The main taxes that we advise upon on a day to day basis are:
- Income
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
- Inheritance Tax (IHT)
This is a tax charged on the value of a person’s estate when they die. In some cases, IHT can also be payable during an individual’s lifetime. Certain trusts may also be liable to pay IHT.
- Corporation
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 (VAT)
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 (SDLT)
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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