I hope you all have had a lovely week? What better way than to enjoy your Friday afternoon with my next instalment of tax tips!
1. Remember that if you complete your own VAT returns be aware that even being one day late in filing and payments to HMRC is likely to result in a default surcharge. If you know you will be away on the date the VAT return is due make sure you file it early.
2. As I write this the government are currently consulting on a statutory resident test, the rules introduced from 6th April next year are likely to be significantly different to those in the previous consultation document. Make sure you keep up to date with the changes as this may have serious affects on your current situation in regards to tax.
3. I read a brilliant article in Taxation Magazine concerning the Farming industry. Now could be the time if you run a farm to incorporate. Potentially huge tax savings. If this applies to you contact your tax advisor
4. If you are planning on disposing of a subsidiary company, have you considered with a degrouping charge will arise and whether there is an exemption for substantial shareholdings.
5. Another warning that HMRC will be continuing to write to pensioners whose state pension was not coded out in 2010/11 to tell them the tax they owe. Even if you have received a tax code and it looks correct it may be worth getting an expert to look at it for you.
I hope you all have enjoyed the second instalment of Friday's Tax Tips. Remember to look back next Friday for some more useful tips.
If you have any questions or would like to arrange an initial meeting free of charge please get in touch mitch@ljd.uk.com
Have a fantastic weekend
Mitch the tax man
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