Category

Corporation Tax

Nov 13 2018
Potts & Co Accountancy

Tax Data 2019-20

By Budget Update, Corporation Tax, HMRC, Inheritance Tax (IHT), Personal Tax, Potts & Co Accountancy & Business Advice News, VAT
All figures are annual amounts Tax Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500 Tax on earnings Earnings to £34,500 20% £34,501 to £150,000 40% Over £150,000 45% Tax on earnings for Scottish residents Earnings to £37,500 20%…
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Sep 19 2016
Potts & Co - Accountancy & Business Advice

Paying HMRC

By Corporation Tax, HMRC, VAT
Paying tax should be easier now that HMRC accepts payments through the Faster Payments system. This can be used to transfer funds almost instantaneously, on any day of the year, 24 hours a day. The maximum transaction value is £250,000, but individual banks have their own limits, which can be…
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Apr 11 2016
Potts&Co

Directors’ Loans

By Corporation Tax
When a company which is controlled by its directors, or by five or fewer shareholders, makes a loan to a director or shareholder, it must pay an extra corporation tax charge set at 25% of the loan. That corporation tax charge is only payable if the loan is outstanding nine…
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