What is the Loan Charge?
In December 2019, the UK government announced it would make a package of changes to the loan charge, a measure designed to tackle a form of tax avoidance known as disguised remuneration. The government made these changes in response to Sir Amyas Morse’s independent review of the loan charge policy and its implementation. This guidance […]
List of UK Tax Codes 2020
Tax codes are used to categorise how much tax and National Insurance you have to pay each year. For most people in the 2020/2021 tax year, for example, the basic tax code would be 1250L. If certain circumstances apply, your tax code might be different, for instance, if you’ve got more than one job or […]
SEIS Scheme Tax Relief Guide
The SEIS scheme is one of four venture capital investment schemes designed to help small companies to raise money when they begin to trade. What is the SEIS Scheme? The SEIS scheme, otherwise known as the seed enterprise investment scheme, is available to small, early-stage trading companies to support raising finance by offering […]
VAT Cash Accounting Explained
VAT cash accounting is one of a number of ways VAT registered companies can calculate their VAT liability. The VAT cash accounting scheme follows the same principles as cash basis accounting. It means businesses pay VAT on sales when they have received payment for the sale, and can only reclaim VAT once payment has been […]
How To Register For VAT (VAT Registration FAQs)
Whether you are starting up a new business, running an existing company or taking over a different organisation, you will need to ensure you are operating within the rules for VAT. If your business has or is expected to have a turnover above the VAT threshold, you will need to register for VAT using HMRC’s […]
What Are The Latest Inheritance Tax Changes?
Inheritance tax changes can affect reliefs, exemptions and other ways you are able to plan for and manage your inheritance tax liability. This means ensuring your will and any other estate planning are up to date with the latest changes and take account of the latest changes and their impact on how much inheritance tax […]
Inheritance Tax: Thresholds, Rates & Reliefs
Inheritance tax in the UK is payable at a rate of 40%. It is applied where the value of a person’s estate exceeds the tax-free threshold, which is currently set at £325,000. Inheritance tax liability can however be reduced through careful planning. Making a will and full use of exemptions, reliefs and other tax planning […]
What is Capital Allowance Tax Relief on Property?
Capital allowances can be an extremely valuable form of tax relief, allowing owners of commercial property in particular to claim qualifying items of capital expenditure as a tax deduction. Understanding how capital allowances work will be key to securing the maximum possible tax savings for your business. What is capital allowance tax relief? […]
How Much is Capital Gains Tax?
Capital gains tax (CGT) is a tax levied on the profits arising from the disposal or sale of an asset, such as a second home, a buy-to-let property or a business asset. The extent to which you are liable to capital gains tax depends upon a number of factors, for example, whether you are classed […]
How to Calculate Capital Gains Tax
The amount of capital gains tax you pay will depend on a number of factors, including your income, the type of asset in question, when the asset was disposed and whether any exemptions or reliefs apply. Below we look more closely at chargeable assets and how to calculate capital gains tax based on your particular […]
Is there Capital Gains Tax on Inherited Property?
The following guide looks at how capital gains tax on inherited property applies, including how to calculate gains made by the executors or personal representatives, or those who inherit property from the deceased. Capital gains tax for executors and personal representatives As a general rule, when someone dies there is no capital gains […]
Maximising Capital Gains Tax Allowance on Property
If you are a professional landlord, property investor, sole trader or business partner, your liability to capital gains tax can be significant. It is therefore vital to consider any capital gains tax allowance on property, maximising all available relief so as to minimise any potential tax bill when you come to sell or dispose of […]
Capital Gains Tax Relief (Reduce Your Liability)
Reducing your liability to capital gains tax (CGT) requires planning and careful use of the capital gains tax relief provisions. Below we look at some of the main forms of tax relief against CGT and how you can maximise their use so as to minimise your tax bill. What is capital gains tax? […]
Which Capital Gains Tax Rate Applies?
Understanding capital gains tax rates is crucial in determining your potential tax liability following the disposal of an asset. Below we consider different capital gains tax rates and how these apply. What is capital gains tax? Capital gains tax is a tax levied on the profit when you sell or dispose of an […]
How to Determine your Estate Planning Needs
To ensure your intended beneficiaries receive the maximum from your estate, it is always recommended to fully investigate your estate planning needs now to guard against unintended parties laying claim to part of the estate. Since no two estates are the same, there is no single solution to handling your estate planning needs. Regardless of […]
The School Fee Plan and Private Education Fees
The cost of school fees continues to soar and, sadly, rarely in line with any annual increase in salary. The average cost for private day schooling currently stands at around £14,000 per annum, a figure that can easily be doubled for boarding fees. It is therefore essential to plan ahead, considering the most tax efficient […]
Research and Development Tax Credit for SMEs
Research and development (R&D) tax credits can potentially offer small and medium-sized enterprises (SMEs) a lucrative form of corporation tax relief. That said, many SMEs who have made capital investments in innovative projects that would qualify for R&D relief, are failing to take advantage of the available tax reductions or cash payments available. There may […]
R&D Tax Credits (Does your Company Qualify?)
Far too many businesses are letting their inventiveness go to waste and are missing out on money they could claim back from HMRC. If your company has made a capital investment in an innovative project, you may be able to recoup a large chunk of that expenditure by way of R&D tax credits, even where […]
Expatriate Tax: Liability When Moving to the UK
By moving to the UK you may become liable to pay UK income and capital gains tax, in addition to any tax liability in your home country. Understanding how expatriate tax works can be crucial in determining whether relocating to the UK is a financially viable move for you and your family. The following guide […]
What is an Employee Share Scheme?
As an employee, you may have the opportunity to acquire shares in the company that employs you. This is known as an “Employee Share Scheme”. Below we look at how Employee Share Schemes work and what tax advantages you will benefit from when you acquire, or dispose of, employment-related shares. What is an Employee […]