Category Archives: Corporation tax

Avoiding late filing penalties under RTI

Ensure PAYE & NIC payments reach HMRC by the 19th of each month. If you pay electronically, the deadline is extended by three days to the 22nd. I also highly recommend that you register to use the Taxman’s online Dashboard.  This will help you keep track of payments to make sure sure you haven't missed any months.
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How to make full use of your business property relief

When you sell your business  consider passing it to your children rather than your spouse.  Because of Business Property Relief the gift will be free of inheritance tax and will leave more of your estate’s nil rate band available to cover other gifts. Alternatively, leave the business to a discretionary trust as this achieves a similar result.
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