Tax returns are the documents that record your income and taxable income and calculate the amount of tax you should pay. You will have to provide income (and other) details every year, and they'll be sent off to HMRC. Your tax return will also state your National Insurance contributions to be paid. Failure to submit a tax return on time can result in severe penalties, including...
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Capital Gains Tax (CGT) is a tax on the profit you make when you sell something you own which has increased in value. You are only taxed on the gain (i.e. the difference between your buying and selling prices), accounting for any allowances or reliefs. Capital Gains Tax is usually payable when personal possessions (aside from your vehicle), worth £6,000 or more, are sold. These are...
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There are a couple of ways to invest in property: directly or indirectly. Both involve some complex financial components, one of which being tax. Ideally, you will want to minimise tax payments as much as possible to get the most out of your investment. Here is an overview of the tax issues you will face should you invest in property. Direct Property Investment: This means...
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