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As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private limited

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information.

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below this level can also apply for a voluntary VAT

In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many of the foods are zero rated as a result of historical legislation dating back to the

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities. The government has

Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning is an essential part of general business planning. In some respects, it

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. The definition of a Scottish taxpayer is based on whether the