Time To Pay Tax

If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems. It is important to appreciate that TTP cannot be used to reduce tax liability. TTP is just that - it buys time, giving you breathing space and spreading… Continue reading Time To Pay Tax

Tax calendar: April 19th 2020 Deadlines

Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2019/20 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year. This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to… Continue reading Tax calendar: April 19th 2020 Deadlines

COVID-19: Measures for UK businesses

The coronavirus (COVID-19) pandemic that began in China and spread rapidly around the globe has caused major disruption to businesses and economies worldwide. The UK government has responded to COVID-19 with measures aimed at delaying its spread and mitigating damage to the economy with a substantial stimulus package. Chancellor Rishi Sunak has set out a package… Continue reading COVID-19: Measures for UK businesses

Coronavirus and Your Business

You can’t have escaped the news that coronavirus is here.  The situation is fast moving and guidance is constantly changing. We previously blogged that the Prime Minister, Boris Johnson, had announced that Statutory Sick Pay (SSP) would be payable to employees from day 1 rather than day 4 of absence.  The budget of 11 March… Continue reading Coronavirus and Your Business

Budget 2020 – 5 Changes That May Affect Your Business

On 11 March 2020 the new Chancellor, Rishi Sunak, presented his first Budget, just a month into the job.  It was always going to be a challenge for him to prepare for the budget in such a short space of time and this wasn’t made any easier for him with the rapidly changing situation with… Continue reading Budget 2020 – 5 Changes That May Affect Your Business

Capital gains fall-out for couples and family homes

Married and divorcing couples, including civil partners, should be alert to change to the capital gains tax (CGT) rules on private residence relief. Divorcing couples Tax is never at the top of the agenda when a relationship ends, yet the tax consequences can be far-reaching. A jointly-owned family home is often the most important asset… Continue reading Capital gains fall-out for couples and family homes

Free Useful Resources

Access to really useful resources including: calculators, tax rates and allowances, market data, a tax calendar together with access to HMRC and Companies House forms. To get access to these free useful documents use this link https://www.torrwaterfield.co.uk/resources Why not register to receive our Monthly Newswire? Registration will allow you to: receive our monthly email packed… Continue reading Free Useful Resources

Self assessment deadline approaching – 31st Jan 2020

Happy New Year ! Get 2020 off to a good start by making sure you submit your Tax Return by 31st January 2020. The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in… Continue reading Self assessment deadline approaching – 31st Jan 2020

Christa Ackroyd loses IR35 appeal

Former BBC presenter Christa Ackroyd has lost her appeal against a ruling that she was an employee, not a freelance contractor, when she worked for the BBC via a personal service company. The IR35 rules in broad terms mean that those working via a personal service company have to consider whether, if the services were… Continue reading Christa Ackroyd loses IR35 appeal

HMRC countdown: file your tax return

With less than 100 days until the self assessment tax return deadline of 31 January 2020, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. HMRC report that last year more than 2,000 people submitted their tax returns on Christmas Day. Taxpayers should consider submitting their… Continue reading HMRC countdown: file your tax return