SDLT surcharge for non-residents
Stamp duty land tax (SDLT) applies to purchases of most land and buildings in England and Northern Ireland. Wales and Scotland impose different land taxes.
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Fourth SEISS grant
Self-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019-20 by midnight on 2 March 2021 (it was due by 31 January 2021).
2021/22 Tax Efficient Salary for Company Directors
Each year company directors have a decision to make to determine whether they need to change their monthly salary for tax efficiency purposes. When it comes to a tax efficient salary for the 2021/22 tax year there are three national insurance thresholds to be aware of:
MAKE THE MOST OF YOUR ISA ALLOWANCE
As a UK resident over 18, you will receive an annual ISA allowance of £20,000 (for the 20/21 tax year). This means you can pay a maximum of £20,000 into your ISA to allow it to grow without paying tax on any income derived from it.
Budget 2021 Corporation tax complexity
The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22.
Changes to Self Assessment Late Payment Tax Penalty
HMRC has announced that self assessment customers will not be charged a the initial 5% late payment penalty if they pay their tax bill or make a time to pay arrangement by 1st April 2021. The deadline to submit the tax return and pay any tax owed was 31st January 2021. Interest will continue to…
Budget 2021 Summary Report
The Chancellor delivered his budget yesterday. You can download our simple guide to the budget here.
New VAT rules for Construction Sector from 1st March
From 1st March 2021 new rules for VAT in the construction sector are set to be introduced. These rules are commonly known as domestic reverse charge for construction services. These changes were first announced in 2017 and were due to be implemented originally in 2019 but deferred, first to October 2020 and then again to 1st…