HMRC now states that where all of a director’s income is taxed at source and there is no other sources of income, then there is no need for them to register for self-assessment and to file a return. If as a director you have been requested to submit a self assessment tax return, but have no […]

Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief prior to April 2020, is a tax relief scheme which allows for a reduced rate of Capital Gains Tax (CGT) to be paid upon the sale or solvent liquidation of a limited company. Those who qualify for Business Asset Disposal Relief pay just 10% CGT […]

Since April 2015, gains made by non-UK resident individuals on the disposal of residential properties have been subject to Capital Gains Tax (CGT). Non-UK resident individuals are subject to CGT at 18% or 28% depending on whether the individual has any basic rate band remaining (after the calculation of their income for income tax purposes). […]

You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over £50,000 and either: you or your partner get Child Benefit someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s […]

If you work for a business or company, you may be given a company car by your employee for your private use. ‘Private use’ includes employees’ journeys between home and work unless they’re travelling to a temporary place of work. This extra benefit is known as a benefit in kind tax (BIK). The cash value […]

If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit if they’re allowable expenses. Costs you can claim as allowable expenses Here is a general list of allowable expenses – office costs, for example stationery or phone bills travel costs, for example […]

The UK government has announced that NI payments are set to rise by 1.25% from April 2022 as a part pledge to fund health and social reforms. The UK-wide tax increase is designed to raise 36bn for NHS services over the next 3 years, in what is being called the “biggest catch up in NHS […]

You’ll get a Personal Allowance of tax-free UK income each year if any of the following apply: UK resident regardless of nationality you hold a British passport you’re a citizen of a European Economic Area (EEA) country you’ve worked for the UK government at any time during that tax year You might also get it if it’s included in […]

Whilst everyone enjoys receiving presents, employees are unlikely to appreciate gifts from their employer with a tax charge attached. Fortunately, a statutory exemption from income tax and national insurance for employees and employers exists. The current form of these rules took effect from 6 April 2016, and the key conditions are: The cost of the […]