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Understanding How To Calculate Capital Gains Tax

Question: I purchased a home property in 2010 for £480,000. I lived in the property for 1 year before renting it out. In 2017, I sold this property for £610,000. How do I calculate my Capital Gains Tax? Answer: The…

What is a Tax Reference Number and where can I find it?

Have you ever noticed a recurrent number on your payslips with one employer? This is your tax reference number. The first three digits of the number will identify the tax office where your employer’s tax is registered. The rest of…

What is an SA401 form? | SA401 Online Form

SA401 Form is a mandatory submission for an individual intending to become a partner in a partnership. It is used to register the individual’s Self Assessment and class 2 NICs. It is noteworthy to mention that the partnership will register…

Why do you need to fill a form R85 and what to do in case of tax over payments?

If your income for the year is below your personal tax allowance for savings, you need to fill Form R85. This form is legal declaration. It informs building societies and banks that they should not tax interest on your accounts…

WHAT IS A P60 FORM? WHAT DETAILS IT CONTAINS AND WHY SHOULD YOU SAVE IT

Many people often ask, “What is a P60 form?” As for HMRC is concerned, Form P60 is the documented proof of what you earned and how much tax you have paid. P60- alternatively called the End of Year Certificate is…

The difference between private and public businesses

A private company their shared are privately held and they do not trade them to any over business. The private business can be anything from being a partnership, a corporation, a sole proprietorship or a limited liability company. The difference…

What is a sole trader?

A sole trader is known as a person who is the main owner of the business. They an entitled to keep all of the profits because it is their business after all of the tax has been paid. But with…

Additional Medicare Tax 2017

If you didn’t know already, that you may be eligible for an Additional Medicare Tax if your income exceeds the limits that are in place. Any income that you get, this includes self-employment income, railroad retirements (RRTA) Compensation and your…

Working Tax Credits UK 2017 To 2018

Tax credits is income given to people that are on lower income than everyone else. There are 2 different types of tax credits. The first one is working tax credit and the other one is child tax benefit. These tax…

Accounting Periods For Corporation Tax

Corporation tax is always charged using its own system of accounting periods. The tax accounting period starts as soon as the previous tax accounting period has just ended and when the company starts trading or acquires a source of income….

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