So, you’re bringing a new sub-contractor onto your latest building project but how do you make sure you stay on the right side of the taxman? Under the Construction Industry Scheme (CIS), you’ll need to make sure your subcontractors are all registered with HM Revenue and Customs and are suitably ‘verified’ before you can begin. […]
Explore your Inheritance Tax planning options today In the UK, individuals and families who wish to pass on their legacy need to tread very carefully in order to ensure they are not hit with a hefty Inheritance Tax (IHT) bill. IHT is levied at a rate of 40 per cent of an estate’s total value […]
Research and Development (R&D) tax credits are a handy little tax relief that rewards businesses in the UK for investing in innovation. If your company is involved in projects aiming for an advancement in science and technology, taking advantage of this relief could cut down your corporation tax bill by tens or even hundreds of […]
If you’re one of the lucky few that receives additional benefits from your employer or has their expenses reimbursed, you may actually be able to get many of these tax-free. If you’re a director in charge of your own limited company on the books as an employee, what we’re about to tell you applies to […]
Entrepreneurs’ Relief (ER) is a valuable benefit to business owners looking to sell their companies, offering a special 10% rate of Capital Gains Tax on all lifetime gains up to a limit of £10 million. As long as you have been an officer or employee of the company and have owned at least 5% of […]
If you’re looking for an easy way to make a little extra money, renting out a spare room in your home might be the way to do it. Not only will you get to enjoy the regular stream of income but, thanks to the Rent A Room Scheme, you’ll also benefit from up to £7,500 […]
The number of accounts paying returns over the base rate has dropped by 77 since the rate rose to 0.5 per cent in November 2017, according to the Moneyfacts UK Savings Trends Treasury Report. In its release the online publication revealed that 1,297 accounts now pay above the base rate, however, this is five per […]
A Freedom of Information (FOI) request made to The Pensions Regulator (TPR) has revealed that an estimated 100,000 members transferred out of their defined benefit (DB) pension schemes between 1 April 2017 and 31 March 2018. In its response to the FOI, the Regulator said that DB schemes reported 72,000 transfers out, with an approximate […]
New figures from UK Finance have revealed that nearly 200,000 interest-only mortgages are due to mature over the next year and a half. Over the past six years, the number of homeowners on interest-only mortgages has fallen, with numbers declining by around 46 per cent. Despite this decline, there remain 1.7 million outstanding interest-only mortgages, […]
From April 2019, the National Assembly for Wales will be able to vary the rates of income tax payable by Welsh taxpayers. Responsibility for many aspects of income tax will remain with the UK government, and the tax will continue to be collected by HMRC for Welsh taxpayers. The process for setting Welsh rates of […]
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