The most common type of benefit in kind is a company car which, under a limited company structure, can attract significant tax liabilities. We will now look at the benefit in kind tax calculation under a limited company and consider ways to mitigate this.
As an outsider looking in, surely the taxation of property gains is relatively straightforward? Understandably, maybe there are different rates for companies and individuals, but how much more complicated can it be?
Business Asset Disposal Relief is a means by which individuals (not companies) can reduce their capital gains tax liability on the disposal of material business assets.
Those domiciled in a country tend to pay tax on their worldwide income, while those with a non-domicile status are often shielded from tax on their overseas income/wealth.
The UK government is pushing "Make Tax Digital" to simplify VAT returns for businesses and capture "missing" VAT funds. A report by the EU in 2018 suggested there was a VAT gap in the UK of €23.4 billion.
In this article we explain why is your domicile so essential, and what are the implications with regards to taxation?
When you mention tax and the property market, people automatically assume you are talking about SDLT (stamp duty land tax). However, many people are unaware that value-added tax (VAT) is a factor in many property transactions.
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.
As the term suggests, an LLP is a type of partnership where the liability of each member is limited. In this case, to the investment/obligations made by each member.
The Residential Property Development Tax (RPDT) origins can be traced back to the horrific Grenfell Tower fire of 14 June 2017. Issues found with the cladding and the building led to a UK wide review, highlighting many more buildings with similar problems. Consequently, after protracted legal wrangling, the UK government eventually agreed to cover the cost of remediating cladding issues.