Category: Knowledge Base

What is VAT reverse charge in the construction sector?

Posted by on 1.3.21 in Knowledge Base

VAT reverse charge rules came into effect on 1st March 2021, altering the way businesses operating the Construction Industry Scheme (CIS) and who are VAT registered present their invoices. These new rules are complex, and you’ll need to be aware of what they may mean for your business’s sales invoices and VAT returns. What is […]

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How to Fill In Your Tax Return Online

Posted by on 1.3.21 in Knowledge Base

In this step-by-step guide, you’ll find everything you need to know to fill in your tax return online, one of the most important self assessment forms when you become self-employed to help you beat the HMRC deadline. When is Your Tax Return Due? The deadline for filing your tax return online is 31 January, following the end of the tax year. […]

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Entrepreneurs’ Relief when selling shares in your business

Posted by on 10.14.20 in Knowledge Base

Entrepreneurs’ Relief reduces the amount of Capital Gains Tax payable when you dispose of (sell) shares in all or part of your business. It results in a tax rate of 10% on the value of the disposal. There’s no limit to how many times you can claim and you can claim up to £1 million of relief […]

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Capital Gains Tax

Posted by on 10.13.20 in Knowledge Base

Capital Gains Tax arises when you make a profit from selling something you own. The important point to remember is that the tax is calculated on the profit you make, and not the amount you sold it for. As the name suggests, it’s all about the gain! Capital Gains Tax is essentially a tax on […]

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End of Tax Year – for tax year starting on 6th April 2020

Posted by on 10.12.20 in Knowledge Base

Personal tax, thresholds and allowances The 2020/21 tax year commences on 6th April 2020.The Personal Allowance – the amount you can earn before paying any Income Tax –  remains at £12,500 for the 2020/21 tax year. The threshold for paying the Higher Rate of income tax (which is 40%) also remains at £50,000. This amount includes the Personal […]

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