H M Williams Chartered Accountants
Tax Answers at a Glance (2016/17) provides answers to your everyday tax questions, and reveals the latest ways to avoid tax and shares tax-saving insider tips on how you could pay less tax this financial year.
With the emphasis on tax self-assessment, we are all expected to become overnight tax experts and tax-specialist accountants. How else can you keep a track of the vast array of taxes that are levied each year by the government? And, if you can't keep track of them, how will you pay less tax this year? Or remember to declare them?
Tax Answers at a Glance (2016/17) can help. Every financial year our team of tax-saving experts at H M Williams Chartered Certified Accountants, present in bite-size question-and-answer format, this indispensable tax guide with quick, digestible answers to practically all your everyday tax questions.
Tax Answers at a Glance (2016/17) homes in on relevant tax questions, giving answers at a glance, rather than giving all the unnecessary background information which most taxpayers don't want or need. It includes 'dos and don'ts' and tax-saving tips from the "pay less tax" experts that may help you save money when it comes to tax planning and investments.
Tax Answers at a Glance (2016/17) covers the following topics:
It also includes tax return templates to help you prepare your tax return.
Tax Answers at a Glance (2016/17) will answer all your tax questions for this financial year... quickly.
Authors Ashley Smith and Iain Watson are accountants at HM Williams Chartered Certified Accountants and have been winners of the prestigious Butterworth Tolley Best Tax Team Award. The firm has also been awarded the coveted Daily Telegraph/Energis Customer Service Award in the Professional and Business Services, Small Organisation category.
1 Tax in general
What are the different taxes that we have to pay?
How much does the government raise in tax and what does it spend it on?
When are the tax rates changed?
What is the Income Tax year?
What are Business Rates and Council Tax, and how is that money spent?
What is HM Revenue & Customs and what is HM Treasury?
Tax and civil partners
What tax do I pay when I buy a motor car?
What tax do I pay when I buy fuel?
What tax do I pay on celebratory fizz?
2 Income Tax
What is Income Tax and what do we pay it on?
What are the changes for Scottish taxpayers?
What is an annual Tax Return?
What is Simple Assessment?
How do I know if I have to fill out a Tax Return and how do I get hold of one?
How do I work out how much tax I have to pay and when to pay it?
What if my tax payments are late?
What if I fail to complete a tax return on time?
What can I set against my taxable income?
What is the difference between earned and unearned income?
What are the rates of Income Tax?
What are the personal reliefs and allowances?
What tax relief can I claim on my payments of interest?
Can I get tax relief on my mortgage interest?
Is there a right time to get married for Income Tax purposes?
What is the Marriage Allowance?
What happens to someone’s Income Tax affairs when they die?
What should one do about the income of children and Income Tax?
What are the most sensible sorts of investment for children for tax purposes?
What are the rules for charitable giving and Income Tax?
What is ‘Payroll Giving’?
How do I reclaim overpaid tax?
What are the rules regarding pre-owned assets?
3 National Insurance
What is National Insurance?
What are the different classes of National Insurance?
Who pays what?
What do I get for the money I pay in National Insurance?
How are National Insurance contributions paid?
How do I find my National Insurance number?
What happens if I should be paying National Insurance contributions but fail to do so?
What should I do if I’m worried that my National Insurance contributions are not up to date?
What is Class 4 National Insurance?
What if I have paid too much National Insurance?
If I am self-employed and have not been paying National Insurance, what will happen?
Do employers have to pay National Insurance contributions on benefits in kind?
National Insurance deferment
4 Employment and Income Tax
What do I do if I employ somebody?
Is the person I’m taking on an employee or self-employed?
Employed or self-employed? A questionnaire to help you decide
What is PAYE?
What is a tax code and what is a notice of coding?
What if I fail to operate PAYE properly?
What records does an employer have to keep?
What is real time information (RTI)?
What is the National Minimum Wage?
What are Statutory Sick Pay and Statutory Maternity Pay?
What tax-deductible expenses can an employee claim?
