment tax by instalments

Nov 01, 2017

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done…

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Carry back charitable donations

Nov 01, 2017

One of the few remaining options to carry back tax allowable payments to a previous tax year is the facility to set off certain charitable donations made after 5 April 2017, to the tax year 2016-17.

Allowable…

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Corporation tax payment deadline for March year end companies

Nov 01, 2017

Many companies have adopted the end of March each year as their accounting year end date.

Corporation tax is payable by most smaller companies nine months and one day after the end of their…

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Tax Diary November/December 2017

Nov 01, 2017

1 November 2017 - Due date for corporation tax due for the year ended 31 January 2017.

19 November 2017 - PAYE and NIC deductions due for month ended 5 November 2017. (If you pay your tax electronically…

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Room to breathe

Oct 31, 2017

The government are considering plans to offer people with serious debt issues time to consider their options.

They are seeking views to develop a way to provide individuals in debt with up to…

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