Tax Archives - Page 3 of 3 - RiverView Portfolio

13 Jun 23

School Fees Dividend Diversion – another bad lesson!

Jade Farthing

School Fees Dividend Diversion – another bad lesson! As a company we always warn clients of schemes. In the years we have been in business there have been many “promotors” of these schemes, with the schemes going bad and leaving the taxpayers exposed to additional tax and penalties having been…

08 Jun 23

Why if all my income is taxed at source do I still need to do a tax return?

Jade Farthing

A question we get asked a lot is – why if all my income is taxed at source do I still need to do a tax return? Up until the tax year ending 5th April 2023 even if all your income was taxable source – so from employment and pensions…

22 May 23

Do you use pensions to manage your tax?

Jade Farthing

Do you use pensions to manage your tax? We often discuss with our clients how pensions can play a part in not only their future, but the immediate impact they can have on your tax position – whether you are an individual or a business owner. We’ve put together below…

12 Jan 23

Corporation Tax Increases

Jade Farthing

At the time of writing this, the current objective is that the corporation tax rates will increase to a potential rate of 25% for limited companies, with this due to come into effect from April 2023. This is up from the current levels of Corporation Tax of 19%. The…

12 Jul 22

What is a tax code?

Jade Farthing

What is a tax code? Tax codes are applied to income where tax is deducted at source such as employments and pension to calculate the amount of income tax that should be calculated on the amount payable to you. If your only source of income is subject to tax deducted…

person filling out a paper tax return form

29 Jun 22

Payment on Account – what does it mean?

Jade Farthing

What are payments on account for tax? With the filing of personal tax returns in full flow, a question that often comes up is – what are payments on accounts and why do I need to pay them? We’ve broken this down below… When you complete a personal tax return,…

29 Mar 22

Spring Statement – A summary

Jade Farthing

We are delighted to have put together our summary of the key announcements from the Spring Statement along with previous announcements that effect the upcoming tax year. The Spring Statement is normally an opportunity for the Chancellor to outline budgetary spends and forecasts, rather than a time when we expect…

Self-employed person working in construction

23 Feb 22

Self-employed in the Construction Industry and received SEISS grants?

Dan Farthing

As we come towards the end of the tax year, April is always a busy time for us assisting our self-employed clients that work in the construction industry and have CIS deducted from their payments. When the Self Employed Income Support Scheme (SEISS) was launched as part of the COVID…

22 Jan 22

Self-Assessment Penalty Waivers and extended payment options

Dan Farthing

As part of HMRC’s extended COVID support measures, it was announced in early January that late filing penalties would be waived for taxpayers who didn’t hit the original filing deadline of 31st January 2022, as long as the return is subsequently filed by no later than 28th February 2022. Although…