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Monthly Archives: October 2017

Pay your VAT monthly

If you find it difficult to manage quarterly payments to HMRC to settle your VAT, why not consider the VAT Annual Accounting Scheme (AAS). With the AAS you: make nine payments on account towards your annual VAT bill - based on your last returns (or estimated if you’re new to VAT), and submit one VAT…
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Self-employed tax payments

Self-employed persons and other individuals who submit a self-assessment (SA) tax return should bear in mind that there are only three months until the electronic filing and payment deadline for 2016-17, 31 January 2018. If you have not filed the 2016-17 SA return yet, or at the very least crunched the numbers to work out…
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What are tax-free transfers for Inheritance Tax purposes

There are many reliefs for IHT purposes. They include: Business Property Relief – 100% relief for business assets including an interest in a business, a controlling interest comprising unquoted shares including AIM listed shares, and unlisted shares in a private company. Agricultural Property Relief – 100% relief (occasionally 50%) A controlling interest in a listed…
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Tax legislation

Readers may be forgiven for finding the recent rash of announcements by HMRC, regarding possible changes to tax legislation, rather confusing. On 8th September, we were informed that the remaining sections of the March 2017 finance bill, that were deferred due to the May election, were back in circulation and being dealt with by the…
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Self-employed and using your own car

There are two options if you use a car in your self-employed business for business and private purposes. You can buy the car through your business, claim a capital allowance, and write off the costs of running the car as a business expense, and in both instances, you will need to adjust your claims to…
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