Tax Answers at a Glance 2019/2020

Name: Tax Answers at a Glance 2019/2020
Brand: Lawpack
SKU: 135

£15.99

Reference: 9781910143971

Quantity

Format

United Kingdom - Book

United Kingdom - eBook

Product Description

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:

- Tax Answers at a Glance

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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