Personal Tax - IP Tax Solutions

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Personal Tax

A collection of 7 posts

Tax Planning to Reduce Your Personal Tax Bill (from April 2023)

Tax Planning to Reduce Your Personal Tax Bill (from April 2023)

The tax burden is about to get a lot worse for director / shareholders from 5 April 2023 onwards, so here we share some proactive tax planning ideas

Don't pay your personal tax bill out of your company bank account

Don't pay your personal tax bill out of your company bank account

Don't be tempted to settle your personal tax self assessment bill due to HMRC from your own company's bank account.

Become Your Company's Own Private Bank

Become Your Company's Own Private Bank

Directors loan accounts that are in credit provide a valuable tax planning opportunity, especially at a time of rising interest and corporation tax rates

High Income Child Benefit Charge: Tax Planning to Mitigate the Impact

Self Assessment

High Income Child Benefit Charge: Tax Planning to Mitigate the Impact

Many entrepreneurs are surprised when they see their child benefit being clawed back via Self Assessment -if only they could plan for it...

Self Assessment: Extension but with Restrictions

Self Assessment

Self Assessment: Extension but with Restrictions

Although HMRC made a late change to waive the £100 penalty on late Self Assessment returns filed after 31 Jan, that's where the charity ended with no respite for due payments or enquiries

SEIS: How to claim income tax relief in the prior tax year

SEIS: How to claim income tax relief in the prior tax year

So you have made an investment into an SEIS company but you don't want to claim (all of) the income tax relief in the latest tax year - how do you carry it back?

31 January Self Assessment Tax Filing Deadline - HMRC changes

31 January Self Assessment Tax Filing Deadline - HMRC changes

The 31 January filing and payment deadline for personal tax self assessment returns had not changed despite the COVID-19 pandemic - let's have a grumble...[Update: HMRC introduced a relaxation to the 28 Feb 2021 for filing of returns, shortly after this post went live]