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Capital Gains Tax (CGT) is the tax you pay on the profit from selling an asset that has gained value. With recent changes to CGT in the UK’s 2024 budget, planning is more critical than ever to avoid unnecessary taxes. The annual CGT exemption has been reduced to £3,000, affecting many investors, property owners, and […]
What Are the Best Tax Planning Strategies for the New Capital Gains Tax Rules? Read More »
A limited company is a business structure that provides limited liability protection to its owners. In the UK, limited companies are mainly categorized into two types: those limited by shares and those limited by guarantee. Each type has distinct characteristics and serves different purposes. Let’s break down these two types to understand their key differences.
What Are the Two Types of Limited Companies? Read More »
Choosing the perfect business structure is a crucial step for any entrepreneur. In the UK, one of the most popular options is a private limited company (Ltd), which offers numerous benefits of a private limited company that make it an attractive choice for business owners. From legal protection to enhanced credibility, understanding these advantages can
Top 12 Benefits of Registering a Private Limited Company in the UK Read More »
Self-assessment is essential to the UK tax system for those earning untaxed income. For beginners—especially freelancers, contractors, or individuals with additional income sources, understanding how to register for self-assessment is critical to staying compliant with HM Revenue & Customs (HMRC) and avoiding penalties. This article simplifies the process of self-assessment registration for beginners, breaking it
The Complete Self-Assessment Registration Process for Beginners Read More »
When starting a business, choosing the right company structure is a critical decision. Two common options are a company limited by shares or a company limited by guarantee. Each structure offers distinct advantages based on your business goals. Whether you’re planning to make a profit or run a not-for-profit organisation, selecting the appropriate structure can
How to Choose Between a Company Limited by Shares or Guarantee Read More »
Did you know that millions of pounds worth of Child Trust Fund (CTF) money is still unclaimed in the UK? If you or your child have a CTF account, it’s important to know how to track down and claim any unclaimed funds. Our article will walk you through the simple steps to check if you
How to Claim Unclaimed Child Trust Fund Money Read More »
Operating a limited company in the UK can bring both benefits and difficulties. Understanding and implementing best practices can significantly impact your company’s success. Whether setting up a new venture or managing an existing one, these guidelines will help you stay compliant, efficient, and competitive. In this article, we’ll cover essential best practices for running
Best Practices for Running a Successful Limited Company in the UK Read More »
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread myths.
The press release seeks to dispel the
5 Common Myths About Self-Assessment Read More »
Filing your tax return early can help you manage self-assessment payments more easily. If you meet certain conditions, you can pay off your tax bill through your PAYE tax code, spreading the payments out over the tax year instead of paying in a lump sum. What is Coding Out and How Does It Work? “Coding
File Early to Pay Self-Assessment Tax Through Your PAYE Tax Code Read More »
Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other deductions such as pension contributions and
How to Start Correcting Payroll Mistakes Read More »