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 What is Corporation tax? Corporation tax is paid by UK limited companies and some other organisations. It is based on the annual profits that a company makes. All profits are taxable however, certain specific expenses can be deducted, and there are allowances you can make use of to help reduce your tax liability. Who pays Corporation Tax? Corporation tax has to be paid by all Uk limited companies. Sole traders and partnerships don’t pay corporation tax, instead, they have to…

Starting a small business is a massive but rewarding undertaking. Part of a small business is doing things in a way that makes the most sense to you, but little guidance can help you as well. Consider these tips for starting your own company or incorporate as needed. Be organised To achieve the success you need to be organised. it will help you complete tasks and stay on top of things to be done. a good way to be organised…

What is Capital Gains tax? CGT is a tax paid by self-employed traders and those in business partnerships. it is also paid by individuals who have sold particular assets for more than £6000 such as: Second Properties, properties that have been inherited and valuable personal possessions such as jewellery and antiques. Shares that are not in an ISA or PEP Business assets like land and buildings, trademarks and fixtures and fittings. Capital gains tax is a federal fee you pay…

What is business insurance? Business insurance is essential, and in some cases against the law. Business insurance protects businesses against the losses suffered in the course of their normal activities, particularly when the business faces a compensation claim. Covers include professional indemnity insurance, public liability insurance, and employers` liability insurance. Do you need it? The main risk of operating a business without any cover is that you will lose money. This may be through replacing or repairing damaged property, paying…

Who isW HMRC? They are the UK’S tax, payments and customs authority, and have a vital purpose. They collect money that pays for the UK’S public services and helps families and individuals with targeted financial support. They do this by being impartial and increasingly effective and efficient in their administration. They help the honest majority to get their tax right and make it hard for the dishonest minority to cheat the system. What are HMRC responsibilities? They are responsible for:…

How to declare yourself bankrupt What is bankruptcy? Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of the outstanding debt. Applying for Bankruptcy In case you declare…

How can we help you get a tier 1 visa? What are tier 1 – Visas? Tier 1 is one of the immigration routes under the UK’s points-based visa system available to individuals from outside the European Economic Area (EEA). The visas which make up the Tier 1 immigration route offer relatively favourable terms and eligibility requirements for visa holders. What are the different visas under the Tier 1 visa scheme? Within the tier 1 visa scheme, there are four…

Everything you need to know about how your property is taxed when you pass it on to your heirs, the rules and threshold for the main residence nil-rate band in 2021-22. Do you pay inheritance tax on your home?   As with the vast majority of assets, inheritance tax is levied on the property when you pass away. But thanks to an extra allowance introduced in April 2017, couples can now leave property’s worth up to £1m before paying any tax.…

When Inheritance Tax (IHT) was introduced approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death. With (IHT) came the concept of `potentially exempt transfers` (PETS) make a lifetime gift of capital to an individual and, so long as you live for seven years after making the gift, there can be no possible IHT charge on it whatever the value of the gift. The rules create uncertainty until the seven-year period has…

What does tax planning mean? Tax planning refers to the process of minimising tax liabilities. In other words, you want to reduce what you owe on your tax bills by taking advantage of any allowances, exclusions, exemptions, and deductions, for business owners this would mean looking both at company taxes as well as personal taxation. Types of tax planning Tax planning is an integral part of every individual’s financial growth story. Since paying taxes is mandatory for every individual falling…