Sinclair Day

October 11, 2017

Do you pay tax on assets or cash you inherit?

As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT
October 4, 2017

Tax on foreign income

Income Tax is generally payable on taxable income received by individuals in the UK, including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust
October 4, 2017

Self-employed – claim rate per mile for use of car

There are simplified arrangements in place for the self employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited
October 4, 2017

Benefits and limitations of the VAT Flat Rate Scheme

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation. Using the FRS, you simply pay VAT as a fixed percentage of