In the intricate world of retirement planning, one size certainly does not fit all. As a small business owner or a director of a family-run enterprise, your financial future deserves a pension scheme tailored to your unique needs and ambitions. Keep reading to learn about the Small Self-Administered Scheme, or SSAS, a pension scheme that […]
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 […]
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 […]
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 […]
The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and give your home away before you die. From a capital gains tax perspective, as long as the property has been your only or main residence throughout the time that you […]
The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital gains tax purposes. For 2021/22, it is set at £12,300. It will remain at this level for 2022/23. Nature of the annual exempt amount The […]
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which to tell HMRC about the gain and make a payment on account of the tax that is due. A chargeable gain may arise on the sale of a residential property if that property […]
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for second and subsequent properties applies. Mixed land and property Mixed-use land and property is land and property that comprises both residential and non-residential elements. Non- residential property includes: commercial property, […]
