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Corporation tax increases soon to take effect

 

By MAR Accounants

     5 min read

Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial year 2023 which starts on 1 April 2023, their impact will be felt sooner where […]

How do residential landlords get tax relief on finance costs?

 

By MAR Accounants

     5 min read

From April 2017, the legislation changed in how landlords receive tax relief on finance costs including mortgage interest. The legislation has been gradually implemented over a 4-year period from 2017-18 tax year to 2020-21.

Loans to participators

 

By MAR Accounants

     5 min read

Owner manager companies are usually ‘close companies’ that is ‘under the control of: (a) five or fewer participators, or (b) participators who are directors’. For most small, limited companies, ‘participators’ means ‘shareholders’. However, the legal definition is broader in that a ‘participator’ can be anyone (or their associate) with a financial interest in the company […]

Completing a VAT invoice – what entries are required?

 

By MAR Accounants

     5 min read

When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time of ordering or after delivery. If the seller is VAT registered a specific type of invoice is required to charge VAT on sales or reclaim the VAT charged for goods and […]

What SDLT rates do companies pay on residential purchases?

 

By MAR Accounants

     5 min read

Overview  Stamp duty land tax or SDLT is a form of tax payable by the buyer on the purchase of land and buildings in England and Northern Ireland where the value is above a certain threshold. This threshold is known as the nil rate band. It is also payable on transfer of interests in land […]

How is dividend income taxed on individuals?

 

By MAR Accounants

     5 min read

Overview Dividend is taxed based on the total dividends received in a tax year which runs from 6 April to the following 5 April. So, for example, dividends received in the year 6 April 2020 to 5 April 2021 will be taxed in 2020-21 tax year based on tax rates applicable for that year. There […]

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