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Taxes are set by the government as a way of funding the country's many public services; including the National Health Service, public transport services and the State Pension scheme, as well as the government itself. Tax administration is managed in the UK by Her Majesty's Revenue and Customs (HMRC).
Whether you work for yourself or for another company, you are required by law to pay taxes as an employed UK resident. Taxes are also payable on the interest you earn on most savings, on buying, selling and passing on property, on work bonuses and on some State Benefits. It's important to understand what taxes you are required to pay, because you can be charged a fine if you fail to meet your tax obligations. Here we explain the main taxes that most UK residents are required to pay, how to pay them and how they work.
Top Answered Tax Questions
Hello Ashford you need to register with HMRC within 3 months of commencing self-employment. This is in order that your national insurance contributions can be set up and to create a self assessment record. There are fines for late notification. it only takes a few moments on the phone and you will need your normal personal details and NI number. you can find a lot of info on the direct.gov.uk website
In short, you shouldnt have a liability upon sale of the properties as long as you are divorced. a married couple can only have one principle primary residence (PPR) for CGT purposes whereas once divorced you can each nominate your own PPR. you will need to let your insurer know you have moved in as it should reduce your home insurance moving from BTL to an owner occupied deal.
Hello Shahidk There are many things your wife can do to reduce her tax liability and assuming she has some private as well as NHS dental income I would look to pension contributions as this could be done on a company and individual level and thus reduce corporation tax as well as income tax. It will also serve as an efficient method of extracting profit from the company whilst also making provision for the future. There are other avenues you can take as well but to be honest, without knowing much more about your circumstances (which i wouldn't want you to publish on an open forum) it will be unwise to make any kind of formal recommendation to you. But if you want to get in touch, feel free. www.darrenasmith.2plan.com
Hello, no i am afraid you are not entitled to gross interest. even with the highest age allowance which starts at age 75 your earnings are almost double the personal allowance. in determining your tax rate HMRC look at all sources of income, state pension, private pensions, rental and investment income (dividends and interest payments.)