Personal Tax
ITSA refund security checks
You’re due an income tax refund of £1,200 from your 2022/23 tax return which you filed in December 2023. Unbelievably, the refund is still held up by HMRC’s security checks. How can you speed up the repayment?
Boost your family’s pension fund tax efficiently
Your spouse hasn’t paid into her pension fund since giving up work to have children. You’ve been told that you can pay contributions on her behalf. As a company owner manager, is it more tax efficient for you or your company to make the payment?
If you owe tax for 2023/24 act now to avoid a fine
If you think you owe tax for 2023/24 and you haven’t told HMRC about it or been asked to complete a self-assessment tax return, you’re at risk of a tax penalty unless you take action now. What do you need to do?
Help with childcare for working parents
As a working parent you probably struggle to balance the needs of your job with those of your children, especially during the long summer holiday. This also poses a problem for employers. How can government childcare schemes help?
Tax and NI planning for multiple directorships
You’re a shareholder and director of three companies. You currently take a low salary from each company topped up with dividends. But is this really the most tax-efficient option?
IHT exemptions - when and how to use them
Naturally, you want to keep as much of your estate as possible from HMRC’s coffers and so increase the amount your beneficiaries will receive. What simple steps can you take now to achieve this?
Why your tax code is now more important than ever
The amount of tax you pay on your salary depends on your tax code. If it’s wrong you’ll pay too much or too little. For many this can be a temporary issue, for others it can be permanent. What’s the problem and what can you do about it?
The trading allowance - something for nothing?
If you earn a little income on the side, the trading allowance can exempt it from tax or reduce the amount payable. What types of income does it apply to and how does it work?
Company income sharing for couples
You’re getting married soon and to save tax you want your partner to receive a share of the dividends from your company. Should you transfer some of your shares or should your company issue your partner with new shares?
Tax breaks for renting a room
Rent-a-room relief allows you to receive rent of up to £7,500 per year from letting part of your home. However, it doesn’t always work to your advantage. When should you consider disclaiming the relief?
Transfer your business to a company tax efficiently
Transferring your sole trader or partnership business to a company can reduce tax on profits but may result in an initial capital gains tax bill. You can defer this indefinitely but might there be advantages to paying it?
The IHT exemption that HMRC hides
You have the task of obtaining probate for your mother’s estate which involves completing tricky inheritance (IHT) tax forms. One of these requires you to report lifetime gifts. How might the form’s wording cause you to miss out on an IHT exemption?