Key Person Insurance – The ‘Ins’ And ‘Outs’

Key Person Insurance – The ‘Ins’ And ‘Outs’

Businesses take out key person insurance (‘KPI’) for a variety of reasons and it is common commercial practice, so one might think that the tax treatment would follow a well-trodden path. This article explores why that may, or may not, be so. The fact is that there...
A SIMPLE GUIDE TO THE BUDGET 2017

A SIMPLE GUIDE TO THE BUDGET 2017

A stronger, fairer, better Britain were the themes of the Budget. You can read the individual measures below. Rates and allowances 2016/17 2017/18 £ £ Income tax rates – (non-dividend income) 0% lower rate tax – savings rate only Up to 5,000 Up to 5,000...
Do I Need To Make Payments On Account?

Do I Need To Make Payments On Account?

The 2015/16 self-assessment tax return must have been filed online by 31 January 2017 to avoid a late filing penalty. This is also the deadline for paying any outstanding tax and self-employed National Insurance contributions for 2015/16, and also the date by which...

Is It A Trade Or A Hobby?

Many people have hobbies that generate money, such as buying and selling items at car boot sales or on eBay. It may seem paradoxical that some individuals seek to claim that an activity is a taxable trade, rather than a non-taxable hobby. However, this appears to be...