Most importantly, it depends on the deal. So, get your calculator out! But do watch out for excessive mileage penalties in lease agreements. Tax treatment varies depending on the method used to acquire a car – but it is often not tax efficient for a Company to...
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they still have 7.5% dividend tax to pay (on dividends above £2,000) – and...
If you are a UK resident and you are selling your residential property on or after 6th April 2020, any Capital Gains Tax due will have to be calculated and paid to HMRC within 30 days of the sale. For the vast majority of sales, no Capital Gains Tax (CGT) will be due...
There are potential problems – so do speak to a financial advisor. Inheritance Tax (IHT) Genuinely giving the house to your children, or selling it and giving them the cash, means that if you live on for 7 years, it will not be counted as part of your Estate for IHT....
If you are working overseas and pay tax there, you can usually claim what is called a Foreign Tax Credit. The UK has an agreement with nearly every country in the world, so when you pay tax overseas you can enter it in your Tax Return and the UK tax due can be reduced...
National Insurance (NI) is one of the most important, overlooked, taxes for most working people. In context, for an employee earning between £12,500 and £50,000 per year, for every extra £1 they receive in net pay, the Treasury receives 67.35p (29.41p in Income Tax...
