Uncategorised
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated based on the original cost when the asset was first owned by the spouse or civil partner. There are a few exceptions that couples should be aware of when the relief does not apply. This relates to the
Uncategorised
1 August 2021 – Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 – PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021) 19 August 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 August 2021.  19 August 2021 – CIS tax deducted for the month ended 5 August 2021 is payable by today. 1 September 2021 – Due date for Corporation Tax due for the year ended 30 November 2020. 19 September
Uncategorised
Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts.  IHT is payable at a reduced rate on some assets if 10% or more of the 'net value' of their estate is left to charities. Funds from the estate of the deceased are usually applied to pay IHT. If there is a will, it is usually the executor who deals with paying any IHT due to HMRC. IHT can
Uncategorised
The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and will need to be aware of the tax implications of the scheme. Under the CIS, contractors are required to deduct money from a subcontractor’s payments and pass it to HMRC. The deductions count as advance payments towards the subcontractor’s tax and National Insurance liabilities. Contractors are defined as those who pay subcontractors for construction work or who spent more than £3m on construction a year
Uncategorised
HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) grant. The final date for making a claim for the 5th grant will be 30 September 2021.  The figures will be used to compare turnover in the pandemic year from April 2020 – April 2021. The turnover for the ‘pandemic’ year can be calculated starting on any date from 1 to 6 April 2020 for a period of 12 months. For example, from 1 April 2020 to 31 March 2021 or from 6 April 2020 to