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01/02/2011

February Tax Tips & News

Welcome to the MacMahon Leggate Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

More PAYE Reconciliations

In October and November last year we told you the Taxman was issuing 6 million tax reconciliations (forms P800), for the tax years 2008/09 and 2009/10. This process is still not complete, but the Taxman has started to issue a further 450,000 forms P800 fo Read More...

Changes to Tax Credits

The system of Child and Working Tax Credits is due to be reformed over the next few years, and it is expected a new benefit called Universal Credit will replace the familiar Tax Credits from April 2014. Before then there will be some significant cuts i Read More...

How to Challenge a VAT penalty

If you receive a VAT penalty, perhaps because you have submitted your VAT return late, the Taxman should offer an independent review of the penalty. You should certainly take up this offer of a review, as this may be the first time that a human (rather Read More...

Clamp-down on Loan Schemes

There are a number of tax saving schemes marketed to freelancers and contractors, but these schemes can be sensitive to changes in the tax law. One such scheme that involves loans made though particular trusts (known as EBTs) has recently been taken off t Read More...

February Question and Answer Section

Q. My husband inherited a house in 1986 when it was worth Â£40,000. He gave me a half share in the property in 2009 when it was worth Â£450,000. We sold the property in December 2010 for Â£460,000, but we never lived there. How do I calculate my share of Read More...

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