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  • UK Tax Return mistakes and how to avoid them
    profits Life insurance gains Stock dividends non qualifying distributions or close company loans written off post cessation receipts Income from share schemes lump sums or compensation payments from your employer or foreign earnings not taxable in the UK Taxable lump sums from overseas pension schemes Certain employment deductions A claim to age related Married Couple s Allowance Other tax reliefs not found in the main part of your tax return Loss relief claims Income from property 4 Writing things like info to follow or as per accounts instead of writing required figures HMRC does not accept information like this 5 Incorrect figures Double check any calculations to ensure you pay the correct amount of tax Any deliberate wrongdoing can result in prosecution 6 Not declaring all income Capital Gains There are severe penalties for failing to declare all relevant income and Capital Gains For deliberate errors e g omitting a source of income on purpose you could potentially be prosecuted Types of income Capital Gains to declare Income from employment Benefits including maternity paternity pay statutory sick pay job seekers allowance Pension income Interest dividends from savings bank accounts building societies investments or Trusts etc Property income Foreign income including evidence of tax already paid abroad Capital gains Employee share schemes dividends Exclude from your Tax Return income such as Interest or dividends or bonuses from tax exempt investments for example ISAs and National Savings Investments Savings Certificates Interest and terminal bonuses from Save As You Earn schemes Premium Bond National Lottery and gambling prize winnings Interest awarded by a UK court as part of an award of damages for personal injury or death 7 Trying to claim expenses that can t be claimed There are complex rules governing the deductibility of expenses and there are costly penalties for incorrect claims 8 Ticking wrong boxes Use the guide HMRC includes with your Tax Return to help you 9 Missing the deadlines The deadline for submitting a paper SATR is 31 October following the end of the tax year and for submitting a SATR online it s 31 January after the end of the tax year If you miss the deadline you will have to pay penalties which increase the longer you delay 10 Improper Record keeping Records you need to keep in order complete your SATR if they are relevant P60 P45 and P11D Expense records Benefits including maternity paternity pay statutory sick pay job seekers allowance Pension records Bank statements Property income Foreign income including evidence of tax already paid abroad Capital gains Employee share schemes Student loan payments For the self employed you will need to maintain business records0 such as Cash books Invoices Mileage records Receipts Bank statements Records of all sales and takings purchases and expenses Money taken out of business for personal use if any Personal money put in to the business if any It is always better to hire a qualified accountant or tax advisor to help you complete your Self Assessment Tax Return

    Original URL path: http://www.cheesman.co.uk/10-common-self-assessment-tax-return-mistakes-and-how-to-avoid-them/ (2016-04-25)
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  • abroad Archives - Cheesman Accountants
    Archives abroad Obvious points people forget when setting up a company abroad By Carol Cheesman on 7th January 2013 in Company Secretarial Many people decide to move abroad for personal reasons such as a better quality of life They dream of becoming their own boss and doing away with the relentless nine to five routine While setting up a bar in the Bahamas with tourists sipping your famous pina coladas

    Original URL path: http://www.cheesman.co.uk/tag/abroad/ (2016-04-25)
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  • company Archives - Cheesman Accountants
    life They dream of becoming their own boss and doing away with the relentless nine to five routine While setting up a bar in the Bahamas with tourists sipping your famous pina coladas at sunset might be a nice idea Continue Reading 0 What are Limited Liability Partnerships By Carol Cheesman on 1st November 2012 in Accountancy Company Secretarial Tax A Limited Liability Partnership LLP is a hybrid of a

