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Articles tagged with: self assessment

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[8 Apr 2016 | Comments Off on Director shareholder payments 2016/17 | ]
Director shareholder payments 2016/17

In the good old days there was an easy way to work out the optimum pattern of salary and dividends for directors of small UK companies. With the advent of the Finance Bill 2016 the situation has become hopelessly complex and that prompted AccountingWeb to publish a critical blogpost. Here’s the first bit with the all important table:

If you want to see the blogpost in full you’ll have to sign up for membership of AccountingWeb. It’s a free resouce for accountants!
And, as we said in our 30 Nov 2015 blogpost, …

getting things done »

[12 Feb 2016 | Comments Off on Wriggle Room and Late Filing Penalties | ]
Wriggle Room and Late Filing Penalties

Do you have a penalty notice from HMRC relating to the late filing of a 2013/14 or 2014/15 Self Assessment tax return?
Then you may be interested in a working practice which HMRC introduced recently, because they don’t have enough staff to check “reasonable excuse” claims. And whatsmore, they have extended the meaning of “reasonable excuse” which used to be limited to things like . .

Death of a close relative
Burglary
Flood

. . . to include a number of lesser reasons which they previously refused to accept. So “reasonable excuse” now includes . …

annual »

[2 Sep 2009 | No Comment | ]

It’s normal for some people to make tax payments on account every 6 months

If you’re self employed, or have lots of income from rent, dividends or investments, you may have become used to the pattern of making tax payments every 6 months.
However, the way the rules are structured, it normally comes as a bit of a surprise the first time you encounter the the “payments on account” regime. PoA for short. If most of your tax is paid under PAYE you won’t need to worry about this. The rule is …

annual »

[10 Jul 2009 | No Comment | ]

Apply for a reduction
You can pay less tax! The self employed normally have to pay their income tax in two 50% instalments on 31 January and 31 July every year. The system is not perfect and is based on information that’s almost two years old. If you’ve had worse results than normal over the past twelve months or so, your tax bill should be less. So, why pay more?
You can apply for a reduced payment on account. In the right circumstances, that can mean a reduction to NIL.
NIL tax!
Is that …

annual, routine »

[24 Jun 2009 | No Comment | ]
Tax Return Checklist

The UK tax year runs from 6 Apr to 5 Apr . . .
So that we can keep track of your tax office and reference numbers, please let us have either:

Page one of your tax return; or
The “Notice to File”.

Student Loans

A copy of the Student Loan account showing the balance remaining on 5 Apr just gone.
Tell us if a new one has started since 5 Apr.
Tell us if an old one has been fully paid off since 5 Apr.

Is your Domicile outside the UK?
In tax law the word “domicile” …