Preparing for your Accountant

Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and efficiently and with the minimum disruption to yourselves.

You may also be able to help by preparing some of the routine schedules for us.

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Personal Tax – When is Income Tax and Capital Gains Tax Payable?

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

Payment of tax

The UK income tax system requires the payer of key sources of income to deduct tax at source which removes the need for many taxpayers to submit a tax return or make additional payments.

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Personal Tax – Self Assessment

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

The self assessment cycle

Tax returns are issued shortly after the end of the fiscal year.

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Personal Tax – Dividends and Interest

Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules.

Dividend income

When dividends are received by an individual the amount received is the gross amount subject to tax.

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Pensions – Tax Treatment on Death

Alongside the changes from April 2015 to the access of pension funds, significant changes were made to the tax treatment of pension funds on death. This factsheet summarises the rules which may allow a pension fund to pass free of all taxes on the estate of the deceased and free of all taxes on the beneficiaries of the pension fund.

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Pensions – Tax Reliefs

Types of pension schemes

There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension:

  • Workplace pension schemes
  • Personal Pension schemes.

A Workplace pension scheme may either be a defined benefit scheme or a money purchase scheme.

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Pensions – Automatic Enrolment

What is automatic enrolment?

Automatic enrolment places duties on employers to automatically enrol ‘workers’ into a work based pension scheme. The main duties are:

  • assessing the types of workers in the business
  • providing a qualifying automatic enrolment pension scheme for the relevant workers
  • writing to most of their workers explaining what automatic enrolment into a workplace pension means for them
  • automatically enrolling all ‘eligible jobholders’ into the scheme and paying employer contributions
  • completing the declaration of compliance and keeping records.
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Payroll Real Time Information

We set out below details of how payroll information has to be submitted to HMRC under Real Time Information (RTI).

RTI – an introduction

Under RTI, employers or their agents are required to make regular payroll submissions for each pay period during the year, detailing payments and deductions made from employees each time they are paid.

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