Inheritance Tax Rates Guide
It is important to understand at least the basic rules relating to inheritance tax, including that the latest inheritance tax rates are and when the tax becomes payable. In this way, you can forward plan to help minimise any potential tax bill after you pass away, and maximise the value of your estate for your […]
How to Set Up a Family Trust
Setting up a family trust can be an effective way of controlling your personal assets during the course of your own lifetime and upon your death, ensuring that you have a say in exactly who benefits from your wealth. It can also be a good way of protecting and preserving that wealth for generations to […]
Payment on Account (Self Assessment Guide)
If you work for yourself, you will need to understand the self assessment tax rules. The following guide looks at the HMRC payment on account requirements. How are these advance payments calculated and can they be reduced? We also look at the penalties imposed by HMRC for either late returns or late or non payment […]
What are the Rules on Tax for Freelancers?
If you work as a freelancer, either full-time or in addition to any employed work, you will often be so busy keeping your clients and customers happy, that little time is left to consider your tax liabilities. The following comprehensive guide is here to help you navigate the rules relating to Income Tax, National Insurance […]
Freelancer & Self Employed Sick Pay Rules
Working for yourself comes with many benefits but it can also have drawbacks. One of the biggest downsides is the lack of employment rights, especially when it comes to being unfit for work and claiming sick pay. In this guide, we explain the sick pay rules for self-employed and freelance workers and alternative forms of […]
How Does a Trust Protect Personal Assets – An Overview
When considering asset protection, there are many tools and paths open to you. One specific option is using a trust. Trusts have historically been used for the purpose of asset protection, but have also been linked with tax planning and often tax avoidance. Nowadays, the likelihood of tax avoidance through the use of a trust […]
What Are Benefits In Kind?
The use of benefits in kind by employers to compensate or reward employees is a well-established practice in the UK. These benefits very often form part of an overall salary package designed to attract and retain top talent. However, providing employees with non-cash benefits comes with certain statutory responsibilities to HM Revenue and Customs (HMRC). […]
Taxes for Expats: A Guide
Many British expats mistakenly believe that once they have left the UK to live overseas, they are no longer subject to UK tax, but the situation isn’t as clear cut or straightforward as that. An expat living abroad is still liable to pay taxes on any UK income they receive. Any obligation to pay UK […]
Non Doms Tax in the UK Rules
If you are UK tax resident but not domiciled in the UK, special rules apply to determine the basis upon which you pay UK tax. In this guide, we explain the rules on non doms and UK tax obligations. Domicile Your domicile is usually the country in which you officially have your permanent […]
Apprenticeship Levy Explained
The introduction of an apprenticeship levy has made a significant contribution to funding developments. The apprenticeship landscape has changed significantly over recent years, providing greater opportunities for individuals to combine work with study to gain skills and knowledge in a controlled environment, and for businesses to benefit from recruiting and developing talent. In this guide, […]
Corporation Tax & Trading Loss
If your company or business makes a loss from trading, the sale or other disposal of a capital asset, or on income from property, and it is liable to pay Corporation Tax, relief for corporation tax losses may be available. Tax relief for corporation tax losses is obtained by offsetting the loss against other profits […]
P45 Form (Employers’ Guide)
Employers play a crucial role in ensuring the PAYE system works effectively, especially when it comes to issuing a P45 when an employee leaves a job, or requesting a P45 when an employee starts a new job, and submitting the relevant starter and leaver information to HM Revenue and Customs (HMRC). Below we set out […]
P60 Form Guide for Employers
As an employer running payroll, you have various year-end obligations, from sending your final payroll report to HMRC to giving each of your employees a P60. In this guide, we explain the rules relating to P60s, including what these are, who needs to be given one and when, how to issue a P60, what information […]
What is the Inheritance Tax on Property?
Inheritance tax relates to the estate left by a person when they die. This could be the amount of money they have, property they own or any other assets that belong to them. Gifts made during that person’s lifetime may also be affected by inheritance tax. There is generally no inheritance tax on property passed […]
Construction Industry Scheme (CIS) Guide
If you’re self-employed in the construction industry, you may need to register under what’s known as the Construction Industry Scheme (CIS). Equally, if you’re a construction-industry contractor, with sub-contractors working for you on a self-employed basis, you’ll need to be CIS registered. Below we look at what the CIS is, the CIS registration process for […]
Business Property Relief & IHT
If you own a business, or an interest in a business, your estate may be entitled to relief from Inheritance Tax. Business Property Relief (BPR) provides relief from Inheritance Tax (IHT) on the transfer of relevant business assets at a rate of 50% or 100%. Business Property Relief and IHT Inheritance Tax is the […]
EIS Tax Relief Explained for Investors
EIS is a tax relief scheme created by the UK Government to encourage investment into startups and early-stage businesses. As an investor, EIS benefits you by offering potentially significant income tax and capital gains reliefs when you make an investment into an EIS eligible startup or business. As a business, EIS benefits you by making […]
IR35 Umbrella Company Pros & Cons
Faced with being deemed an employee and not being able to work through their own personal service companies, many contractors will be prompted to work through different models, with umbrella being one option. With the private sector off-payroll rules due to hit the contracting sector in April 2021, does the IR35 umbrella company model offer […]
Outside or Inside IR35? (Check Your Status)
Whether an individual is determined to be outside or inside IR35 will have a significant effect on their tax liability. In this guide, we explain the IR35 rules and how they impact both workers and employers in the contracting community. Due to the COVID-19 outbreak, the government has delayed the scheduled changes to the rules […]
Business Asset Disposal Relief Guide 2021
Known as Entrepreneurs Relief prior to 6th April 2020, Business Asset Disposal Relief is a tax relief that the seller of a business can benefit from on sale. It is an attractive tax incentive, used by the UK Government to encourage individuals to set up and invest in a business by rewarding them for their […]