TaxTax TipsTax Answers at a Glance 2019/2020

Tax Answers at a Glance 2019/2020

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Reference: 9781910143971
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United Kingdom - eBook
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Tax Answers at a Glance (2019/20) 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 (2019/20) can help. Every financial year our team of tax-saving experts at H M Williams Chartered Certified Accountants and Associates, 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 (2019/20) 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 (2019/20) covers the following topics: 

  • Income tax
  • VAT
  • Capital gains tax
  • Inheritance tax
  • Tax and pensions
  • Self-employment
  • Business partnerships
  • Land and property tax
  • Trusts and estates
  • Corporation tax
  • Stamp duty 
  • And much, more.... 

It also includes tax return templates to help you prepare your tax return.

Tax Answers at a Glance (2019/20) will answer all your tax questions for this financial year... quickly. 

About the Authors

HM Williams Chartered Certified Accountants 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. 

Other Tax-Saving Guides from Lawpack:

Technical Specifications

101 Ways to Pay Less Tax (2019/20): ContentsGeneral principles of tax planning
  • Universal Credit
  • Working Tax Credits
  • Child Tax Credits
  • Use an accountant
  • Pay tax on time
  • The fundamentals of tax planning
For those with low incomes
  • Become a foster carer
  • The Personal Savings Allowance
For those with high incomes 
  • Enterprise Investment Scheme (EIS)
  • Seed Enterprise Investment Scheme (SEIS)
  • Venture Capital Trusts (VCTs)
  • Community Investment Tax Relief
  • Maximise pension contributions
  • Use all your pension allowance
  • What income is free from tax?
  • Pension contributions and the over 50s
For married couples and civil partners 
  • Equalise your incomes
  • Pay your spouse/civil partner to work in your business
  • Use the transferable tax allowance for married couples and civil partners
For employees 
  • Claim a flat-rate expense allowance
  • Professional subscriptions
  • Claim incidental expenses when travelling on business
  • Claim expenses against your employment income
  • Claim for the use of your home as an office
  • Submit your Tax Return on time and check your tax code
  • Join your employer’s pension scheme
  • When losing your job
  • Would you pay less tax if you went self-employed?
  • Moving because of your job?
For employers
  • Short-term employment contracts
  • Share schemes
  • Tax-free benefits you can give to employees
  • Tax-free loans to employees
Company vehicles
  • Vans have some tax-saving attractions
  • Company cars
  • The best (and worst) ways of providing company cars
  • Claim approved mileage allowance payments for your car
  • Avoid the fuel tax charge
  • Own your own car rather than using your employer’s
For those running their own business
  • Travelling expenses
  • Self-employed v.limited companies
  • Don’t automatically reclaim VAT on fuel
  • The flat-rate VAT scheme
  • National Insurance
  • Annual Investment Allowance and First-Year Allowances
  • The benefit of short-life assets
  • Use your business’s losses
  • Have you claimed for all your business expenses?
  • Farmers and averaging
  • Partnerships
  • Claiming tax relief on interest
National Insurance
  • Get a state pension forecast well before retirement age
  • Don’t pay too much National Insurance
  • Deferral of your state pension
  • Winter fuel payments
Capital Gains Tax 
  • Make use of the annual Capital Gains Tax exemption (1)
  • Make use of the annual Capital Gains Tax exemption (2)
  • Don’t overlook claiming relief for shares that are now worthless
  • Entrepreneurs’ Relief
  • Assets you can sell without incurring Capital Gains Tax
  • Enterprise Investment Schemes (EIS)
  • Seed Enterprise Investment Scheme (SEIS)
  • Venture Capital Trusts (VCTs)
  • Other investments with tax advantages
  • It can be a good idea to crystallise capital gains if there is going to be no tax to pay
  • Claim Rollover Relief
  • Time your sales to defer payment of Capital Gains Tax
  • Reduce or eliminate Capital Gains Tax on a second home
Inheritance Tax 
  • Check-up to see what your Inheritance Tax is likely to be
  • What gifts are exempt from Inheritance Tax?
  • Inheritance Tax business/agricultural property relief
  • Changes to the tax-free band
Overseas aspects
  • Can you save tax by going abroad?
When someone dies
  • Don’t overpay Inheritance Tax on assets that are sold
  • Remember to claim full probate costs when someone dies
  • Capital Gains Tax and Inheritance Tax considerations
  • Should I consider a deed of variation?
  • Married couples should still consider including discretionary trusts in their Wills
Pensions 
  • Take out a pension
  • Take out a pension even if you are not earning
  • Maximise your tax-free lump sum entitlement
  • Always take independent legal advice
Property 
  • Rent a room
  • VAT and rent
  • Have you claimed for all the expenses you can?
  • Other expenses that landlords can claim but which may be overlooked
  • Stamp Duty on buy-to-let properties
  • Do you and your spouse/civil partner jointly own the property?
  • Forestry
Savings and investments
  • Individual Savings Accounts (ISAs)
  • National Savings and Investments (NSI)
  • Premium Bonds
Charitable giving 
  • Gift Aid
  • Charities
Marriage and children 
  • Give children assets when they are not worth very much
  • What are the best investments for children?
  • Plan separation and divorce carefully
And finally ... 
  • Free HMRC explanatory publications – a good source of tax information
  • Tax-planning dos
  • Tax-planning don’ts
Appendices
  • Template form proving that your spouse/civil partner genuinely works in your business
  • 2019/2020 tax rates and allowances at a glance
  • 2018/2019 tax rates and allowances at a glance
  • VAT fuel scale charges from 1/5/19 to 30/4/20

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