Blog

Cash and digital payments in the new economy

23rd April | Posted in: Government Announcements, Planning

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small tra...

May your pension pot wish be granted

20th April | Posted in: Pensions, Savings & Investments, Planning

If your pension pot is one of your larger assets, if not the biggest, are you up to date on what happens to any residual value on death? When starting a private pension, you will complete an ‘Expres...

Undeclared Rental Income

19th April | Posted in: Personal Tax, Planning

HM Revenue and Customs (HMRC) are aggressively targeting landlords who may have unreported rental income and they are able to obtain information from a wider range of sources than ever before. If any ...

No major tax changes in Chancellor’s Spring Statement

18th April | Posted in: Business Tax, Government Announcements, PAYE & NI, Personal Tax, VAT

As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made l...

Simple and regular Inheritance Tax Planning

11th April | Posted in: Allowances, Pensions, Savings & Investments, Personal Tax, Planning, Property Investment

Inheritance Tax (IHT) is a charge on the value of your estate when you die. There are a number of exemptions available to help reduce your estate’s potential Inheritance Tax charge. Described below ...

Pension funds can be very effective in estate planning

6th April | Posted in: Pensions, Savings & Investments, Planning

We have featured the tax efficiency of pension fund investment in a number of recent blogs. As well as the increased flexibility in terms of drawdown arrangements that were introduced in April 2015, t...

Are you sure you or your workers are self-employed?

2nd April | Posted in: Government Announcements, PAYE & NI, Payroll

Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which ...

Paying your Employers’ PAYE to HMRC – Switch to Electronic...

30th March | Posted in: PAYE & NI, Payroll

HMRC are encouraging all employers to pay electronically. If you already pay HMRC electronically please review the reference information that you have provided to your bank to ensure it is up to date....

BBC Presenter loses landmark IR35 case

28th March | Posted in: Company News

The IR35 personal service company legislation has been on the statute book since 2000 and has never really worked as intended. The main reason for this is that the interpretation of the legislation is...

Charge applies if you exceed the annual pension allowance

26th March | Posted in: Allowances, Payroll, Pensions, Savings & Investments

If your pension savings exceed the annual pension input limit (generally £40,000) then there is an annual allowance charge. The effect of the annual allowance charge is to reduce tax relief on any pe...

What are you waiting for? Get in touch and get professional assistance from Johnston Smillie today. Enquire Now