In case of death of a person, his/her possessions and assets are passed on to family or friends or in some cases charities or trust. However, UK law has designated procedure for transfer of properties and assets, and taxes any…
The new budget is being welcomed by millions of tax payers across UK. It introduces a higher tax free limit and a higher rate tax brackets 2018/19. Compared to the 2017/18 personal allowance of £11,500, this year’s budget announces a…
Filing tax returns can be tricky for many. Despite being cautious, filers tend to forget something and get in bad books of HMRC. Let’s review quickly ten tips to avoid just that. Now and not Later: Why wait when you…
HMRC —popularly though incorrectly referred to as the tax man is always in the news. For good or bad, the government held department is frequently the topic of many round table meetings and a not very favourite amongst businessman. Annual…
What is Form CWF1? Are you planning to become self employed? Or are you starting your own business? You need to inform HM Revenue &Customs of your intention to do so. You will have to fill in a form CWF1…
Are you self employed? Or are you a director of a company and do you receive income greater than £100,000. You need to register yourself for self assessment with HM Revenue & Customs. You will be allotted your Unique Taxpayer…
Question: I purchased a home property in 2010 for £480,000. I lived in the property for 1 year before renting it out. In 2017, I sold this property for £610,000. How do I calculate my Capital Gains Tax? Answer: The…
Have you ever noticed a recurrent number on your payslips with one employer? This is your tax reference number. The first three digits of the number will identify the tax office number where your employer’s tax is registered. The rest…
SA401 Form is a mandatory submission for an individual intending to become a partner in a partnership. It is used to register the individual’s Self Assessment and class 2 NICs. It is noteworthy to mention that the partnership will register…
What is R85 Form If your income for the year is below your personal tax allowance for savings, you need to fill Form R85. This form is legal declaration. It informs building societies and banks that they should not tax…
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