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Loans to reduce inheritance tax (IHT) Have you used a loan to reduce the inheritance tax (IHT) which may be due when you die? A common IHT planning technique has been to take out a mortgage on the family home and use those borrowed funds to invest in assets that qualify for 100% exemption from IHT, such as farmland or…
December Key Tax Dates 19/22 - PAYE/NIC and CIS deductions due for month to 5/12/201330 - Deadline for 2012/13 self assessment online returns to be filed if you are an employee and want tax underpaid to be collected by adjustment to your 2014/15 PAYE code (for underpayments of up to £3000 only)
New RTI Messages Real time information (RTI) is all about one-way communications with HMRC. Your payroll software sends reports (called FPS or EPS) to HMRC about the deductions made from your employees' pay, and normally you hear nothing back. That is starting to change. HMRC is now sending electronic messages to employers to inform them that not all is well…
VAT and Indirect Exports Change When you export goods to a country outside the EU the goods are 'zero-rated' for VAT purposes, which means you do not apply VAT to the value of the goods. However, you need to have the paperwork to prove that the goods left the UK. If your customer does the physical exporting, in that they…
Earn-out Payments on Business Sales When you sell a business, you may receive some of the consideration up front and another payment later if the business meets certain targets, that later payment is called an 'earn-out'. How this earn-out is taxed can be tricky to work out, as it depends on a number of factors. For example: is the earn-out…
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