The Latest news from Turner Little
When planning your estate, beware of inheritance tax. If your estate’s value eclipses a specific threshold (£325,000 at present), when you pass away, your estate will be required to pay a 40% inheritance tax on the remaining fixed assets. Combined,
If you register as a sole trader, you will be required to fulfil certain legal obligations. This includes paying tax to HM Revenue and Customs (HMRC). Here is Turner Little’s Tax Guide for sole traders. Sole trader vs limited companies
HM Revenue & Customs (HMRC) recently launched a consultation on reforming the salary sacrifice schemes that companies across the UK utilise to reduce their employees’ tax bills. Salary sacrifice schemes Salary sacrifice schemes allow millions of workers to exchange portions
UK Chancellor George Osborne has announced that the nation’s corporation tax rate will be cut significantly, to encourage investors to do business in Britain. Turner Little comments. Corporation tax If you establish a limited company, you can ensure that your
If you start your own business, you will be required to pay taxes to the UK government. It is vital that you educate yourself on your tax obligations, so you can plan your business’ finances effectively. Online portal Small Business
New figures show that by deeming expenses too small or insignificant to claim, sole traders and small businesses are losing out to the tune of millions of pounds in tax relief. Claiming expenses If you operate a business you can
April 2016 signalled the beginning of a new tax year, meaning that a wide range of government changes to UK tax policy have now come into effect. Turner Little explains the key tax changes small businesses should be aware of
UK Chancellor George Osborne announced the government’s 2016 Budget last week and revealed a major shakeup to business rates, the tax paid on UK business properties. Turner Little considers how this policy change could benefit UK small to medium sized
Recently released statistics suggest that UK taxpayers saved millions of pounds in inheritance tax relief between 2014 and 2015. Tax exemptions Under UK law, the beneficiaries of an estate (money, possessions etc.) are required to pay inheritance tax if the
If you run a business which trades for profit, you’re legally obligated to pay taxes to the government. But the taxes you pay depend on the type and size of company you operate, leading Turner Little to discuss; what taxes
If you form a limited company in the UK, you’re required to pay corporation tax to the government. Here Turner Little discusses the following question; how much is corporation tax for small businesses? What is corporation tax paid on? The
Turner Little explains how VAT affects a business. VAT is a tax the government requires the majority of suppliers to charge consumers on their products. Registering for VAT UK business’ whose annual turnover exceeds a certain threshold (£82,000 at present) are
Turner Little look at the options to Save Income Tax, Reduce Capital Gains Liability and Reduce Inheritance Tax on Buy-to-Let Property. Buy-to-Let Investors Anyone who is a Buy-to-Let investor holding property personally should consider this possible scenario. It might reduce
Turner Little looks at tax efficiency for a company who often re-invests in further property by way of expansion for tax reasons. Under the UK’s current tax rules, the main benefits of using a company (as opposed to holding investment
Turner Little looks at a double taxation agreement (DTA) entered into in July 2015 between Switzerland and Liechtenstein is scheduled to start in 2017. This replaces the existing DTA which was created in 1995 and supposedly creates “legal certainty” particularly