Does a loan/salary advance needs reporting on Real Time Information (RTI) system of HMRC?
Short answer, no.
Source:
Tag: HMRC
Corporation tax : Two tax return in the first year
Often client are confused when we tell them that we will need to file two tax returns for the first year of the company’s life.
GOV website has explained it lucidly:
https://www.gov.uk/first-company-accounts-and-return
UK resident – selling a overseas property
A friend asked me how capital gain on a overseas property is calculated. I thought I will give an example enumerated by HMRC in its guidance.
In 1983, Ms A who is both resident and domiciled in the United Kingdom buys a property overseas for foreign currency, which she acquired for £50,000 on the date of purchase of the property (that is, there was no gain or loss on the acquisition and disposal of the currency). In 1986-87 she sells the property for 3,000,000 units of the foreign currency at a time when the exchange rate is 40 to £1. The sterling equivalent of the currency so obtained is therefore £75,000.
The chargeable gain (subject to expenses) is £75,000 less £50,000 equals £25,000
Reference: HMRC Manuals – CG78408
Starting rate of tax for savings income 2015-16
From 6 April 2015 the starting rate of tax for savings income (such as bank or building society interest) will be reduced from 10% to 0% per cent and the maximum amount of taxable savings income that can be eligible for this starting rate will be increased from £2,880 to £5,000
more details:
http://www.ion.icaew.com/TaxFaculty/post/Starting-rate-of-tax-for-savings-income
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