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PAYE forms: P45, P60, P11D
/in Accountancy, Accountants, Emergency tax code, Income tax, P11D, P45, P60, PAYE, Tax, Tax advice/by TaxfilePAYE (PAY As You Earn) is the HM Revenue and Customs system for collecting income tax from the pay of employees. As an employer, you need to deduct income tax and National Insurance contributions (NICs) from your employees’ pay and send it to the HMRC. As an employee, you should receive a P45 or a […]
CIS Contractor Monthly Return
/in Contractor, Contractor Monthly Return, HMRC, Nil return, penalty, South London, Subcontractor, Tax return/by TaxfileCIS contractors must complete and file a tax return to the HM Revenue and Customs every month showing the payments made to all subcontractors as well as the tax deducted. The contractor needs also to show the verifications references against all those subcontractors from whom the contractor had to deduct a higher tax rate. Even […]
Confused about your tax code?
/in Accountancy, Advice, Emergency tax code, HM Revenue and Customs, HMRC, Inland Revenue, London, PAYE threshold, South London, Tax advisers, Tax affairs, Tax allowance, Tax code, Tulse Hill/by TaxfileA tax code is usually made up of one letter and several numbers, for instance 161L or K567 . A tax code is used by your employer or pension provider to calculate the amount of tax to deduct from your pay or pension. If you have the wrong tax code you could end up paying […]
IHT: Transfer of unused nil-rate band
/in Accountancy, Accountants, Advice, IHT, Inheritance Tax, London, South London, Tax advice, Tax advisers, Tax affairs, Tax allowance, Taxes/by TaxfileThe Pre-Budget 2007 Report published on Tuesday 9th October announced various changes, one of them referring to the inheritance tax (IHT). Previously, married couples could transfer an unlimited sum to each other when one died without paying inheritance tax. But when the survivor died, their estate was then taxed at 40% on anything exceeding £300,000. […]
Introduction to Stamp Duty & Stamp Duty Land Tax
/in Advice, CREST, Income tax, Inland Revenue, SDRT, South London, Stamp Duty, Stamp Duty Land Tax, Stamp Duty Reserve Tax, Tax, Tax advisers, Tax affairs/by TaxfileStamp Duty is a type of tax you pay when you buy land or shares. You pay a Stamp Duty Land Tax when you buy property and Stamp Duty Reserve Tax when you buy shares. You pay Stamp Duty Land Tax on such properties like houses, flats , other buildings and land. There is a […]
Is Your Estate Excepted From IHT?
/in Accountancy, Accountants, Advice, Capital gains tax, CGT, HMRC, IHT, Inheritance Tax, South London, Tax advice, Tax affairs/by Taxfile(for UK domiciliaries only) From 6 April 2004, there are two types of estates are qualified to be excepted from IHT for UK domiciliaries. 1. Low valued estates When the total value of estates does not exceed the inheritance tax threshold, then those estates do not suffer IHT. Which threshold should be applied is determined […]
Something You Need to Know about Principal Private Residence Relief to Avoid CGT
/in Accountancy, Accountants, Advice, Capital gains tax, CGT, PPR, Principal Private Residence, Tax advice, Tax affairs/by TaxfileBefore you start the game of property investment, be aware that the Inland Revenue is always interested in the profit you make by selling your properties. But the sale of your main home will rarely result in any Capital Gains Tax (CGT) liability, because of the principal private residence (PPR) exemption. •Determination of Principal Private […]
Casual labour / subcontracting
/in Accountancy, Advice, CIS, Construction Industry Scheme, Contractor, Limited company, Partnership, Subcontractor, Tax, Tax advice, Tax advisers, Tax affairs, Unique Tax Referance Number, UTR/by TaxfileIt is not widely known that you must establish someone’s status when you pay them any money for helping you with their labour.The trick or tip is to get them to supply their unique tax reference number. They should invoice you for their services . If they don’t offer an invoice, it’s best to issue […]
Your personal tax allowance
/in Accountants, Advice, Capital gains tax, CGT, HMRC, IHT, Income tax, Inheritance Tax, London, South London, Tax advice, Tax advisers/by TaxfileEveryone who lives in the UK is entitled to a personal allowance. This is the amount of income you can receive each year without having to pay tax on it. Depending on your circumstances, you may also be able to claim certain other allowances. There are three levels of personal allowance for 2007/2008 tax year: […]
What is the Construction Industry Scheme?
/in Accountants, Advice, CIS, Construction Industry Scheme, Contractor, HMRC, New CIS, Subcontractor, Tax advice, Tax advisers, Taxes, Tulse Hill/by TaxfileThe Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors. A contractor is a business or other concern that pays subcontractors for construction work. A subcontractor on the other hand is a business that carries out construction work for a contractor. Under the […]