Limited Company Tax

How limited companies are taxed – including how to deal with Corporation Tax, VAT, National Insurance, PAYE (Income Tax) and running a payroll.

inheritance tax IHT
Tax & Accounting

What is Inheritance Tax, and how is it applied?

As the well-known saying puts it, the only two certainties in life are death and taxes, which is definitely where inheritance tax (IHT) comes in. But what exactly is IHT, and is there anything you can do to mitigate the effects of this on an estate?

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cgt capital gains
Tax & Accounting

How capital gains tax works

Capital Gains Tax (CGT) is pretty easy to understand: it’s the tax you have to pay when you sell an asset that has grown in value. You will only pay CGT on any profit you made from the sale and not on the overall sum you received.

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accurate records company
Tax & Accounting

Limited company accounts – keeping accurate records

Record keeping is vital for every incorporated business. If you do not keep the right records for the correct length of time, HMRC can fine your company £3,000 or disqualify its directors for up to 15 years. Even if these penalties only apply in extreme cases, they illustrate the importance of the task.

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Child Benefit Tax
Tax & Accounting

What is the Child Benefit High Income Charge?

Since January 2013, if you (or your partner) earns £50,000 or more, your family is not eligible to receive the full state Child Benefit entitlement. Here we look at how this charge works, and why it creates a controversial anomaly in the tax system.

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