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01/02/2014 |
February Tax Tips & News
Welcome to the Sherwoods Ltd Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.
If you need further assistance just let us know or send us a question for our Question and Answer Section.
We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice on your own specific circumstances. We’re here to help!
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| VAT Penalties |
| If you pay your VAT late to HMRC, even one day late, your card will be marked for a VAT penalty called a "default surcharge". The first late payment doesn't attract a monetary penalty, but the second occasion on which you are late within 12 mont Read More... |
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| IHT Relief on Business Assets |
| Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the seven years before you die. The first £325,000 of assets is currently exempt from IHT i Read More... |
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| CGT on Home Developments |
| Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in it on a permanent basis, not as a project to renovate and sell. People who are required to live in job related accommodat Read More... |
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| Non-Resident Landlords |
| If you leave the UK and let your property here, your letting agent (or the tenant where there is no agent) should deduct basic rate (20%) tax from the rents paid after deduction of certain expenses, under the non-resident landlord scheme (NRL). This ensur Read More... |
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| February Question and Answer Section |
| Q.I work through my own personal service company. When I go abroad on business my customer normally pays for the cost of hotels and meals. Can I still claim the personal incidental expenses (PIE) from my own company? Read More... |
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| February Key Tax Dates |
| 2 - Last day for car change notifications in the quarter to 5 January - Use P46 Car Read More... |
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| About Us |
Sherwoods Ltd Accountants are based in Milton Keynes , offering local business owners and individuals a wide range of services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website sherwoodsaccountants.co.uk for more information.
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Copyright © 2024 Sherwoods Ltd. All rights reserved.
First Floor, 27 Shirwell Crescent, Furzton Lake, Milton Keynes MK4 1AG
Sherwoods Ltd is a trading name of Sherwoods Ltd
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