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...
Over the last year or two, and partly to remove some taxpayers from the Tax Return system (because they cost more for HMRC to administer than they pay in tax), certain types of income are not taxable up to a certain level. So I thought it would be a good time to list...
Back on 11th March 2020, we had Rishi Sunak’s first budget. The tax changes were soon overshadowed by the Coronavirus pandemic and the Government measures used to support employees and businesses. Below i have explained some of these tax changes: Delay of IR35 in the...
