KSK Accountants Milton Keynes – Chartered Accountants RSS Feed Blog Category: Taxation

LLPs – Salaried members to be taxed through PAYE from 6 April 2014

Following consultations, the government is making significant changes to the tax rules governing Limited Liability Partnerships (LLPs).  These are due to come into effect from 6 April 2014. One of the changes is that “salaried members” will be treated as employees for the purposes of PA… More

No one ever needs to face a penalty for the late filing of a personal Tax Return

The 31st January approaches.  It’s that time when tax accountants up and down the land are setting up camp in the office, while a couple of million people receive menacing letters from HM Revenue & Customs, warning of penalties for late filing of Tax Returns.  Surprisingly, perhaps, 915,… More

Make sure you claim the 10% tax allowance on rents from furnished lettings

Much has been made in the press of the withdrawal (for this tax year) of an extra-statutory concession that allowed a tax deduction on a “renewals basis” for property letting. Landlords of residential properties have for years been specifically denied capital allowances on furniture, fix… More

Tax Returns – When is it right to write in the white space?

Up and down the land people are beginning to look nervously at their calendars  and realise how quickly the “big day” is approaching.  No, not Christmas.  We’re talking about the Tax Return filing deadline at 31 January 2014. But for those who like to think “white” a… More

Inheritance Tax – Normal expenditure out of income – A little used exemption?

 You will probably know that most gifts you make (in excess of annual exemptions of £3,000 per year and some other limited exemptions) rank as “potentially exempt transfers” for Inheritance Tax (IHT) purposes.  This means they will potentially be added to the value of your estate on death, an… More

Rental income – New disclosure campaign by HM Revenue & Customs

According to figures published earlier this year, Milton Keynes is well up there in the top ten hot spots for buy-to-let properties in the UK.  That being the case, there is a fair-to-middling chance that some of our blog readers with local connections will be interested in HM Revenue & Customs… More

HM Revenue & Customs’ new Single Compliance Process

Continuing the theme of investigations by HM Revenue & Customs (HMRC), in 2011 they announced their intention to trial a new system to deal with enquiries.  Two years on, they are now ready to roll out the Single Compliance Process (SCP) across the country. SCP is a single framework, within whi… More

Difficulties contacting the taxman

If you have experienced problems in making direct contact with HM Revenue & Customs (HMRC), you are not alone. HMRC’s current target for answering calls from taxpayers is “unambitious and woefully inadequate”, according to a committee of MPs.  The aim of answering 80% of calls wit… More

Ten tax year-end planning points

With the tax year ending on 5 April, and many company accounting years on 31 March, the following are a mish-mash of personal and company year-end planning points.  In no particular order:- 1.  Writing off stock and work in progress Your company will effectively pay CT on the value of its closing … More

In what circumstances must you complete a personal Tax Return?

Our last blog item looked at penalties for late Tax Returns.  This leads on to another point which will come into play for the coming year. As the law stands at the moment, if HM Revenue & Customs (HMRC) issue a notice to you to complete a Return, you must complete it.  And the taxman has no p… More

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