Start Saving for Your Retirement with Pensions As you start planning for retirement, it’s essential to think about how you will fund it. One of the most effective ways to do so is by starting to save in pensions. Pensions are a tax-efficient way of saving for your future, with many benefits. In this post, […]
Stamp Duty Land Tax (SDLT) is a tax imposed by the UK government on purchasing properties and land in England and Northern Ireland. You will only have to pay Stamp Duty Land Tax if your purchase is over a certain price. SDLT was introduced by the Finance Act 2003; it replaced stamp duty with effect […]
Employee Ownership Trusts (EOTs) EOT were promoted by the government to promote employee ownership by giving business owners the opportunity to avoid capital gains tax from selling their shares to an employee-owned trust. EOTs do not involve direct share ownership by employees, rather a controlling interest in company is transferred to an all-employee trust […]
The only constant that remains in anyone’s life is change and the situation with the tax regime in the UK is similar. Every year the finance budget is introduced by the chancellor of the exchequer in March. The UK fiscal year begins on 6 April and ends on 5 April the following year while the […]
CGT is a tax on the proceeds of the sale of anything you own. For an asset owned for more than a year, it is calculated from the profit generated, which is the rise in value of the sale price compared to the purchase cost. Typically it’s applicable to: • Shares • Investment funds • […]
Workers must be paid at least the statutory minimum pay for their age under minimum wage legislation. The National Living Wage (NLW) and the National Minimum Wage (NMW) are the two forms of minimum wages. The age threshold for the National Living Wage is dropped beginning April 1, 2021, in addition to the typical annual […]
Bringing vacant properties back into use may be expensive, especially if extensive renovations are necessary. Domestic building work, including repair, maintenance, and upgrades, is often taxed at the regular vat rate of 20%. In some cases, VAT on construction works is taxed at a lower or even zero-rated rate. It is critical essential you understand […]
A tax break, or tax relief, is a way for you to reduce your tax liability by considering things you spend money on or invest in for your business. It’s the Government’s way of helping to stimulate the economy by ensuring you have more money to spend on your business. It’s also a way to […]
When starting, a new business must select a business structure, which will have both legal and tax implications, and the choice of business structure is a monumental step for a new company. It can affect ongoing costs, liability and how your business team can be configured. This topic becomes particularly timely during tax season, as […]
What is Investors Relief Investors relief is a government scheme implemented to reduce the capital gains tax on the disposal of shares in a private trading company that is not listed on the stock exchange. It applies to shares that are issued on or after 17 March 2016 that are disposed of on or after […]
Key points • The procedure for a company to purchase its own shares is strict and complex, and legal advice should always be obtained. • Buy-backs are useful to return cash to shareholders or to restructure the balance sheet of a company. • Companies Act 2006, s 694 permits private limited companies to buy back […]
Tax Evasion While the majority of people abide by the law and pay their taxes, there are those who deliberately and dishonestly set out to defraud HMRC by evading tax, stealing public funds or cheating the system in other ways. Tax fraud undermines our economy, creates unfair competition for legitimate businesses and robs our vital […]
