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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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:
TAX DEADLINE – 31 JANUARY 2021
The most pressing tax deadline for now is the main filing and payment deadline, of 31 January.
Home expenses to claim when you’re self-employed FAQs
12 common questions people ask about expenses they can claim when running a business from home. What is an allowable expense? Won’t my allowable expenses be similar to other businesses similar to mine? What factors are taken into account when apportioning an expense? Are heating, lighting and power costs allowable? Are telephone and broadband costs…
Investing in shares: personally or through a company?
Making Money from Shares Share investments can derive income in two ways. Firstly, income in the form of dividends and secondly from their increase in capital value that can be realised later on. It’s possible to invest directly and hold the shares personally, but what are the implications of using a company and is there…
Changes afoot for Capital Gains Tax?
In July 2020 the Chancellor of the Exchequer asked the Office of Tax Simplification (“OTS”) to carry out a wide-ranging review of Capital Gains Tax (CGT). The OTS has made a number of significant recommendations. Many of the recommendations are not new and many of them seem to involve reintroducing concepts in CGT that have…
Report your sale in 30 days
A new online system for paying and declaring CGT within 30 days of completion for sales of residential property was introduced from 6 April 2020. CGT online applies to all sales of UK homes where exchange and completion occurred after 5 April 2020. Sellers who are not tax-resident in the UK must report all UK…
What is Gross Payment Status CIS?
Under the Construction Industry Scheme there are essentially 3 payment statuses. A payment status dictates how a subcontractor is paid;