Child Benefit

Summary of the new Child Benefit Rules from Tuchbands,  Accountants in North London The new Child Benefit rules came into effect this month for weekly periods beginning after 7 January. Wherever there is a household in which child benefit is claimed and someone is earning over £50,000 a year, some or all of the child benefit will have to be paid back. Child benefit is currently £20.3… Continue Reading

Self Assessment

Summer is over and we are now entering what is commonly known as the Tax Season. New and much tougher penalties are now in force for late filing of tax returns. The online filing deadline is 31 January. We believe that the average  business person is not able to file their own tax return because of the complexity of the tax system.  Added to that is the time involved in completing the for… Continue Reading

US Citizens in the UK

A conditional bilateral agreement between the US and UK tax authorities has recently been signed. Under the agreement (which has still to receive parliamentary approval) banks will pass information on US account holders to HMRC who will then notify the IRS. This is just a further measure brought about by the IRS to capture information on US citizens living abroad who are required… Continue Reading

Gift Aid donations

This time of year a lot of people are making charitable donations. Last Wednesday I happened to give £20 to a registered charity collector and when I got home I found that I had won £25 on the Premium Bonds (true story!). There is an old saying that whatever you give you get back! The point of this message is that gift aid donations are a source of tax relief but only if they are recorded on yo… Continue Reading