There are lots of different reasons for HMRC deciding to investigate a business and review the amount of tax that has been paid. If you are subject to a tax investigation it can be a very stressful process and time-consuming.
We have a lot of experience working with landlords helping them to keep in control of their tax obligations if they own one or more rental properties.
We were contacted by a Consultant and his wife to help them with personal tax planning. The Consultant worked for the NHS and provided private healthcare services in his own time. This resulted in more financial considerations than they anticipated as he was already in the higher tax bracket income-wise.
It’s very quickly approaching the deadline for submitting your businesses self-assessment tax return for the last tax year, this covers the period 6 April 2016 and ended on 5 April 2017.
Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
It is important for businesses to understand the changes that will be taking place over the coming years as a result of the Autumn Budget 2017. This will help with planning your finances and will allow you to be prepared when these come into force. We have summarised five key changes that you need to be prepared for going forward.
This blog gives a summary of five key changes which will impact personal tax following the Autumn Budget 2017.
If you are a working parent with children under 9 you should have a read of this blog. Some of you may have already started to claim Tax-Free Childcare for your younger children.
A summary of the Spring Statement 2018 is now available on our website, you can click on the link to download this to read.
We have written many blogs explaining the benefits of being a sole trader and the benefits of being a limited company. The business structure you choose depends on your own personal circumstances and your business goals.
Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech, he stated that ‘austerity is coming to an end - but discipline will remain’.
There were some changes to personal tax announced in the Autumn Budget on 29 October 2019; we have pulled out some of the key points, so you have a concise summary.
Self-Assessment tax returns need to be submitted by individuals and businesses. Normally if a person is employed the tax is deducted automatically from wages. For businesses, they need to register with HMRC and then they can file their tax return online.
Many of you will now have submitted your self-assessment tax return and have made your first payment due on 31st January. This is a payment towards the current tax year and half of the previous year’s liability and is called your first payment on account.
In his speech, the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition, he launched consultations on various aspects of the tax system together with updates on earlier consultations.
When you run a small business, you need to understand the different business taxes and how these will impact your business finances. Your accountant should be able to help advise on these, but understanding business taxes better yourself, can help with financial planning throughout the year.
On 6th April 2019 the new tax year began, this means that records for the last tax year need to be collated and information prepared so that the 2018/19 tax return can be made, the online filing deadline for this is 31 January 2020.
Child benefit is claimed by most families with children under 18 years of age. However, if you or your partner earn more than £50,000 and claim it you may need to pay a tax charge called ‘High Income Child Benefit Charge'.
If you complete a self-assessment for your business, you may have to pay your tax in two instalments. You don't need to make this payment if your tax bill is less than £1000 or you have already made 80% of your tax bill in advance.
We have many clients that live abroad but still have to pay tax in the UK. Plus, some of our clients work abroad and again need to pay UK tax.
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or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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