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Taxes explained

The main taxes that we advise upon on a day to day basis are:

  • Income Tax
    This is a tax on income received by individuals and trusts. That income could be employment or self-employment income, dividend income, interest income, rental income and so forth
  • National Insurance
    National insurance is effectively a tax on earned income be that from employment or self-employment
  • Capital Gains Tax
    Essentially this is a tax on the profit made from the sale of a capital asset such as land and property, a stock portfolio or perhaps a business or shares in a business. Sometimes the outright gift of a capital asset, can give rise to a capital gains tax charge
  • Inheritance Tax
    A tax associated with death and charged on the value of the individual’s estate at the time of death. However, there are instances when inheritance tax can be payable during an individual’s lifetime and it is also payable by some trusts
  • Corporation Tax
    This is the tax paid by limited companies upon their entire profits whether that is trading income, capital gains, rental income and so on
  • Value Added Tax
    This is the tax charge that is payable by a person or business receiving a supply or service. It can also arise on the sale or transfer of a business or on the purchase of a commercial property
  • Stamp Duty Land Tax
    This is a tax payable based on the sale of land and property, granting or assignment of leases or possibly on a gift that involves the recipient providing chargeable consideration – perhaps by taking on a debt
  • Stamp Duty
    This is a tax payable based on the purchase of shares – this could be a purchase by an investor or on a buy back of shares in a limited company, by the limited company

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