Tax efficient advice for limited company directors. Believe it or not, there are more than 4.7 million limited companies registered in the UK, including the 810,316 incorporations that signed up in 2020/21. Only around 2m are actively trading, but the number of new...
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any Covid-19 grant payments on their 2020 to 2021 Tax Return. These grants are taxable, and you should declare them on your 2020 to 2021 Tax Return before the deadline on 31 January 2022....
Did you know that some capital gains are free of capital gains tax (CGT)? Talk to us to find out more about how to maximise your tax efficiency. Although you will pay CGT on most capital gains, there are some gains that are not subject to capital gains tax – and...
How your status affects the amount of tax you pay. For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK...
Three grants worth up to £21,570 are taxable. A chunk of time has passed since the Self-Employed Income Support Scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in total, was paid out in...
How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering...
