Key HMRC Deadlines for July and August 2023 As we step into July and August 2023, it's essential to stay updated with the upcoming deadlines from HM Revenue and Customs (HMRC). Here's a comprehensive guide to help you navigate these crucial dates and ensure that your business remains tax compliant.1 July 2023 - Corporation TaxThe … Continue reading Key HMRC Deadlines for July and August 2023 You Need to Know
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain. The annual exempt amount applicable to
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is
A Guide to Overseas Workday Relief in the UK Navigating tax regulations can be daunting, especially when dealing with income from overseas work. If you're a UK resident or a non-UK domiciled individual,-Overseas Workday Relief-(OWR) can significantly reduce your UK tax liability on earnings from work done abroad. This relief allows you to claim tax … Continue reading Guide to overseas workday relief in the UK
HMRC’s Self-Assessment helpline closed on 12 June 2023 and will re-open on 4 September 2023. This closure is part of a trial to direct Self-Assessment queries from the helpline to HMRC’s digital services, including online guidance, digital assistant and webchat. This move has been planned for a ‘quiet’ time for Self-Assessment queries and the helpline will … Continue reading HMRC-s Self-Assessment line summer closure
There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share Incentive Plans (SIPs), Save As You Earn (SAYE) schemes, Company Share
Double Taxation: How to Claim Relief for Foreign Income If you earn income from a foreign source, you may find yourself in a situation where you're taxed twice - both by the country where your income originates and by the UK. However, the good news is that you can often claim tax relief to recover … Continue reading Double Taxation: How to Claim Relief for Foreign Income
Understanding double tax treaties in the UK Double tax treaties, also known as double taxation agreements, play a vital role in facilitating international trade and investment by preventing double taxation. These agreements are designed to provide relief and clarity to taxpayers operating across borders. In this blog post, we will explore the concept of double … Continue reading Understanding double tax treaties in the UK
How to claim work from home tax relief in the UK If you work from home, you may be eligible for work from home tax relief on some of your expenses. This will depend on whether working from home is a choice or is required by your work.The amount of tax relief you can claim … Continue reading How to claim work from home tax relief in the UK
Guide to tax relief for work expenses in the UK If you find yourself paying for job costs out of your own pocket, making the most of available tax reliefs is essential. In the UK, HM Revenue and Customs (HMRC) offers tax relief for certain job-related expenses that are not reimbursed by your employer.In this … Continue reading Guide to tax relief for work expenses in the UK
Do I need to file a Self Assessment Tax Return for rental income? If you are earning rental income in the UK, understanding your tax obligations is crucial. Filing a self assessment tax return for landlords can be complex, but with the right knowledge and guidance, you can ensure compliance and maximise your financial benefits. … Continue reading Self Assessment Tax Return for Landlords in the UK
The UK government announced in the Spring Budget 2021 that the main limited company tax rate would increase from 19% to 25% from 1 April 2023. This change was originally due to come into effect in April 2022, but was delayed due to the COVID-19 pandemic.The new corporation tax rate will apply to all companies … Continue reading Limited Company Tax Rate UK: 2023 changes explained
In today's fast-paced business environment, efficient and accurate filing processes are essential for every company. Companies House WebFiling provides a convenient and streamlined way to manage your company's filing requirements online. In this blog post, we will explore the benefits of using Companies House WebFiling and how it can help your accounting firm and clients … Continue reading Using Companies House WebFiling to simplify your tax returns
As a new company director in the UK, you are likely wondering how to best pay yourself through your company. You have several options for transferring company profits into personal income, including salaries, dividends, and investments. This post outlines the pros and cons of each, and gives you the information you will need to make … Continue reading How to best pay yourself as a UK company director
If you are looking to protect your assets and minimise your tax liability, you will likely want to register trusts-to hold them. In some cases, you may have to register trusts with HMRC. Trusts offer a range of benefits, from shielding your assets from creditors to providing a clear plan for distributing your wealth after … Continue reading The Top 5 Reasons to Register Trusts for Your Assets
Important Corporation Tax Deadlines You Need to Know As a business owner in the UK, staying on top of your financial responsibilities is crucial, and one of the key obligations is filing your corporation tax return accurately and on time. In this blog post, we will delve into the important deadlines associated with corporation tax, … Continue reading Important Corporation Tax Deadlines You Need to Know
So you-ve received a HMRC penalty and you-re freaking out just a little bit. Whether this was intentional or by accident, an HMRC penalties notification can be a stress-inducing event. But let-s talk about what you can do now that you-re here. Firstly we will look whether you have a reasonable excuse (as defined by … Continue reading How can I Reduce my HMRC Penalties?
