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

Penalties for late Tax Returns

We are delighted to say that, once again this year, none of our clients will face a late-filing penalty for failing to submit a completed personal Tax Return to HM Revenue & Customs (HMRC) by 31 January.* Taking the country as a whole, however, a surprisingly large number of people will be facin… More

Basic planning for the family company – Associated companies

The rate of Corporation Tax that a company suffers is affected by the number of companies “associated” with one another by common control.  Individual companies with profits in excess of £1.5 million pay tax at 24%.  Those with profits up to £300,000 are taxed at 20%.  Profits between those… More

Basic planning for the family company – Entrepreneurs’ Relief

Normally, when you sell a business, any “profit” made on capital assets (real property used in the business, goodwill, etc) will be chargeable to Capital Gains Tax (CGT).  Entrepreneurs’ Relief can significantly reduce the tax payable for “qualifying business disposals”.  Where the relie… More

Basic planning for the family company – Salary & dividends

Dividends are not deducted from a company’s profits in arriving at the amounts chargeable to Corporation Tax.  However, no Income Tax is charged on dividends, in the hands of individuals, where total income is within the basic rate tax band (currently £34,370).  Above that level, dividends are … More

Pension schemes, the Annual Allowance excess tax charge, and the demise of “protected pension savings”

Since 6 April 2011, tax relief on pension contributions has been limited to “pensions savings” of up to £50,000 for the “pension input period” ending in a tax year.  This is known as the Annual Allowance.  There is a facility to bring forward unused Annual Allowances for the previous thre… More

Tax avoidance – The taxman’s view

For more than a century the Courts, HM Revenue & Customs and the tax planning world, have recognised the difference between tax avoidance (which is legal) and tax evasion (which very definitely is not).  Put simply: Tax avoidance is applying the rules to your best advantage.  By contrast, tax … More

Two basic principles of avoiding Inheritance Tax

Inheritance Tax (IHT) is charged on the value of your estate on death.  The first £325,000 is tax free.  This may extend to £650,000 for the second to pass away out of a married couple, or civil partners.  Subject to specific reliefs – see further below – the balance of the value will b… More

What does your future hold?

We invite you to close your eyes… Picture yourself (this may be challenging!) aged 70… The 70-year-old “you” speaks to you as you are now. What does he/she say?… Is it “Well done. You provided for me in my retirement. Now I have peace of mind thanks to your wise decisions in the past… More

Will the taxman contribute to the cost of your Christmas?

Autumn is here with a vengeance. Maybe it’s time to cheer ourselves up by planning for Christmas? Entertaining staff (unlike entertaining customers) is an allowable deduction for an employer against his taxable profits. However, generally speaking staff (including directors of a limited company) p… More

Entrepreneurs’ Relief potential pitfall for shareholders

Entrepreneurs’ Relief is an important relief available to minimise Capital Gains Tax liabilities. To qualify for Entrepreneurs’ Relief on the disposal of shares a shareholder needs to ensure that: The shares being disposed of are in a trading company. They have been owned for a period of 1 year… More

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