Posts by Vijay
Bank deposits covered by FSCS
Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme (FSCS).
The present limit of this FSCS guarantee is £85,000 and this applies to total
Read MoreReforms to powers of attorney
These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another person if they lose mental capacity.
The Powers of Attorney Act
Read MorePaying tax by Certificate of Tax Deposit
The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective date of
Read MoreWhen you can and cannot use the Rent-a-Room Scheme
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
Read MoreTransferring IHT unused nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such
Read MoreReporting self-employed profits 2023-24
The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30
Read MoreUpdating your tax return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, tthis can happen if you made a mistake like entering a
Read MoreCannot pay your tax on time?
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in three instalments
Read MorePension Credits
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty. There are two main
Read MoreGetting a SA302 tax calculation
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the
Read More