What are ‘fixed deductions’?
What might be the effect on my Council Tax banding if I work from home and use my home as an office?
What is the Working Time Directive?
What about holiday pay?
What are the rules about directors and tax?
What if I provide benefits for my employees?
What are Authorised Mileage Allowance Payments?
What are advisory fuel rates?
What are the rules for paying tax on motor cars provided
by an employer?
What is the tax on employees’ vans?
What are the car benefit charges based on CO2 emissions for 2016/17
What are the fuel benefit charges?
Can I get dispensation for travel and subsistence payments?
What is auto-enrolment?
What are the rules if I provide shares and share options for my employees?
What are the different schemes for providing shares for employees?
What are employee-owner shareholders?
What National Insurance is payable on employees’ benefits?
What do employers and employees have to do at the year end?
What are the rules for charitable giving through the PAYE system?
What tax is payable on payments for compensation for loss of office?
What are the tax rules if I’m employed outside the UK?
What is Employment Allowance?
5 Pensions and tax
What are the general rules on pension contributions and tax?
Is it worth paying into a pension scheme?
What are SIPPs?
What amount of state pension can I expect?
When will I be entitled to my pension?
Do I have to draw my pension when I reach pension age?
6 Self-employment and partnerships
Should I tell the taxman if I’m going self-employed or starting a partnership?
What is trading?
How do I calculate my taxable income from trading?
What expenses can I claim?
Can I pay myself?
What is the tax significance of holding trading stock?
What is the tax significance of work in progress?
What are debtors and what do I do about them?
What are creditors and what do I do about them?
What are capital allowances?
What is the Annual Investment Allowance?
What are long life assets and what allowances do they get?
Is there any special tax treatment for farmers?
Is there any special tax treatment for Lloyd’s insurance underwriters?
Is there any special tax treatment for subcontractors?
Is there any special tax treatment for royalties?
How do I get tax relief for losses in my business?
Are there any special rules about claiming farm losses?
How many years of farm losses can one utilise before having to carry forward those losses?
What are Class 4 National Insurance thresholds?
What is a partnership?
Should I go into partnership with my spouse/civil partner?
Do I need to have a partnership deed?
What are limited liability partnerships?
What happens if partners change?
How are partnerships taxed?
How long do I have to keep my accounting records?
Why might HM Revenue & Customs inquire into my tax affairs?
7 Income from land and property
What is the wear-and-tear allowance?
How do I claim losses from land and property?
What is the difference between furnished lettings and furnished holiday lettings?
What is rent-a-room relief?
Woodlands – what are the rules about selling timber?
How are property developers taxed?
What are the tax rules for buy-to-let investors?
What are the new rules being introduced for buy-to-let landlords?
What is the difference between people owning property as joint tenants and as tenants in common?
How are lease premiums taxed?
What are the rules for leases and Stamp Duty?
What is the Annual Tax on Enveloped Dwellings?
8 Income from dividends and interest
What are the new rules on dividend taxation?
What are the new rules on interest I receive?
What is the tax position on bank interest?
Does HMRC know what interest I have received?
What is the tax position on annuities?
What are ISAs?
What is the Help to Buy ISA?
What are Venture Capital Trusts?
What is the Enterprise Investment Scheme?
What is the Seed Enterprise Investment Scheme?
What are REITs?
9 Life assurance policies
What do I need to know about the taxation of life assurance?
What are chargeable events?
What are bonds?
What is ‘top slicing relief’?
What are ‘partial surrenders’?
Can I claim tax relief on my permanent health insurance payments?
What are ‘purchased life annuities’?
10 Capital Gains Tax
What is Capital Gains Tax?
How does Capital Gains Tax work?
What is Entrepreneurs’ Relief?
Who pays Capital Gains Tax?
Is there an annual exemption from CGT?
What can I set against my CGT liability?
Can I get any relief for capital losses?
How and when is Capital Gains Tax paid?
What are the rules for part-disposals?
What are the rules for private residences and Capital Gains Tax relief?
