The most important difference between the way companies and other businesses are taxed can be summarised as follows: Sole traders/partners pay income tax on their profits and capital gains tax on their capital gains. Companies pay corporation tax on…
The new income tax cap will apply only to reliefs which are currently unlimited. For anyone seeking to claim more than £50,000 in reliefs, a cap will be set at 25 per cent of income (or £50,000, whichever is greater). Therefore for someone with less…
The recent budget notes indicated that HMRC are considering increasing the £55,000 interspouse exemption for transfers from a UK domiciliary to their non UK domiciled spouse/civil partner. This is planned to apply from 6 April 2013. Whereas transfer…