What should you think about? As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and…
Welcome to the July 2023 Tax Update. In this edition we take a look at Super Deduction’s replacement, the extended deadline for topping up NI contributions, the VAT flat rate scheme, working from home, school fees plans, and this month’s events on the accounting horizon. If you need any help…
The UK Government is giving people more time to pay National Insurance contributions towards their State Pension. Taxpayers now have until 5th April 2025 to fill gaps in their National Insurance record from April 2006 that may increase their State Pension – an extension of nearly 2 years. Extending the…
Like many other taxes, Inheritance Tax (or IHT) allowances have been frozen. This sounds generous of the Chancellor at a time when the Government is strapped for cash. However, it actually means that we are paying more. Data from HMRC has revealed that Inheritance Tax collected between April 2022 and…
With the uncertainties surrounding the economy, it’s an ideal time to be thinking about financial stability. So, if we want to provide those we love with security, it’s best to think long-term. The pandemic and the current increase in the costs of living show all too clearly that good health, and…
Happy New Year from everyone at Folkes Worton! Here’s our first Tax Update of 2023 – watch this space for our regular monthly updates. New Year Resolutions to Save Tax At this time of year we think about New Year’s resolutions. It is also a good time to start planning…
Beware of fraudsters seeking to attack personal tax accounts HMRC is warning individuals not to share their personal information online to avoid their identities being used to claim bogus Self-Assessment tax refunds… Folkes Worton #AccountingForTheFuture #HMRC #selfassessment #taxrefund #fraudsters #phishing
With the Self-Assessment Tax Return deadline remaining at 31st January 2021, over one million people planning to delay filing their tax returns will face having to pay fines and interest for late submission and payment. Stress due to the current pandemic is causing many people who file self-assessment tax returns…
The last day for submitting and arranging payment of your 2019-20 Tax Return is Sunday 31st January 2021. With everything that has happened this year, it’s understandable that many people are struggling to meet the deadline – Folkes Worton can help, taking the pressure off you to complete your return…
The Bereavement Allowance was a weekly benefit that was payable to certain widows, widowers, or surviving civil partners whose spouse or civil partner died before 6 April 2017. Prior to that date, it