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Harries Watkins Jones are a Bridgend and Pontypridd (South Wales) based firm of Chartered Accountants, tax and business advisers. They pride themselves in providing high levels of service. With each and every new client, they never assume their requirements but seek to tailor their services to their individual needs.Their goal is to build a strong and sustainable working business relationship with each client and to offer them real solutions to their business problems.

To find out more please visit their website.

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Thursday, 19 April 2012

April 2012 Tax Questions & Answers

Q. I am about to move abroad, for what I hope will be a permanent relocation. Can I continue to contribute to my tax-free ISAs in the UK?

A. To open an ISA you must be resident and ordinarily resident in the UK for tax purposes. This broadly means that you normally live in the UK. There are exceptions for members of the military and government employees who are sent to work abroad. Once you have emigrated, you will not be permitted to open a new ISA, or contribute to ISAs already held. Also the interest paid on the ISAs you already hold may be taxable in the country you live in.

Q. If a company pays for private medical insurance for its employees and the contract is between the employer and the insurance company, is there a tax charge on the employees? Can the company deduct the cost of the insurance from its profits?