There is an order for deciding how to set off the Annual Exempt Amount (for Capital Gains) and Capital Losses against Capital Gains The Annual Exempt Amount (2021/22 £12,300) is set against any Capital Gains in the year BEFORE any Capital Losses are brought forward....
Generally speaking, you get a bigger state pension for each year in which you pay National Insurance contributions. But sometimes, taxpayers don’t have enough income to be charged National Insurance – so risk having a smaller state pension. If you are...
Most importantly, it depends on the deal. So, get your calculator out! But do watch out for excessive mileage penalties in lease agreements. Tax treatment varies depending on the method used to acquire a car – but it is often not tax efficient for a Company to...
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they still have 7.5% dividend tax to pay (on dividends above £2,000) – and...
There are potential problems – so do speak to a financial advisor. Inheritance Tax (IHT) Genuinely giving the house to your children, or selling it and giving them the cash, means that if you live on for 7 years, it will not be counted as part of your Estate for IHT....
If you are working overseas and pay tax there, you can usually claim what is called a Foreign Tax Credit. The UK has an agreement with nearly every country in the world, so when you pay tax overseas you can enter it in your Tax Return and the UK tax due can be reduced...
