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 (IHT)
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 IHT can be payable during an individual’s lifetime and it is also payable by some trusts
- 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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