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6 TAX PLANNING THOUGHTS FOR 5 APRIL 2018
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For many tax advisors January is one of the busiest times of the year having to deal with the personal tax filing deadline of 31 January. With under a week to go HMRC estimated that just over 3million returns were still to be filed, representing around 27% of all returns expected. With so much to do it can be easy for individuals to focus on meeting filing deadlines and to forget about planning opportunities for the current year.
ADDITIONAL ASSURANCE - HOW WE CAN HELP
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Medium and Large companies are required to have a statutory audit, however, small companies can also benefit from an external review. Thomas Westcott have experienced teams across the firm to help improve performance.
STAFF PROFILE: PAUL WEBB
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This month we learn more about Paul's role at Thomas Westcott and how he would struggle to cope if stranded on a desert island...
TIME TO MAKE CHANGES TO THE AUTO-ENROLMENT CONTRIBUTIONS
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Auto-enrolment, pension contributions since 2012 have been calculated at a rate of 1% employee and 1% employer contribution of the employees qualifying earnings. As from 6 April 2018 these rates will be increasing to 3% employee contribution and 2% employer contribution.
PROPERTY RENTAL INCOME
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You will hopefully have completed your self-assessment tax return form for 2017….
NON - RESIDENTS CGT RETURN: WHO IS AWARE?
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This may perhaps be considered a little controversial but as tax advisers we can often be the last professional adviser to be informed that a client has disposed of a UK residential property. This sometimes occurs only at the point the client provides us with their tax return information.
CARILLION - WHAT DOES THIS LIQUIDATION MEAN FOR YOU?
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Many of us have woken up to the news this morning that construction giant, Carillion, has gone into compulsory Liquidation. The writing may have been on the cards for some time; the Company’s shares have lost 90% of their value since 2017; the Company has been issuing profit warnings over the past year; and costs have significantly overrun on some large public sector contracts. The knock on effect could be dramatic for many:
THE CONSTRUCTION INDUSTRY – A CAUTIONARY TALE
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Over the last twelve months two of my clients involved in the construction industry have suffered joint visits by the HMRC VAT and Construction Industry Team.
With the demise of local HMRC offices, this approach represents a change from previous HMRC practice.
SCAMMERS ARE TARGETING YOU FOR YOUR PENSION SAVINGS (Part 2)
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Scammers don’t care whether you’re an experienced investor or have never put your money anywhere other than a bank. They will try to anything to pressure you into handing over your hard-earned cash, leaving you with nothing but a hefty tax bill.
TAX TALK: CAPITAL GAINS TAX OR INCOME TAX?
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Once a company has reached the end of its useful life its shareholders may place it in liquidation and extract any assets after payment of creditors by way of liquidation distribution.
