Having worked all your life to build up assets for which you have already paid income tax, capital gains tax or VAT, it can seem unfair that, when you wish to secure financial peace of mind and pass wealth on to your family, you face a further tax on your accumulated wealth upon death. Nevertheless, this “double” taxation does exist and inheritance tax (IHT) at 40% applies to all estates over £325,000 in value. (more…)
Leave a Comment July 26, 2011
If you aren’t going abroad this year for financial reasons, TaxTalk might just be giving you an unexpected opportunity to get out into the sunshine. It could be possible to reclaim VAT paid out on overseas business activities and this extra windfall might mean the extra you need for that trip to the sunshine – genuine business related trips only mind!
Leave a Comment June 24, 2011
Holistic tax planning might sound airy fairy but it makes a big difference to the amount of tax you pay. Company directors take note!
Continue Leave a Comment April 4, 2011
We predict business and personal tax announcements in the coming Budget 2011. Overall whatever we get, business owners really need a ‘roadmap’ to understand how the tax system will develop over the coming years. Then they can start making planning decisions for their business. In particular having a long range view will help with longer term workforce planning, deciding whether to hire new staff, where to locate offices and important investment decisions.
Continue Leave a Comment March 18, 2011
If you’re a Sunday Times reader, you could not fail to notice the article in January about footballers and their tax affairs. This highlighted how many footballers have been avoiding the 50% tax rate by using image rights companies into which the majority of their earnings are paid and then using their director’s loan account to withdraw income. Apparently, it is possible to pay a rate of just 2% by following this strategy. We wish it were that straightforward!
Continue 3 Comments February 8, 2011
With Christmas almost upon us, you may be looking for some alternative gift ideas. Here at RJP, the Surrey based tax specialists, we’ve put together a Christmas wish list which see you through well into January and tax return time!
Continue Leave a Comment December 9, 2010
HMRC’s definition of fixed costs makes it more straightforward to claim for expenses when working from home but this applies to sole traders and partnerships only – not limited companies or employees – and qualifying criteria must be met.
Business owners with a limited company can also claim for a home office by ‘renting’ the designated room at market rates. They may also be able offset this profit against any property investment losses and therefore reduce corporation tax.
Read the full article to see how you can save tax
1 in 3 Surrey taxpayers could receive “tax error” letters
RJP’s tips for dealing with notifications of incorrect tax paid: Any challenges to tax underpayment will be carefully scrutinised; Reimbursements for tax overpayments are payable as lump sum
Beware of phishing scams; HMRC never use email to notify or refund taxpayers.
Continue Leave a Comment September 8, 2010
Many tax breaks are swiftly disappearing, as the Government’s reforms begin to take shape. What perks can you offer staff that are tax efficient? They can also be beneficial for your business…..
Yesterday’s Budget was the first decent budget for entrepreneurs and business owners for some time and it’s exactly what the country needs to help rebuild economic activity.
Continue Leave a Comment June 23, 2010
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