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. 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. This applies in particular to employment and savings income.

Continue reading

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. Tax returns are issued shortly after the end of the fiscal year. The fiscal year runs from 6 April to the following 5 April (thanks to switch from the Julian to the Gregorian calendar in 1752), so 2018/19 runs from 6 April 2018 to 5 April 2019.

Continue reading

Personal Tax – Dividends and Interest

Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules. When dividends are received by an individual the amount received is the gross amount subject to tax. The availability of the Dividend Allowance (DA), means that the first £2,000 for 2018/19 of dividends are charged to tax at 0%.

Continue reading

Brexit Accounting Implications & Tax Consequences

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. They will additionally need to accept the Brexit accounting implications it will have on company accounts.

Continue reading

Stamp Duty Land 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). A transaction will trigger liability if it involves the acquisition of an interest in land. This will include a simple conveyance of land such as buying a house, creating a lease or assigning a lease.

Continue reading

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. In this factsheet we look at the operation of the relief and consider factors that may cause it to be restricted.

Continue reading

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).

Continue reading

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. However the office of director should not be accepted lightly. It carries with it a number of duties and responsibilities. We summarise these complex provisions below.

Continue reading

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. The new GDPR will require all organisations that deal with individuals living in an EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection.

Continue reading

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. Here we look at some of the key compliance issues surrounding data protection and the Data Protection Act 1998 (the Act). The Data Protection Act will be superseded by the General Data Protection Regulation (GDPR) in May 2018.

Continue reading