Corporation tax Financial year to 31/03/2021 31/03/2020 Rate 19% 19% Stamp taxes Shares and marketable securities 0.5%³ Transfers of land and buildings₄ Residential (on band of consideration)₅,₆,₇ £0 – £125,000 0% £125,001 – £250,000 2% £250,001 – £925,000 5% £925,001 …Read More

Income tax allowances   Rates 2020/21 2019/20 Personal allowance £12,500 £12,500 Income limit £100,000 £100,000 Transferable marriage allowance £1,250 £1,250 Married couple’s allowance (relief at 10%) Either partner born before 6.4.1935 £9,075 £8,915 Income limit £30,200 £29,600 Minimum where income exceeds …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 for the …Read More

The marriage allowance was introduced to take effect from the tax year 2015/16. The marriage allowance allows certain individuals who are married or in a civil partnership to elect to transfer some of their personal allowance to their spouse or …Read More

The hourly rate for the minimum wages depends on your age and whether you’re an apprentice. The National Minimum Wage (NMW) is the minimum pay per hour almost all workers are entitled to by law. The National Living Wage (NLW) …Read More

The lifetime ISA will be available from April 2017 to help young people save for long term, particularly when buying a first home. You can open a lifetime ISA if you are aged 18 or over but under 40. As …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 profits limit …Read More

The government announced at Budget 2016 that it will reform the intermediaries (often known as IR35) legislation for public sector engagements to ensure that individuals who work through their own company pay employment taxes in a similar way to employees. …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 have a …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 Less: Expenses …Read More

At current, all landlords of residential property in or outside the UK, are permitted to claim relief for finance costs (e.g. mortgage interest) on their let property, giving tax relief at 40% and 45% for landlord. Individual that receive rental …Read More