When a company make profits it often rewards its shareholders by way of a dividend payment. This article will look at Dividends and the new Health and Social Care Levy introduced from 6 April 2022. It will discuss what the tax bands are from 6 April 2022 and how you can save some tax by acting before the end of …
Taxation of Shares for Individuals
During periods when savings account interest rates are low there is often a rise in individuals who invest in the stock market, therefore knowing the rules on the taxation on shares is important. This article will cover some aspects of the taxation on shares for those who are resident in the UK: ISA and Non-ISA How to determine your Capital …
The Badges of Trade used by HMRC
The ‘badges of trade’ tests, are used by HMRC to help determine whether an activity is a trading activity (business). Careful consideration needs to be given when deciding if a hobby has become a taxable activity. If that happens, your trading activities will be subject to Income Tax and National Insurance. This post will provide basic information on badges of …
High Income Child Benefit Tax Charge helpful information
Issues around Child Benefit and the High Income Child Benefit Tax Charge require careful consideration. They involve money paid to parents or guardians who are responsible for bringing up a child in their care. Who is eligible to claim Child Benefit? You can claim child benefit if you are responsible for looking after a child who is under 16 or …
Charity Donations and Waiving Income tax rules
Charity donations and waiving income during the Coronavirus (Covid-19) pandemic has been more prevalent in order to support others and their business. HMRC are keen to support these moves and tax implications need to be considered. This applies whether you are self employed, a director, an employee or a shareholder. What does waiving mean? A director or employee can choose …
Types of Partnership
Partnership Types There are 3 different Partnership Types, which can suit differing business scenarios: General Partnership Act 1890 (GP) Limited Partnership Act 1907 (LP) Limited Liability Partnership Act 2000 (LLP) There is another type of partnership for tax purposes known as a mixed partnership. These are when there are non-individual members (typically companies). Type Limited Liability Tax Compliance GP No …
Coronavirus – Job Support Scheme
JOB SUPPORT SCHEME Details published by the Government on the “original” Coronavirus Job Support Scheme announced on 24 September 2020 can be found on this factsheet. The main points are: The scheme will be open from 1 November 2020 to the end of April 2021. HMRC claims service will be available from early December 2020. Grants will be payable in …
2020 Budget and Coronavirus Government Assistance
With the recent 2020 Budget and now daily announcements regarding Coronavirus Government assistance, we want to take a proactive approach by providing you with a useful resource of links to assist you and your business. LAST UPDATE 06/05/20 – Bounce Back Loan is live and SEISS (Self-employed support) RPP and Coronavirus In these uncertain times we wanted to let all …
Capital Gains Tax on a Residential Property 60 day reporting
Capital Gains Tax on a Residential Property New HMRC laws regarding how Capital Gains Tax is reported and paid when disposing of a (residential) property could potentially lead to property chains collapsing. We believe that it is important that the following understand the issues that can arise: Buyers Sellers Estate Agents Solicitors Recommendation From 6 April 2020 it will be …
Off-Payroll Working Rules (IR35)
The new Off-Payroll Working Rules were set to be introduced from 6 April 2020, but have now been delayed to 2021. These follow the rules that were introduced for the public sector in 6 April 2017. The public sector rules can be found here. What is the major difference to the new Rules? The old rules placed the onus on …