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House Sold for More Than Probate Value (HMRC & Tax Considerations)
Probate valuations play a crucial role in assessing the value of assets, including properties, when dealing with an individual’s estate after their passing. However, there may be instances where the probate valuation does not accurately reflect the market value of a house. In this guide, we will delve into the implications of a probate valuation…
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Can You Close a Company with a Director’s Loan?
Closing a company can be a complex process, especially when there are outstanding debts, including a director’s loan. Running a small business sometimes doesn’t go to plan and debts can build up. If you can’t repay those debts, you could end up in a situation where ultimately you need to close the company. Decisions will…
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Do I Have to Inform HMRC If I Inherit Money in the UK?
Inheriting money or property can be a significant life event, but unfortunately it will normally mean a bereavement so can be a testing and difficult time. There will be many things you need to resolve which will also raise questions about tax obligations and reporting requirements to HM Revenue and Customs (HMRC). In this guide,…
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Can I Pay a Subcontractor Without a UTR Number?
Hiring subcontractors can be a beneficial arrangement for businesses, as subcontracting can reduce the risk associated with hiring staff and bring in experts for a particular task. However, it’s crucial to understand the legal and financial obligations that come with it. One important aspect is the Unique Taxpayer Reference (UTR) number, which serves as an…
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How Long Does a Tax Repayment Take Once Issued?
There are essentially two major ways to get a tax refund from HMRC being too much tax paid through PAYE or you are due a refund on completion of a Self-Assessment tax return. If you have paid too much tax to HMRC through PAYE income i.e. through a payroll, HMRC will send you a tax…
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How to Reduce Corporation Tax as a Limited Company (Legally)?
With the current rate of corporation tax at 19% in the UK, this may well be one of your biggest expenses each year. Looking at ways to reduce your corporation tax liability is only natural. Of course, the number one way to reduce your corporation tax liability is easy, just make sure your limited company…
