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September 2015

  • Tax-efficient savings for children

    Newsletter issue - September 2015 There are a number of ways to save or invest for children - some accounts are tax-efficient but rigid, others are often flexible but liable to tax. Interest earned from CTFs and Junior ISAs is paid tax-free, but the money is effectively locked in until the child is 18, at…More

  • The future for intermediaries

    Newsletter issue - September 2015 The Summer Budget 2015 contained an announcement that the government is to consult on proposals to improve the effectiveness of the existing intermediaries’ legislation, commonly known as IR35. The reason for this review was given as the perceived unfairness that two people could be doing the same job and pay…More

  • When tips are taxable

    Newsletter issue - September 2015 Confusion often arises regarding tips and gratuities as the tax and NIC treatment depends on how they are paid to the recipient. Cash tips handed to an employee, or left on the table at a restaurant and retained by that employee, are not subject to tax and NICs under PAYE,…More

  • Paying Inheritance Tax

    Newsletter issue - September 2015 Various rules exist for determining the time for payment of inheritance tax (IHT). In certain circumstances it will be possible to pay in installments, and it is even possible to settle a liability by transferring ownership of assets to the Crown (for example, a valuable painting may be donated to…More

  • September Questions and answers

    Newsletter issue - September 2015 Q. I have recently registered for VAT. What is the difference between ‘normal’ and ‘cash’ accounting? A. Under the normal method of accounting for VAT, you account for the output tax on your sales as they take place or as soon as you issue a VAT invoice, even if your…More

  • September Key Tax Dates

    Newsletter issue - September 2015 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/9/2015 30 - losing date to claim Small Business Rate Relief for 2014/15 in EnglandMore

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