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Income Tax rates and allowances
Income tax is payable if you are the director of your own limited company or/ and if you employ others. Tax rate Tax bands in 2010-11 Starting rate for savings: 10% £0-£2,440 Basic rate: 20%...
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June 2010 Budget – Business Tax
Summary of some of the tax changes: Corporation Tax The present 28% corporation tax rate for larger companies will be reduced by 1% per annum from 1 April 2011: 1 April 2011 – 27% 1 April 2012 – 26% 1...
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Filing of Corporation Tax returns from April 2011
Two main changes will take place from 1 April 2011: - Company Tax returns will have to be filed online (for any accounting period ending 31 March 2010). To register for HMRC online services, you need...
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UK property and tax: Non UK residents
Do you own property in the UK? Are you planning to leave the UK (whether on a temporary or permanent basis) and rent the property you have there? In this case, you need to be aware of the NRL (Non...
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Corporation Tax: tax relief on goodwill
The ability to get tax relief on the purchase of goodwill was introduced on 1 April 2002 with the Finance Act 2002. This is applicable for companies only. Goodwill is the value of a business that is...
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Sole traders: Home Expenses
Sole traders: Which expenses can you claim for the use of your house for business purposes? A round sum claim of £3 per week can be claimed. However, if you are self-employed and use part of your house...
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Maternity Pay & Allowance for business owners
Sole trader or director of your own limited company? Pregnant or planning to start a family? Confused about Maternity Pay & Allowance? There are 2 distinct benefits you could be entitled to claim...
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Selling property: tax implications
If you sell a property that is not your main home, you will normally have a chargeable gain if your property is worth more than you paid for it when you dispose of it. However, nearly everyone who is...
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Business gifts to charity and tax relief
If your business (limited company, sole trader, partnership) makes a gift of trading stock or equipment to a charity or a community amateur sports club, it can get tax relief: the taxable profits will...
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What a VAT invoice must show
For a UK supply, a VAT invoice must show the following elements: - An identifying number, which must be unique and sequential - A tax point date - The name and address of the supplier - The VAT number...
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Dividend taxation from April 2016
The new dividend taxation announced in the Summer Budget, which will apply from 6 April 2016 will have a significant impact on the tax paid by small companies owners and contractors who pay themselves...
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