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IHT Relief on Business Assets Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the seven years before you die. The first £325,000 of assets is currently exempt from IHT in all cases. There are also…
VAT Penalties If you pay your VAT late to HMRC, even one day late, your card will be marked for a VAT penalty called a "default surcharge". The first late payment doesn't attract a monetary penalty, but the second occasion on which you are late within 12 months triggers a penalty of 2% of the VAT due. The third, fourth,…
February Key Tax Dates 2 - Last day for car change notifications in the quarter to 5 January - Use P46 Car 19/22 - PAYE/NIC and CIS deductions due for month to 5/2/2014 28 - Talk to us about year end and pre-budget planning?  First 5% penalty surcharge on any 2012/13 outstanding tax due on 31 January 2014 still unpaid
Non-Resident Landlords If you leave the UK and let your property here, your letting agent (or the tenant where there is no agent) should deduct basic rate (20%) tax from the rents paid after deduction of certain expenses, under the non-resident landlord scheme (NRL). This ensures that at least some tax is paid on the income in the UK. You…
CGT on Home Developments Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in it on a permanent basis, not as a project to renovate and sell. People who are required to live in job related accommodation, such as prison warders and church ministers,…
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