Author: Jenny Holmes

Company Limited By Shares
Self Employment
Jenny Holmes

Private Company Limited By Shares

If you are looking to start business and your business plan forecasts turnover more than £50,000 per annum, then its better to start with Company Limited By Shares

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SDLT and First Time Buyers
Tax on Property Income
Jenny Holmes

SDLT and First Time Buyers

First-time buyers are able to benefit from Stamp Duty Land Tax (SDLT) relief when they buy their first home – but only if the property that they are buying does not cost more than £500,000.

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Cheating-Tax
Tax Investigations
Jenny Holmes

Cheating Revenue Tax Evasion Charge

If you are hiding anything or know that you have misrepresented your earnings and therefore miscalculated your tax; you should disclose this to HMRC before things go any further.

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Tax-on-Foreign-Income-and-Tax-on-Foreign-Property-Income
Tax on Foreign Income
Jenny Holmes

Tax on Foreign Income

If you are resident and living in the UK you will pay your tax on income, wherever it comes from, on an arising basis. That means you will pay the tax due for the year in which the income was created. It is not affected by whether you bring that income to the UK or not.

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Self Assessment Tax Payment on Account
Self Employment
Jenny Holmes

Self Assessment Tax Payment Account

Payments on account are due by midnight on 31 January in the tax year and by midnight on 31 July after the end of the tax year. Any remaining tax for the year must be paid by 31 January after the end of the tax year, along with any Class 2 National Insurance contributions due.

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Case Laws
Jenny Holmes

Main Residence Relief

A recent decision by the First-tier tax tribunal confirmed that there is no minimum period of residence that is needed to secure main residence relief – what matters is that there has been a period of residence as the only or main home.

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Capital Gains Tax – Making Sense
Tax on Property Income
Jenny Holmes

Capital Gains Tax – Making Sense

Just as for individuals, businesses pay tax on assets that are disposed of. Assets may be partially or fully owned by the business. Businesses that this applies to include the self-employed, sole traders and business partnerships.

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