Category: news

Every tax return is liable to be investigated by the HMRC

  To ensure your tax returns are HMRC compliant please contact us now.

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What is the biggest tax bill you will ever pay ?

Inheritance Tax (IHT) is the largest amount of tax that you and your family will ever pay yet most people do nothing about it and just leave their executors to pay after they are gone. The tax is payable at 40% above £350,000 and £650,000 for a couple so even for modest Estates the amounts can quickly get quite large. It is however possible to plan for this and take measures to reduce it. I would be pleased to help you and your family review and prepare

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Budget Summary Summer 2015

Amity Services summary of the 2015 Uk Budget and the taxation implications for businesses & individuals.

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Don’t Loose Your Loses!

Are you carrying forward your losses carefully? The recent First-tier Tribunal case of Amah v Revenue & Customs [2014] UKFTT 1084 (TC) highlights a problem when a loss making trade changes in a significant way. The same problem can arise when a trading company changes ownership. Losses can only be carried forward against future profits of the same trade, so it is important to be aware of what is regarded as a change in the nature of a trade. What is same trade? If you make Read More

Universal Credit : Self Employed ?? Then PLEASE READ….

From October 2013 Income Support, Jobseeker’s Allowance, Employment and Support Allowance, Housing Benefit, Child Tax Credit and Working Tax Credit will be replaced with a Universal Credit. This means that UC will be paid to people in and out of work. In this article We will focus on the implications of being self-employed on UC, the minimum income floor and the income reporting. 1.       SELF-EMPLOYMENT The intention is to limit the amount of UC a self-employed claimant can receive. The stated purpose of this is

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How to Beat on IR35……

Some Suggestions on how to successfully argue against IR35… There is no control by the Main Company whatsoever over Personal Service Company. In the contract with Main Company, (which needs to be very carefully constructed) both parties must agree that if consultant is unable to work, he will send a substitute, chosen, selected, and engaged by the Consultant. There must be an agreement that if complaints are made etc. regarding areas of his work, and he needs to change and rectify areas and mistakes, the

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IR35 Business Test

Are you worried about IR35, if so please do the below test to see which Risk band you will fall under. This new business tests introduced in May 2012 to assist in deciding whether or not a worker will be caught by IR35. Next few weeks we will discuss about some cases and most importantly how you can successfully argue against IR35. Test scores and risk bands This table tells you which risk band you are in.   Total score from the tests    

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Child Benefit Tax Planning….

As mentioned in our newsletter last week.. Please see below some of the ways you can save your tax benefits. Husband and wife partnerships should possibly, where appropriate, share their allocation of profits, so that each has a profit share not greater than £50,000! Do similar planning regarding Loss Claiming options, Timing of expenditure, Claiming capital allowances etc., etc!! If you’re in this situation, please talk to us and we can assist you. We suspect that many taxpayers will find it very difficult to understand

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Do you receive Child Benefit…You Must Read !!!

The Finance Bill imposes a new income tax liability, if a taxpayer has income over £50,000, where either they or their partner is entitled to child benefit. This will come in from 7th Jan 2013. It will be taxed on the partner with the highest income. If your income is less than £50,000 and your partner’s income is also below £50,000, then the child benefit is not taxable. For the current year (2012/13) taxpayers will pay income tax on a part of their child benefit

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