On the face of it, this sounds implausible. How can you change your will if you have died? In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death. Any change must be completed within two years of the death. The circumstances that such a change can be agreed are to: Reduce...
Income Tax – regional differences
You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales. At present, the only regional variations under the control of the Scottish or Welsh governments are the rates of Income Tax charged. For 2019-20, the rates set by the Welsh Government...
Do not forget the payslips
If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019. If you distribute P60s and then discover that changes need to be made you will need to give employees a replacement P60 – a paper or electronic...
Tax Diary May/June 2019
1 May 2019 - Due date for Corporation Tax due for the year ended 30 July 2018. 19 May 2019 - PAYE and NIC deductions due for month ended 5 May 2019. (If you pay your tax electronically the due date is 22 May 2019) 19 May 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 May...
Who inherits if you die without a will?
If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent whose personal assets amount to more than £1m. In England and Wales The husband, wife or civil partner keeps all the assets (including...
Employing family, younger persons or volunteers
The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business. If you hire family members you must: avoid special treatment in terms of pay, promotion and working conditions make sure tax and National Insurance contributions are still paid follow working time regulations for younger...
Investing in new equipment?
For most of us in business the recent, and continuing, Brexit fiasco has meant that making meaningful investment decisions has proved to be problematic. What will our future trading relationship with Europe look like and how will that affect our own trading results? And yet in the UK we have an extremely generous tax allowance, aptly called the Annual Investment Allowance...
When do you pay capital gains tax?
If you personally disposed of an asset that is subject to a capital gains tax (CGT) charge, at any time during the tax year ending 5 April 2019, any CGT due will need to be paid 31 January 2020. Accordingly, if you know the amount of the taxable gain, and the amount of CGT payable, you still have more than ten...
What is a Debt Relief Order?
The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts*. Since then, the Insolvency Service has approved more than 254,000 DROs to people with debts worth an average of £9,400. People apply for a DRO through an authorised debt...
Can\’t pay your tax?
A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities. If you can’t pay before the deadline, call the Business Payment Support Service. Anyone can use this service, not just businesses. Business Payment Support Service Telephone: 0300...