The definition of a connected person for tax purposes can be complex. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA)...
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.
A simple dictionary definition of cost of living would probably say something like: The level of prices relating to a range of everyday items… The problem is, the price inflation...
1 August 2023 - Due date for corporation tax due for the year ended 31 October 2022. 19 August 2023 - PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your...
Changes in the way alcohol is taxed will come into effect from 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks will be made using standardised...
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s...
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more...
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty....
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in...
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake...
