Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
In London and across the United Kingdom, tax laws are set by Her Majesty's Revenue and Customs (HMRC). The tax laws in London cover various forms of taxation including income tax, corporation tax, sales tax (VAT), inheritance tax, and capital gains tax. Each of these areas has its complexities in law and it's therefore important to fully understand your obligations to avoid any unnecessary penalties.
Taxation can be an incredibly complex area, and it is easy to mistakenly miss out on claiming deductions or fall short of your obligations. Whether you're a business owner, self-employed, or need to navigate the complexities of inheritance tax, a tax lawyer is beneficial. Lawyers can help with not only compliance but also provide valuable advice on tax planning to help you or your company preserve wealth. Also, if you find yourself investigated by HMRC a lawyer can represent your interests.
London, like all cities in the United Kingdom, follows UK tax law. Income tax has several bands, ranging from 0% for personal allowance up to 45% for the additional rate. The standard rate for VAT is 20%, but there are reduced rates for certain goods and services. Capital gains tax rates depend on the type of asset and your taxable income, and corporation tax stands at 19%.
The tax-free personal allowance for the tax year 2021-2022 is £12,570. However, the personal allowance reduces by £1 for every £2 you earn over £100,000.
Yes, there are numerous tax reliefs and allowances provided by HMRC to decrease your tax bill. However, you should seek advice from a tax lawyer to ensure you are not accidentally evading tax.
There are several ways a business can reduce its tax bill including claiming allowable expenses, making use of capital allowances or utilizing the annual investment allowance. A tax lawyer can guide you on these and more methods based on your unique situation.
Yes, they can. If you're audited by HMRC, a tax lawyer can provide legal advice, negotiate with HMRC on your behalf, and help you navigate the audit.
The standard rate for VAT in the UK is 20%. However, there are some products and services that are charged at a reduced rate (5%) or a zero rate (0%).
To enhance your understanding of how the tax system works, the UK Government website provides material on various tax concepts and rules. Professional bodies like the Chartered Institute of Taxation (CIOT), Tax Help for Older People and TaxAid can be helpful for those seeking legal advice on tax. Always remember to consult a tax lawyer before making crucial decisions.
If you are seeking tax advice, your first step should be to identify a certified tax lawyer or firm specialising in tax law. Prepare your financial statements and have a discussion outlining your situation and what you hope to achieve. Their guidance can help you understand your obligations, risks, and potential savings, helping you optimise your taxation.
