UK Resident Receiving Inheritance From Abroad
If you have inherited money from overseas, you will need to check the tax position and whether there is a UK tax liability on the inheritance. The tax rules on receiving inheritance money from abroad can quickly become complex. In this guide, we look at when liability to UK tax on inheritance from abroad arises, […]
How Do National Insurance Contributions Work?
National Insurance Contributions are a deduction that the majority of employees and workers will be accustomed to seeing on their payslips, and a mandatory tax payment that the majority of employers and the self-employed will be accustomed to paying. Still, many of us will not be familiar with how this is calculated and how much […]
Voluntary National Insurance Contributions
Gaps in your National Insurance record can leave you ineligible for a State Pension and certain benefits. You may be able to fill these gaps by making voluntary National Insurance contributions. Under current rules, you have until 5 April 2025 to ‘buy back’ any missing national insurance years from 2006 to 2016 using voluntary national […]
Downsizing Relief: Cut Inheritance Tax Bill
Downsizing relief can offer homeowners an effective way to lower inheritance tax (IHT) liability, by moving to a smaller home. In this guide, we look at what downsizing relief is, how it works and who can claim it. What is downsizing relief? Downsizing relief is a form of tax relief that can enable […]
What are UK Capital Gains Tax Rates?
How do you know which capital gains tax rate applies to you? There are four main considerations to bear in mind: What category of asset has been disposed of? Has the disposal led to a gain? What is the financial value of that gain? What is the personal tax position of the individual who made […]
HMRC Tax Investigation: What To Expect
HMRC tax investigations into whether a person or business have met their tax obligations vary greatly depending on the details of the individual case, from relatively informal checks to a more in-depth investigation into your tax situation. It may be that an HMRC tax investigation is opened to confirm that the information supplied in a […]
What is Capital Gains Tax on a Buy to Let Property?
As with any form of income, buy to let property investment carries various tax implications, including that of capital gains tax. Buy to let property is generally seen as a medium to long term investment, building on the initial cost of purchase, legal fees and refurbishment to ideally enjoy regular rental income and eventually, a […]
Capital Allowance Rates 2023
Understanding the rules for capital allowance and how those rules apply to your business’s circumstances can be a complicated process with an ongoing need to stay up to date with changes in tax legislation, although taking professional advice can help to clarify your tax situation. One important element in this process is an awareness of […]
How To Do Self-Employed Accounts
If you work for yourself as a sole trader, you’ll need to familiarise yourself with the rules on self-employed accounts. Sole traders have to keep financial records relating to the income generated and expenses incurred while doing business. At the end of each tax year, you will be required to report your business income and […]
What is Input VAT & Output VAT?
VAT registered companies must meet a number of obligations, including calculating, reporting and paying VAT liability on a regular basis and retaining specific records. If the taxable turnover of your business for the last 12 months by the end of any month was over £85,000, (known as the registration threshold for Value Added Tax), you […]
Can You Avoid Inheritance Tax Legally?
Inheritance tax planning is critical to maximising the amount that can be passed on from your estate to your beneficiaries. In this guide, we look at whether it is possible to avoid, or at least reduce, inheritance tax so as to minimise the amount of IHT payable. What is inheritance tax? Inheritance tax […]
Vat Return Deadline & Payment Dates
VAT registered companies in the UK are required to submit VAT returns and make VAT payments on time. Failure to meet the VAT deadline can result in fines and interest being charged on the outstanding amount. Vat payment dates & VAT return deadlines As a general rule, the VAT deadline for both returns […]
CT600: How to File Your Company Tax Return
Among the financial and reporting obligations on limited companies in the UK is the requirement to notify HMRC of annual corporation tax liability. This requires the company to: Inform HMRC that their company is liable to pay corporation tax. Pay the tax due on time. File the company tax return (CT600) along with any other […]
Annual Investment Allowance AIA 2023
If you purchase plant or machinery that qualifies for the annual investment allowance (AIA), you can deduct the full cost of that asset from your profits before calculating your tax liability. What is Annual Investment Allowance (AIA)? The annual investment allowance (AIA) allows businesses to claim tax relief on purchases of certain assets […]
Capital Allowance (What Can You Claim?)
Capital allowance relief may be available on assets purchased for use in your business, such as transport vehicles, machinery or equipment. Any claimed amount may then be deducted from your taxable profit. A broad range of assets can be claimed for, though there are exceptions not eligible for a capital allowance claim, including: Items you […]
How Does Capital Allowance Super Deduction Work?
When looking to grow, companies need as much financial support as possible to help cover expansion costs and increase cash flow. This is where the new super deduction allowance can make a significant difference to the overall tax liability of an enterprise, enabling investment at a time when business owners remain understandably cautious in the […]
Enhanced Capital Allowances & Enterprise Zones
The enhanced capital allowances scheme changed in April 2020. Under the current rules, qualifying expenditure must have been incurred between 1 April 2012 and 31 March 2020, and the area where the plant or machinery was to be used must have been a designated Assisted Area at the time that the expenditure was incurred. This means […]
Company Car Tax 2023: Guide for Employers
Employees have to pay tax for private use of company cars. Calculating company car tax involves a range of factors, including the vehicle’s list price, fuel type and level of CO2 emissions. The following guide for employers looks at how the company car tax rules work in practice, including what has to be reported and […]
Buying a House with a Personal Injury Trust
If you’ve been awarded compensation for personal injury, you may want to invest this money in a home for your family. However, if that money is currently held in a personal injury trust, or is likely to be placed in trust, you will need to know how you can access those funds to help make […]
Claim HMRC Self Employed Capital Allowances
If you are running your own business you may be able to reduce your tax bill by taking advantage of capital allowances. In this guide, we examine the basic principles relating to HMRC self-employed capital allowances and how these can help to minimise your tax liability. What are HMRC self-employed capital allowances? The […]