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 […]
Find out moreThere’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): […]
Find out moreOverview 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 […]
Find out moreOverview 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 […]
Find out moreOverview Many people with have received a « tax credit renewal pack » which needs to be completed by 31 July 2021. If you have received this pack you may find this note interesting. When to renew tax credit If you are waiting for tax credits, you will have received a renewal pack, where you’ll find all information […]
Find out moreOverview At the end of the tax year employers will usually need to submit a P11D form to HMRC. It has to be submitted for each employee they have provided with benefits or paid expenses. What is the P11D form? The P11D is a form that employers must file to report benefits paid to their staff. It needs to be filed because […]
Find out moreOverview You may have taken advantage of the deferred VAT scheme. If you did, you should read this note. Deferred VAT Penalty If you do not pay your Deferral VAT in full or make an arrangement to pay by 30 June 2021, you may be charged a 5% penalty and interest. How to avoid the penalty Basically, you need to do one […]
Find out morePurpose of note « Reclaiming VAT for overseas businesses » This note explains how an overseas business that is not allowed to register for UK VAT can still reclaim import and other UK VAT. This situation often applies to overseas companies active in UK construction projects. I have written it in response to a number of questions […]
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