Category Archives: Personal Tax Planning

P11D Form: What is it and What Is It For?

In this article, we take a closer look at the P11D form, what you need to include when you need to file it, and – most important of all – what will happen if you don’t fulfil your P11D duties.

What is a P11D?

The P11D form is used to report Benefits In-Kind, these items or services which you (or your employees) receive from your company in addition to your salary. This can be as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars. The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return. As benefits in kind effectively increase your salary, there may be National Insurance Contributions (NICs) to be paid on them. It is important to note these contributions will be paid...

Everything You Need to Know about Capital Gains Tax

What is capital gains tax and when do I pay it on my home?

House, cottage with lawn Premium Vector Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on several factors, such as your income and size of gain. For residential property, it maybe 18% or 28% of the gain (not the total sale price). Usually, when you sell your main home (or only home) you don’t have to pay any CGT. However, in some circumstances, you may have to pay some. For example:
  • The home includes a lot of land/additional buildings (5000 square meters or more)
  • You’ve sub-let part of it (but having one lodger doesn’t count)
  • Part of your home is exclusively business premises
  • You bought it...
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