Personal Tax – When is Income Tax and Capital Gains Tax Payable?

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

Payment of tax

The UK income tax system requires the payer of key sources of income to deduct tax at source which removes the need for many taxpayers to submit a tax return or make additional payments.

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Personal Tax – Self Assessment

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

The self assessment cycle

Tax returns are issued shortly after the end of the fiscal year.

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Personal Tax – Dividends and Interest

Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules.

Dividend income

When dividends are received by an individual the amount received is the gross amount subject to tax.

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Brexit Accounting Implications

Brexit Accounting Implications & Tax Consequences

Brexit Accounting Implications

Following the previous year’s Leave victory, the UK Government officially started the Brexit process on March 29, 2017. With intentions to formally leave the EU within two years, businesses and traders must prepare for the inevitable tax law changes.

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Stamp Duty Land Tax

Who pays the tax?

SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. Scotland has its own Land & Buildings Transaction Tax (LBTT) and from April 2018 Wales has its own Land Transaction Tax (LTT).

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Capital Gains Tax and the Family Home

The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence.

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Capital Gains Tax

A capital gain arises when certain capital (or ‘chargeable’) assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs).

What are the main features of the current system?

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Directors’ Responsibilities

The position of director brings both rewards and responsibilities upon an individual.

Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement.

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Data Security – General Data Protection Regulation

The General Data Protection Regulation (GDPR) will replace the existing Data Protection Act and will apply from 25 May 2018.

Whilst there are similarities between the Data Protection Act and the GDPR, there are some new elements and significant enhancements.

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Data Security – Data Protection Act

Many businesses are totally reliant on the data stored on their PCs, laptops, networks, mobile devices and in the cloud. Some of this data is likely to contain either personal information and/or confidential company information.

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