PRACTICING THE ACT OF PHOENIX: TARGETED ANTI AVOIDANCE RULE
Some business owner’s practice the act of phoenix whilst trying to dispose of their business. An anti-avoidance rule was set up to put an end to this act when the business owners decided to sell their liquidate or sell their business. When this occurs, the taxpayer could be chargeable under…
Why do I pay extra to HMRC, Payment on Account explained
Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment pay towards tax and national insurance for the next tax year. The amount of payment on account applied for the taxpayers is based on previous tax years due to the HMRC Illustration…
WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED
Why should I pay tax on the child benefit? This is a common question that is asked by taxpayers. You only pay tax if one of these conditions are met: The taxpayer must be entitled to Child benefit. Or if the taxable income received by either partner is over £50,000….