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Inheritance Tax (IHT) is a tax on the value of a person’s estate on death and on certain gifts made by an individual during their lifetime. There is a certain threshold when it comes to inheritance tax. This is defined as the amount above which inheritance tax becomes payable. If the estate, including any assets […]
National Insurance was introduced in 1948 to build up your entitlement to certain social security benefits including the state benefit. The type and level of NiC’s depends on how much you earn and whether you are employed or self-employed. You stop paying National Insurance when you reach pension age, 65 for men and 60 for […]
Capital gains tax (CGT) is a tax on capital “gains”. If when you sell or give away an asset it has increased in value, you may be taxable on the profit. This does not apply when you sell personal belongings worth £6000 or less. You might have to pay capital gains tax if you: • […]
31 July is the date by which HMRC needs to receive your Tax Credit record update. You should have received your Renewal Pack by the end of June latest (if you haven’t, call 0845 300 3900). HMRC needs the renewal to check for any changes to your circumstances. Remember to read the instructions very carefully […]
The European Commission is trying to harmonise VAT rates across its member countries. In so doing it wants the UK to fall in line with a rate of at least 5% on food and children’s clothing. When it joined the EU in 1973 the UK had fought very hard not to have to charge VAT […]
Value Added Tax is a tax on consumer expenditure. It is collected on business transactions, imports and acquisitions. There are three rates of VAT: •standard rate, 17.5% •reduced rate, 5% •zero rate. Businesses charge VAT on their sales and this is known as output VAT and the sales are referred to as outputs. Similarly, VAT […]
With increased interest in Buy to let and property investments, the private rented sector has attracted many changes in legislation. Every week we shall and attempt to familiarise ourselves with issues affecting existing and potential landlords and the Taxable allowances thereon incurred. Overall, the housing act 2004 introduced many changes affecting the private rented sector […]
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