What are the rules for chattels sold for less than £6,000?
What Capital Gains Tax relief is there for the sale of business assets?
What Capital Gains Tax relief is there for gifts?
What are the aspects of CGT if I live abroad?
Can I sell shares one day, creating enough gains to use up the annual Capital Gains Tax allowance, and buy them back the next day?
Is there anything I can do to defer or avoid CGT?
11 Trusts and estates
What is a trust?
Do the trustees have to complete a Tax Return and what tax do they pay?
How are trusts in Wills affected by tax?
What were accumulation and maintenance settlements (A&M trusts)?
What are discretionary trusts?
How do discretionary trusts pay Inheritance Tax?
How do trusts pay Capital Gains Tax?
12 Corporation Tax
What is Corporation Tax?
How is Corporation Tax assessed and paid?
What is Corporation Tax self-assessment?
What do I have to do about the Corporation Tax Return?
What is the rate of Corporation Tax and how does the small company rate of tax work?
When is a company trading and how does this affect its tax position?
Do dormant companies have to pay Corporation Tax?
What are ‘associated’ and ‘subsidiary’ companies?
What is the significance of a ‘close company’?
What is the difference between a public and a private company?
What do UK companies with overseas income have to do about it?
What are the tax rules about companies buying their own shares?
How do I pay myself from my company?
What are the tax rules about a company paying dividends?
How does a company get relief for its losses?
How does group relief for losses work?
How does a company pay Capital Gains Tax?
Can a director borrow money from his company?
Do companies claim capital allowances in the same way as sole traders and partnerships?
Can loss-making companies claim cash back in lieu of their capital allowances?
What are Personal Service Companies and how are they taxed (IR35)?
What is the special Corporation Tax treatment of research and development expenditure for small and medium-sized companies?
13 Non-residence, working overseas, etc.
What is the significance of my tax domicile?
What is the Statutory Residence Test?
What income is taxable and where?
What is ‘double taxation relief’?
When does someone who goes abroad become non-UK tax resident?
What tax do I pay on foreign income?
What tax do I pay on foreign pensions?
What is the tax position on professions conducted partly abroad?
What tax do I pay on earnings from overseas employment?
What allowances can non-UK tax residents claim?
If I go abroad, do I have to pay tax on the rent I receive from letting out my home while I am away?
Can I go abroad to avoid Capital Gains Tax?
What should I do if I have just arrived in the UK to take up work here?
If I have just arrived in the UK, will the rest of my overseas income be taxed?
14 Inheritance Tax
What is Inheritance Tax?
How and when is Inheritance Tax paid?
How should I approach the subject of Inheritance Tax?
Should I make a Will?
How do I choose my executors?
The nil-rate band rules
How can I reduce Inheritance Tax?
What are periodic charges?
What is ‘quick succession relief’?
How will assets be valued?
What are the essentiaI IHT golden rules that I should follow?
What is a gift with reservation of benefit?
What is VAT?
What are exempt supplies?
What records do I need to keep if my business is VAT-registered?
How do I complete my VAT Return?
Can you tell me about VAT online?
What is the Fuel Scale Charge?
What is Annual Accounting for VAT?
What is Cash Accounting for VAT?
What is the optional flat rate VAT scheme for small traders and is it worth joining?
When can I deregister?
16 Stamp Duty
What is Stamp Duty?
When and how is Stamp Duty paid?
What is Stamp Duty Land Tax?
17 Tax Credits, Universal Credit and related matters
What are Child Tax Credit and Working Tax Credit?
What is Universal Credit?
What are Pension Credits?
What is adjusted net income?
What is the high income Child Benefit charge?
18 Other tax issues
What is the difference between tax ‘avoidance’ and tax ‘evasion’?
How should I deal with the Tax Office?
Should I use an accountant?
How should I handle tax investigations?
How do I appeal against a tax demand if I think it’s too high?
What support is there for businesses struggling to pay their tax on time because of the recession?
What electronic services does HMRC offer?
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