The Tax Preparation Blog

Archive for the ‘UK taxes’ Category

Question: Advice on self assessment tax return enquiry (Reside UK)?

Inland revenue have investigated my self assessment tax return going back 6 years. They have penalised me for additional duties and have charged me interest and a further net penalty of 25%. I would appreciate some advice please.

Answer: Have they asked you to make an offer? You do not have to offer the whole amount they are asking for – you can negotiate the penalty down – but I would hope you have an accountant who is dealing with this on your behalf. Difficult to know what else to advise you without knowing the details of the offence.

6. Tax savings for individuals, small businesses and investors

PUBLISHER Sweet & Maxwell Asia has released three tax-related titles, all by Richard Thornton, for individuals, small businesses and Malaysian investors.

Question: Child Tax Credit and Working Tax Credit?

We currently receive £34 per week Working Tax Credit (we live in the UK). Thats just that basic “working couple on low income” rate, as far as I understand.

According to the good lady at the Citizens Advice Bureau, when our baby is born in December and we become “parents of a dependent child” this will go up quite a lot – we will apparently get child tax credit “alongside” Working Tax Credit and the amount of Child Tax Credit will be a lot more than £34.00. Plus it will be possible to claim for childcare expenses (we are low earners).

After being let down so many times by the benefits system when we have been “in need”, this just seems too good to be true. Does anyone know what sort of tax credits a low earning couple with one baby can expect to get? I just can’t beleive what the lady at Citizens Advice told me!!! Surely they aren’t that generous!

Answer: You will get a family element paid to any family with at least one child and worth up to £545. You will also get a child element paid for each child in the family and worth up to £1,765. You may also be entitled to up to 75% of help with childcare costs.

Income and capital gains tax

The 50% top rate of income tax will be introduced with effect from 6 April 2010 as previously announced, but that remains the only change as the existing marginal rates are frozen.

Expert Tax Advice Seminar – Ian Archibald (Mazars)

Question: going self employed but working for same company as im employed by! Help on self employement in the UK!!?

I am currently employed and my boss has restructured the business. He asked me to go self employd as of December 2007. I will get a cheque each month for 33% of bankings on the business. No experience of being self employed. What will i have to pay. Will i have to do a tax return for the 1 month before end January? Anyone know any rescourses that would be helpfull. Alreasy read the hmrc and direct.gov.uk stuff. Do i have to register myself as a company? what can i offset against tax? petrol car stuff etc????

Answer: Find a good accountant. For a few hundred pounds he will do it all and save you money by claiming for things you would never have thought of.

Darling shuts down contractor tax schemes

IT contractors are collateral victims of yesterday’s Budget, as although they were not the chancellor’s prime target, some may need to change how they operate from today.

Google DC Talks: “Developing a Natl Cybersecurity Strategy”

Pensions: how women can close the gap

Women’s pensions lag behind men’s – here are 10 tips on how to start catching up.

My Journey To Make A Solar Panel At Home

Time everyone paid their fair share of tax

tax avoidance industry, as we explore on pages 48-49.Millions of us have little or no choice about our tax affairs as the money is deducted through PAYE, but many companies and wealthy individuals vie…

New Disclosure Opportunity – declare offshore bank interest Oct 2009