As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s
Inheritance and tax
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New government
Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities.
The government has
Exit plans
Exit can be seen as quitting, especially if the exit discussed is your business interests.
But actually, business exit planning is an essential part of general business planning. In some respects, it
Late night taxi for an employee
There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps
Claim full expensing or 50% FYA
Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on
What your tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an
Income Tax in Scotland
The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer is based on whether the
CGT Incorporation Relief
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business
Statutory redundancy pay
If you have been in the same job for two years or more and are made redundant you will usually be entitled to redundancy money. The legal minimum that you are entitled to receive is known as
Translation
If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used Google Translate?
It’s a free, but incredibly powerful facility.
You can
Tax Diary August/September 2024
1 August 2024 – Due date for corporation tax due for the year ended 31 October 2023.
19 August 2024 – PAYE and NIC deductions due for month ended 5 August 2024. (If you pay your tax electronically
Extracting profits from a small, limited company
It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small salary – a salary pitched high enough to secure NIC benefits but
Finding your National Insurance number
If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60.
Check your State Pension forecast
The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension.
The new digital
Are you claiming the marriage allowance
The marriage allowance can be claimed by married couples and those in a civil partnership and where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for
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