RESOURCES

Tax

What are the Tax Benefits of a Pension?

Pensions provide a number of tax benefits that, when combined, can give a considerable boost to your final retirement fund. In this article, we explore these benefits and look at how you can make the most of your pension pot. Pension tax relief – what is it? One of the best reasons to save for […]

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Self-Assessment 2021/22 – Deadlines & Penalties

This is the time of year when key tax deadlines start to loom large. Miss these, and the result is almost certainly heavy penalties. These dates apply for the tax year 2020/21, which ended on April 5th this year. You can read about deadlines and penalties here. 5th October 2021 – register for self-assessment Is […]

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Commercial Property – Freehold v leasehold?

This article will be of interest to business owners looking to buy a UK commercial property. Its aim is to give you a brief introduction to the key points to consider about whether to buy a property: outright (freehold); as a long leaseholder; or to rent a property as a short leaseholder. Freehold vs Leasehold […]

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Increases in National Insurance and Dividend Tax

Proposed increases in National Insurance and Dividend Tax Yesterday (7/9/21) the UK Government announced its plans for a 1.25 percentage point increase in National Insurance Contributions (normally considered as a tax to fund pensions) and Income tax on dividends. The aim of the increases are to raise about £36 billion over three years, which is […]

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End of the Stamp Duty Holiday

As part of the measures to support the economy during the COVID 19 pandemic, the Chancellor of the Exchequer introduced a Stamp Duty Holiday. This effectively suspended or reduced (depending on the value of the house purchase) Stamp Duty on house purchases. The holiday began on July 8th 2020, and is due to end on […]

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Corporation Tax Rates in the UK

There’s no better time to set up a business in the UK. The UK’s exit from the EU, combined with an expected post-pandemic lift to the economy, makes business in Britain an attractive proposition. However, there’s a more concrete reason why opening up in the UK deserves strong consideration. Corporation Tax (tax on company profits): […]

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Penalties and fines for undisclosed foreign income

Overview If you are resident in the UK and you get foreign income or capital gains you must declare them on your UK tax return. This applies even if you never bring the income or gain into the UK.  Penalties can be up to 200% of unpaid tax and HMRC can ask you to go […]

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31 July Tax Payment – What happens if your late?

Overview  If you are late in paying your income tax payment on account, due 31/07/2021 – don’t worry. There’s no penalty or fine – instead, normally, HMRC only charge you interest at 2.6%.  Tax returns for individuals  If your reading this, its probably because you have completed your tax return and your 31st July Income […]

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