Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available. There are also certain gifts which have capital gains tax (CGT) implications too.
In this series of articles, brought to you by Beavis Morgan, we look at the various options available to you.
Collecting unpaid tax for 2017/18 through your PAYE coding
Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before 30 December 2018 in order that the 2017/18 tax be collected by amending the 2019/20 PAYE coding. So please get your tax return information to us as soon as possible if you would like to take advantage of this facility.
Our tax specialists at Beavis Morgan are available to assist you in keeping the necessary records to satisfy HM Revenue & Customs. For more information, please contact your usual Beavis Morgan Partner.
Other articles in the series: