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Inheritance tax tips !

“The only two certainties in life are death and taxes.” I thought it would be beneficial to let

Applying for a mortgage? Watch out for the Taxman !

HMRC have just announced the launch of the Mortgage Verification scheme. On the outset this looks as

Do you need to complete a tax return?

I have had a decent week meeting potential new clients all around London. I have been dealing with q

The latest Tax Questions

Hi Mitch I have just started a ltd company I’m waiting for a new utr number regarding my old number can I submit a tax return now for my old number for earnings up till now or do I wait for April thanks mike

If you have applied for a new UTR and resubmitted your registration for self assessment I would wait until you receive your new number. Otherwise you are likely to cause confusion and end up with 2 UTRs

Do you undertake full accountancy services for a one man band, Ltd Co?

Yes, we carry out full preparation of Limited Company Accounts, Corporation Tax Return, Annual Return, Payroll & VAT

l was born 28th of Aug 1938, when will my tax allowance be increased to £10660.

If you are over 65 then you have a slightly higher annual personal allowance, dubbed the “additional age related personal allowance”.

Currently anyone born between 6th April 1938 and 5th April 1948 has a basic personal allowance of £10,500 while those born before 6 April 1938 have an allowance of £10,660.

So from April 2015!

Can I still submit my Tax Return using the Paper version?

MTTM: “Yes you can! The deadline for filing a paper based return is currently 31st October 2014. However HMRC are gradually fading out the paper based return so my advice would be to register for self assessment online and get used to doing it online. Or hire a tax advisor ;p”

I am a Teacher and have never claimed back the subscriptions I pay. I started my job in 2012 when is the latest I can make a claim?

MTTM: “It is not only subscriptions that you may be entitle to, If you’re an employee or a director, there are a number of ‘tax deductible’ expenses you might be able to get. These include the cost of professional fees or subscriptions, business travel and subsistence, tools and specialist clothing. You can go back several years to get tax relief for expenses.

“You have until 5 April 2016 to make your claim in relation to the tax year ended 5 April 2012″

What are the two things your clients often miss when completing their tax return?

MTTM: “My clients are generally very good at supplying their tax return information. However two items that they often do not think about are child benefit income received and whether they have a student loan. Both items need to appear on the tax return”

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The information on this site does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances.We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late. We often link to other websites, but we can't be responsible for their content. Always remember anyone can post comments or questions on the site, so it can be very different from our opinion.It should be appreciated that all tax work carries risk, both fiscal and commercial.

Disclaimer: Whilst the contents are believed to be accurate, no responsibility for loss occasioned to any person acting as a result of material contained herein can be accepted by Nyman Libson Paor Mitch Young.