From 6 April 2020 UK residents who sell a residential property that gives rise to a capital gains tax (CGT) liability must send a new standalone online return to HMRC and pay the tax due within 30  days …Read More

Important Deadlines for individuals, self-employed and CIS subcontractors Individuals, sole traders and CIS subcontractors Filing deadline Second payment on account for 2019/20 tax year 31 July 2020 Deadline to advise HMRC that you need to register for self-assessment …Read More

National Insurance Contribution Thresholds 2017/18 £ per week 2016/17 £ per week Weekly lower earnings limit (LEL) 113 112 Weekly primary threshold (PT) 157 155 Weekly secondary threshold (ST) 157 156 Upper earnings limit (UEL) 866 827 Upper …Read More

It is mandatory for a company director to submit a tax return with HMRC if a return has been issued. But what about if a Self-Assessment tax return has not been issued to a director he does not …Read More

Rental profits is calculated on an accrual basis. The accrual basis involves taking rents receivable rather than rent received and allowable expenses payable rather than expenses paid. The taxable property income profit will therefore be: Rent Receivables X …Read More

There are tax consequences on the gift of property which have been summarized as below: Capital Gains Tax If the property is gifted to your Son, it will be considered as disposal for capital gains tax (CGT) purposes. …Read More

The move will not have immediate legal and tax consequences for multinationals with UK operations. In longer term however, the landscape may change significantly for the UK, in terms of trade, tax and investment, both with regards to …Read More

What is capital gains tax? Capital gains tax (CGT) is a tax on the profit when you dispose of a chargeable capital asset. The common way for a person to dispose of an asset is to sell it …Read More