Limited Company Tax
How limited companies are taxed – including how to deal with Corporation Tax, VAT, Class 1 National Insurance, CGT, PAYE (Income Tax) and how to run your payroll.
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Limited company owners – how do HMRC tax codes work?
You are assigned a tax code by HMRC so the correct amount of tax can be deducted from your earnings by your employer. Tax codes are typically issued between January and March each year, but at other times as well if there’s a change in your circumstances.
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What is Corporation Tax, and how do you account for it?
Corporation tax is charged on the profits of all UK-based companies, such as limited companies and foreign companies with offices or branches in Britain.
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Self-assessment, payments on account (POA), and paying your tax bill during a pandemic
How payments on account work, and what if you’re unable to pay your self-assessment bill in full due to COVID-19?
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What does Self Assessment involve, and who pays it?
Who has to complete a self-asssessment return, how payments work, plus how you can pay your 2019/20 bill via instalments due to the COVID-19 outbreak.
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A guide to the Employment Allowance for company owners
The Employment Allowance could be worth up to £5,000 each year (after April 2022) against your limited company’s Employers’ National Insurance bill.
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What is the dividend allowance?
In April 2016, a new ‘dividend allowance’ was created – a nil-rate tax band on the first £5,000 of dividend income. This allowance threshold was short-lived, however, and was cut to £2,000 from April 2018.
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Limited Company Corporation Tax Calculator (22-23)
Use this dividend tax calculator to work out how much tax you will incur on any combination of salary and dividends during 2022-23.
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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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How to survive an HMRC tax investigation
There are few things business owners dread more than being on the receiving end of an HMRC tax investigation. But the situation may not be quite as stressful as you might think.
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What is the Bribery Act, and how are small businesses affected?
Businesses of all shapes and sizes in the UK are affected by the Bribery Act and company directors need to be aware of what they should do to ensure their full compliance with the rules.
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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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Entrepreneurs’ Relief (now BADR) – 10% tax on eligible business disposals
To encourage entrepreneurship in the UK, eligible individuals pay a lower 10% rate of Capital Gains Tax on the disposal of business assets, subject to a lifetime limit.
