Archive for Month: August

Share buy-back clearance applications

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax. However, if certain conditions are met, the payment can

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Pension tax relief at source

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for

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Self-Assessment threshold change

The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax

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Are you a company director?

There is more to being appointed a company director than accepting the title. According to Companies House directors formal, statutory duties and responsibilities include: filing an annual

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Giving money to charity in your Will

A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies where 10% or more of the ‘net value’

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VAT supplies for no consideration

In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can also be of a

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