In this, Part 1, of a series about taxation of the family I have highlighted below the importance of utilising allowances and the joint ownership of assets for the Married Couple. In forthcoming blogs I will go on to discuss Capital Gains Tax and Inheritance Tax issues and more specific issues for children.
This month we learn more about Okehampton based Accounting Technician, Sarah Chammings.
What is you role within Thomas Westcott?
I am an Accounting Technician in the Okehampton Office where I prepare Accounts, Tax Returns, VAT Returns, PAYE and bookkeeping. I have also just become Quickbooks Certified, which means I will be able to assist our clients who have moved onto the new cloud based Quickbooks Intuit.
For a long time now, small businesses registered for VAT have had the option to streamline the VAT return process, providing their turnover is below £150,000. By paying VAT on a percentage of gross sales they have been able to significantly simplify their quarterly bookkeeping process.
A team of Bridgwater youth footballers is ready to take on the world after we arranged for a member of England Colleges’ football team to provide some valuable coaching, followed by one of our partners presenting the team’s management with a cheque to help buy new training kit.
The EMI legislation was introduced back in 2000 but remains a key method for trading companies or groups to recruit, retain, motivate and incentivise key directors and employees via the use of tax advantaged share options.
With the advent of the new so called ‘pension freedoms’, an increasing number of our professional and business owner clients are now looking to make much larger pension contributions, benefitting from tax relief at their marginal rates. However some clients, and it must be said some professional advisers, appear to have overlooked (or to not fully understand) the various so called ‘anti-avoidance’ measures recently introduced by HMRC, which are designed to stop what HMRC perceives as ‘abuse’ of the tax incentives, available to encourage people to make pension contributions.
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