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Christmas dinner or your tax return?

We all have traditions that we follow over the festive season and HMRC have released figures showing that over 10,000 tax payers completed their tax returns on Christmas Day and Boxing Day. With 2,616 people completing their self-assessment tax returns on Christmas Day, and another 8,465 filing the forms on Boxing Day, on each day the peak time was at lunchtime, between 1pm and 2pm. Forms are required to be filed by 31 January 2019, and 11 million taxpayers are expected to have completed the 2017 to 2018 self-assessment tax return by this date. HMRC’s online filing system is available 24 hours a day to enable you to complete your forms at a time to suit you, and 552 taxpayers took advantage

Extension Filing requirements for your 2018 US Tax Return

As a US citizen, your Federal Tax Return is due to be filed by April 15 2019, with any tax that is unpaid after this date attracting both interest and potential penalties. However, American nationals and Green Card holders who are living abroad, are entitled to automatically extend the payment deadline by two months, so that settlement of the tax account becomes due on June 15th 2019. A further extension (Form 4868) is then available to take the filing deadline up to October 15 2019, but the request for this extension is required to be filed by June 15 2019 latest. For qualifying taxpayers living outside of the US, one final extension is available to December 15, 2019, and should be filed w

Guildford is named as the UK’s inheritance tax 'capital'

A freedom of information request by Direct Line Insurance has shown that residents in Guildford, Surrey paid more inheritance tax than anywhere else in the UK during the 2015/16 tax year. 658 families in Guildford were obligated to cover this tax, as their inherited estates were in excess of the £325,000 inheritance tax allowance per person. Estates exceeding this are liable to pay inheritance tax at 40%, and any allowances that are not utilised may be transferred to a spouse or civil partner to enable a combined tax free amount of £650,000 to be passed on. The prosperous Surrey inhabitants were liable for an average of £231,000 each, with the data also indicating that families in the wealt

How to manage the IRS and ensure efficient tax management

When a US citizen, whether at home or abroad, receives general income and/or earnings above the tax exemption threshold, a yearly tax return is required to be filed with the IRS. Although a two-month extension to pay the tax is given to non-resident US citizens, any unpaid liability at April 15 will incur interest and possible penalties. Tax exempt thresholds vary depending on your filing status. Tax legislation enacted in 2017 removed the personal and dependent exemption and revised the standard deduction which forms the basis of the tax filing threshold. The standard deduction amount for single person or the individual who files ‘Married Filing Separately’ is $12,000. However, if you ca

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