Understanding taxes
Capital Gains Tax - Residential Property
From 6th April 2020, the government made some changes to Capital Gains Tax for UK residential property disposals made by individuals. Capital Gains Tax on Property If you sell a property owned personally that hasn’t been your main residence during ...
What is included on a Self Assessment tax return?
Self Assessment is the way that HMRC requires a tax payer to report annual earnings and work out how much tax has to be paid. It's called Self Assessment as it is the tax payers responsibility to complete the form, calculate the tax and make the ...
Actions to take before your company year end
Before your company year end arrives it’s important to take the opportunity to minimise your tax bill before it’s too late. Taking a few minutes to read this guide could save you hundreds in tax. If you’ve had a successful year and your company has ...
Making PAYE payments to HMRC
If you are paying yourself or a employees a salary, your company will have be registered as an employer and operate a PAYE scheme. A company / employer paying salaries to directors or employees must register with HMRC for a PAYE scheme. Income Tax, ...
Tax codes
Everyone is issued with a tax code by HMRC so employers can calculate and deduct the correct amount of tax from salary payments. On the face of it, tax codes are simple, but there is sometimes more to them than meets the eye. Checking that your tax ...
Processing your VAT returns
VAT (Value Added Tax) is added to almost all goods and services in the UK. Some items and services are exempt or zero rated for VAT but the majority attract VAT at the standard or lower rate. If your company is VAT registered then you need to submit ...
What is Corporation Tax?
Corporation Tax is payable annually and calculated based on the profit that your company makes. Your profit is your company’s income minus its expenditure (including salaries paid to employees but excluding dividends paid). The tax is calculated each ...
Self Assessment tax returns and rental income
Owning and renting property can have tax implications. As a landlord, you need to be aware of your income and capital gains tax liabilities. You’ll also need to ensure that any income from rental properties not held in your limited company are ...
Reporting non-limited company income using Self Assessment
Self Assessment tax returns allow for a variety of personal tax matters to be reported to HMRC. We've made it easy to provide us with information in our online questionnaire however sometimes we will need some more information from you. Personally ...
Self Assessment tax payments and payments on account
Paying Self Assessment taxes to HMRC You’ll need to make sure HMRC receive your payment before their deadline to avoid any interest. They will also apply a late payment penalty of 5% of the tax due if it remains unpaid by 2nd March. There are ...
Reporting benefits in kind - form P11D
A P11D is used to report to HMRC any personal benefits to employees and directors that haven’t been processed through payroll. At the end of each tax year, if a company provided anything that is considered to be of personal benefit to an individual, ...
Introduction to Self Assessment tax returns
For many people, income tax and national insurance payments are automatically deducted by their employer and paid to HMRC. For anyone with a business or income from other sources, they must report it to HMRC on a Self Assessment Tax Return. Who ...
Personal tax planner
You can use the personal tax planner to better understand your personal finances and estimate the amount of income tax you may need to pay. If you’re aiming to minimise higher rate taxes by staying below the threshold, this is a great way to help see ...