Tax Helpsheets2018-06-30T22:21:58+00:00

Informative helpsheets on a wide range of tax topics are available for your assistance…

An Introduction to Self-Assessment

Self Assessment started in 1997, the idea being that taxpayers can easily complete their own tax returns. The reality has turned out to not be quite so simple.

The tax year runs from 6th April to 5th April in the following year and under self-assessment it is up to the individual taxpayer to calculate their tax liability and pay the tax due by the due date.

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The Construction Industry Scheme

Special tax rules apply to the construction industry and workers which are detailed in The Construction Industry Scheme (CIS).

CIS uses a verification system for contractors to confirm whether a subcontractor should be paid gross or net.

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CGT Entrepreneurs' Relief Explained

Entrepreneurs’ relief can apply when you sell part or all of your business, or shares in your own company after 5th April 2008.

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CGT and Your Principal Private Residence

The sale of an individual’s home is normally exempt from CGT, with neither a taxable gain nor loss arising. This is certainly the case where it has been the individual’s only or main residence throughout the period it has been owned, or if owned prior to 31 March 1982, then the period since then.

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VAT Flat Rate Scheme

The VAT flat rate scheme is designed to make it simpler and quicker for small businesses to complete their VAT return.

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A Guide to Stamp Duties

There are three types of Stamp Duty:

  • Stamp Duty Land Tax (SDLT) – which applies to land transactions
  • Stamp Duty Reserve Tax (SDRT) – which applies to sales of securities on the stock market; and
  • Stamp Duty – which applies to the sale of shares and securities.

In all cases the purchaser must pay the duty based on the price paid or value if not paid in cash.

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An Introduction to Capital Gains Tax

Capital Gains Tax (CGT) applies when chargeable assets are disposed of and is applicable to individuals and trustees but not to limited companies, although Limited Companies do pay Corporation Tax on the gains that they make.

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Child Tax Credit and Working Tax Credit

The Child Tax Credit and Working Tax Credit are a key part of the Government’s welfare policy which mixes up the tax system with the social security benefits system. The Government is also keen to reward those who are in work with extra benefits. These tax credits have nothing to do with the tax system. They are not refunds or credits of tax, but are simply benefits administered by HMRC.

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The Basics of Inheritance Tax

Most estates (the assets you leave when you die) are still not charged with inheritance tax, as the total value is not high enough, but more estates are being dragged into the IHT net because of property prices. However, with sensible planning a lot can be done to mitigate the effects of IHT.

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Taxation of Buy to Let Properties

The income from Buy To Let properties is treated as the profits of a Property Income Business. If the owner of the property is an individual or a trust the profits are charged to income tax for the tax year to 5th April. If the owner is a company the profits are charged to corporation tax for the accounting period of the company.

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Corporation Tax Self-Assessment

The corporation tax self-assessment return (CTSA) must be submitted to HMRC along with the accounts and tax computations, although it is possible to file all this information online through the HMRC website. The filing deadline for the CTSA return (plus accounts and tax computations) is normally 12 months from the end of the accounting period.

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Enterprise Investment Scheme

The Enterprise Investment Scheme provides for some significant income tax and capital gains tax reliefs for individual investors in unquoted trading companies. There are some very complex conditions which must be met for the tax reliefs to be given, so this helpsheet can only give a brief overview of how the various tax reliefs work.

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Family Tax Planning

In this helpsheet we look at the main ways of tax planning with the use of family members…

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