Expenses you can set-off against rental income

May 02, 2019

The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.

An…

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Can you change a will after death?

May 02, 2019

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…

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Income Tax - regional differences

May 02, 2019

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…

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Do not forget the payslips

May 02, 2019

If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.

If you distribute P60s…

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Tax Diary May/June 2019

May 02, 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…

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Who inherits if you die without a will?

May 01, 2019

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…

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Employing family, younger persons or volunteers

Apr 25, 2019

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…

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Investing in new equipment?

Apr 23, 2019

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…

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When do you pay capital gains tax?

Apr 18, 2019

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,…

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