Corporation Tax Payment Deadline
Each year limited companies are required to pay corporation tax to HMRC on their profits and file a company tax return (CT600). It’s important to check when your corporation tax is due as late payment can lead to penalties from HMRC. When is your corporation tax due? The corporation tax payment deadline for […]
What are Capital Allowances?
Capital allowances are a tax relief designed to encourage business investment. When a business purchases certain qualifying assets, capital allowances can be claimed, thereby allowing the business to write off the cost of those assets against taxable income. Capital allowances are generally available to limited companies, property companies, the self-employed and partnerships. To benefit fully […]
Non Dom Tax Status (What does it Mean?)
What is a ‘non-dom’ and how is it connected to your tax status? A person’s domicile is an important factor when it comes to deciding on their tax status. The term ‘non-dom’ is used to describe a person who for tax purposes has a domicile outside the UK. The non-dom status generally brings with it […]
What is an Interest in Possession Trust?
Setting up a trust can be an ideal way to control and protect family assets, ensuring these assets are passed to future generations, while minimising liability to inheritance tax on death. However, there are various types of trusts to choose from, with different practical, legal and financial implications. The following guide on interest in possession […]
Can You Claim Property & Trading Allowances?
When in receipt of either self-employed income or income from letting out property as a landlord, you may eb eligible to reduce your tax liability through tax-free allowances such as trading allowance and property allowance. What is the trading allowance? The trading allowance, or trading income allowance, is a tax-free allowance against income from […]
Why Now is the Best Time to Do Your Will & Estate Planning
Making sure that your assets – property, belongings and capital – are protected by your will and estate planning can become a complicated process when tackling the many and varied tax laws regarding the issue of inheritance, especially where your estate features a diverse portfolio of assets such as property, shares and savings. Whilst the […]
Private Residence Relief When Selling Your Home
In most cases, when a person disposes of an asset in the UK, including both residential or commercial property, they will be liable to pay tax on any capital gains made on that disposal. However, under the private residence relief rules, a qualifying homeowner can often avoid paying Capital Gains Tax altogether when selling their […]
Sole Trader Tax Rules 2023
Among the responsibilities of working for yourself is ensuring you meet your sole trader tax liabilities. The following guide on sole trader tax provides a look at the rules relating to income tax, national insurance contributions and VAT for self-employed workers, from what rates of tax you will be liable to pay on your trading […]
Estate Planning & Wills: Where Should You Start?
While the prospect of passing away is an unwanted thought, it’s important to plan ahead, both to make the process of managing your estate easier for your loved ones, and to ensure your wishes are carried out. Anticipating things like how your care home costs will be covered and making financial provision for those that […]
Business Tax Planning Guide
Whatever stage your business is at, tax planning can provide significant reductions in your tax bill. UK tax rules and reliefs are, however, complicated and it can be difficult – and time-consuming – for business owners to know where to start in trying to improve tax efficiency and ensuring all aspects of your company’s finance […]
ATED: Annual Tax on Enveloped Dwellings
The rules on Annual Tax on Enveloped Dwellings (ATED) can be technical and complex. The following ‘at a glance’ guide for those liable to pay ATED looks at the rules and how these work in practice, including what ATED is and when this tax applies, what tax relief is available and how this is claimed, […]
How to Deregister for VAT
In certain circumstances, companies may no longer eligible to be VAT registered, or in others, the company may be looking to voluntarily cancel its VAT registration. This guide looks at the process to deregister for VAT, on both a compulsory and voluntary basis, including the circumstances in which you must or can ask HMRC to […]
Reverse VAT Charge Guide 2023
Aimed at tackling fraud in the construction industry, the reverse charge VAT rules mean that most subcontractors and contractors must now change the way in which they charge and account for VAT. The following guide outlines how the new VAT reverse charge works, with key compliance advice for VAT-registered suppliers and buyers. What is […]
Family Investment Company Pros & Cons
A family investment company can be an attractive approach to tax and succession planning. In this guide, we look at what family investment companies are, the tax advantages available, as well as how these companies work and are managed. We also look at the overall benefits and drawbacks of a family investment company to help […]
Dividend Tax – Allowance & Thresholds
If you’re a company director or own shares in a limited company, you may be liable to pay tax on any dividends paid out on your shares during the course of the relevant tax year. In this guide, we look at the rules relating to dividend tax, including the allowances and thresholds. What is […]
How to Claim Terminal Loss Relief
If a company is operating at a loss, the difficult decision may need to be taken to close operations permanently. Still, even though the business will no longer be trading, it is important not to miss out on valuable tax relief that can often be overlooked. When it comes to the complexities of tax relief […]
Potentially Exempt Transfers & IHT Gift Rules
Potentially exempt transfers, also known as PETs, can be an effective way of maximising the amount of money that a person can leave to loved ones tax-free after they die, helping to minimise any liability to Inheritance Tax that will fall due on a deceased’s estate. Below we look at what PETs are, how these […]
Residence Nil Rate Band Guide
When it comes to inheritance tax, the residence nil rate band can be one of the best ways to minimise the amount of tax payable and maximise the value of an estate on death. In this guide, we explain what the residence nil rate band is, how it works in practice, how an estate qualifies […]
HMRC Starter Checklist For New Employees
Among your obligations as an employer when onboarding someone new is to ensure they are registered with HMRC for PAYE. If your new starter does not have a recent P45, you will need to make use of the HMRC starter checklist. In this guide for employers, we explain the different steps that you must follow […]
P11D Form: Employers’ Guide
Employers are under strict statutory obligations when it comes to declaring to HM Revenue and Customs (HMRC) what they pay to their employees by way of remuneration, including expenses and benefits in kind that form part of an employee’s salary package. The following article looks at the rules relating to submitting P11D forms to HMRC […]