    Original URL path: http://www.cheesman.co.uk/tag/company/ (2016-04-25)
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  • How to reduce your Inheritance Tax (IHT) liability
    carry forward any unused part of this to the following tax year Wedding gifts from parents can be up to 5 000 tax free 2 500 from grandparents and 1000 from anyone else You can also make gifts of up to 250 a year to as many individuals as you like Gifts as part of your normal expenditure are also exempt from tax provided they do not compromise your standard of living and come out of say your current account rather than from savings or capital Life insurance Another way to avoid this death tax simply and efficiently is to buy life insurance which will pay out upon your death As the premiums are not overly costly life insurance is often the simplest way of ensuring your IHT bill is covered You can write your life insurance policies in trust This means that they will be excluded from your estate and therefore won t add to its value increasing the risk of IHT being due Life insurance polices when placed in trust also mean that they are paid to your beneficiaries quickly and efficiently This means that on your death the payout of the insurance can be used to pay the tax bill Tenants in Common Often the biggest IHT burden comes with property Most couples who own homes together are joint tenants meaning they own the property together However becoming tenants in common means that each of you will own your share of the property separately This means that you could leave your half of the property to someone else thereby keeping the value of your estate down Donate to charity Money given to charities and political parties are exempt from IHT If you leave 10 per cent of the net value of your estate to a qualifying charity then any IHT that you are liable for on the rest of your estate will be charged at 36 instead of 40 A qualifying charity is one that is recognised by HMRC and will have an HMRC reference number Write a will To avoid your assets being passed to people under the rules of intestacy you need to write a will This is the first step in reducing your IHT bill because you can control what goes where and to whom As mentioned previously anything left to your spouse is tax free so it makes sense to leave as much as possible to them Under the rules of intestacy your spouse might not inherit as much as you d like them to thereby increasing the chances of IHT due If you leave behind a spouse and children under the intestacy rules your spouse will get the first 250 000 and a life interest in half of the rest The children will inherit the rest So depending on the size of your estate IHT could be due on what is passed to your children With a will in place you can put part of your wealth into trust or leave some

    Original URL path: http://www.cheesman.co.uk/how-to-reduce-your-inheritance-tax-liability/ (2016-04-25)
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  • French Wealth Tax – How does it affect UK citizens?
    000 euros and a progressive increase thereafter reaching a maximum rate of 1 8 for wealth that exceeds 16 790 000 euros It seems likely that these rates will remain for the foreseeable future If you decide to sell your home in the UK and retire to France then you will be deemed resident in France by the French authorities If however you only spend your summer months there then you are unlikely to become tax resident The location of your primary home is a key issue for deciding if someone is liable to the wealth tax in France If you move to France you will be deemed French resident and liable to pay the wealth tax should you qualify There is however a five year breathing space so should you want to live in France for only four years for example then you will be exempt from the wealth tax though still likely liable for income and other French taxes However someone who spends almost no time at all in France could still be liable to pay the wealth tax should their assets reach 800 000 euros This is because any assets you own that are located in France will attract the tax whether you are resident in France or not This only applies to assets located in France and so those who are not resident there can control how much wealth they bring into the country thus saving themselves from the wealth tax Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not be taken without seeking professional advice No responsibility for loss by any person acting or refraining

    Original URL path: http://www.cheesman.co.uk/french-wealth-tax-how-does-it-affect-uk-citizens/ (2016-04-25)
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  • Limited Liability Partnership Archives - Cheesman Accountants
    Tag Archives Limited Liability Partnership What are Limited Liability Partnerships By Carol Cheesman on 1st November 2012 in Accountancy Company Secretarial Tax A Limited Liability Partnership LLP is a hybrid of a Partnership and a Limited Company Only introduced in 2001 it combines limited liability with the flexibility of partnerships An LLP has a separate legal identity so it can be more preferential than a sole trader and has the

    Original URL path: http://www.cheesman.co.uk/tag/limited-liability-partnership/ (2016-04-25)
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  • linkedin Archives - Cheesman Accountants
    Company Only introduced in 2001 it combines limited liability with the flexibility of partnerships An LLP has a separate legal identity so it can be more preferential than a sole trader and has the tax status of an ordinary partnership This Continue Reading 0 Real Time Information By Carol Cheesman on 20th September 2012 in Tax Real Time Information RTI is a priority Government programme aimed at improving the operation

    Original URL path: http://www.cheesman.co.uk/tag/linkedin/ (2016-04-25)
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  • LLP Archives - Cheesman Accountants
    Content Tag Archives LLP What are Limited Liability Partnerships By Carol Cheesman on 1st November 2012 in Accountancy Company Secretarial Tax A Limited Liability Partnership LLP is a hybrid of a Partnership and a Limited Company Only introduced in 2001 it combines limited liability with the flexibility of partnerships An LLP has a separate legal identity so it can be more preferential than a sole trader and has the tax

    Original URL path: http://www.cheesman.co.uk/tag/llp/ (2016-04-25)
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