If you sell a residential property in the UK after 6 April 2020 and have capital gains tax (CGT) due, you must report the gain and pay the CGT within 60 calendar days of selling the property. Failing to report and pay, you will be subject to late filing and …
Author: Erin He
If you are thinking about starting your own company or leaving your permanent role and taking on a contract role, and you are wondering what the tasks are to fulfil the tax and reporting requirements, here are a list of things you need to do and by when: Register a …
We’ve all worked extremely hard – pushed to get one more sale; got that product over the line; secured another client contract – and expect to be rewarded accordingly. Yet frequently we are disappointed or shocked when we receive a seemingly enormous tax bill. So how can you mitigate that …
At the beginning of each tax year, taxpayers will receive a letter from HMRC telling you the tax code for this tax year. A few common ones for the current tax year are: 1257L – you will get the standard tax-free allowance, which is £12,570 0T – no tax-free …
You complete a Self-Assessment tax return, submit it, then a few weeks later you receive a letter from HMRC asking you to pay a much higher amount than the tax liability shown on your tax return. Why? In short, HMRC wants you to pay your tax liability for the …
HMRC requires that all companies’ financial years finish on the last day of the month in which they are incorporated. HMRC also specifies any one corporation tax return to cover no more than 365 days. This means companies must submit one return covering the twelve months to the anniversary of …
It is never too early to start inheritance tax planning (IHT). Early planning will allow you to take advantage of all the allowances and facilities available to protect your assets and to pass them on to your children, grandchildren, or whomever you choose. Over the course of many years you …
Much has been said about the merits of running a buy-to-let business through a private limited company. But the decision of whether to buy a property as an individual or through a company depends on numerous factors. This article briefly explains some of the most critical factors. It also suggests …
Owning buy to let properties through a limited company holds several advantages over owning the properties as an individual(s). This topic was discussed in a previous article. In this article we look at particular circumstances under which the two options can be quite close, this is because of another …
Many companies offer Tax Advantaged incentive schemes to employees as part of long-term incentive plan. These include: Share Incentive Plans (SIP) Save As You Earn (SAYE) Company Share Option Plans (CSOP) Enterprise Management Incentives (EMI) Share Incentive Plans (SIP) Employees can buy their employer companies’ shares with their …