Chartered Management Accountants | Milton Keynes
|Rate applicable to trusts||1,3||45%||45%|
|Dividend income tax rate||1,3||38.1%||38.1%|
|Standard rate band||2||£1,000||£1,000|
|Exempt amount – trust for infant children||4||£100||£100|
|Trust capital gains tax exempt amount for most trustees||5||£6,000||£5,850|
|Rate of tax||20%||20%|
There is a requirement to register using the trustee registration service by the due date of 31 January after the end of the tax year in which the trustees pay tax on trust assets or income and also a requirement to notify any change of information by the due date of 31 January after the end of the tax year in which the trustees pay tax on trust assets or income.
HMRC will charge a fixed penalty to reflect the period of delay:
• Registration made up to three months from the due date – £100 penalty
• Registration made three to six months after the due date – £200 penalty
Registration more than 6 months late – either 5% of the tax liability or £300 penalty, whichever is the greater sum.
We will address some crucial points on this guide, such as the taxes that need to be paid by landlords and tax-effective property ownership.
We share with you the top tips and tricks to ensure that filing the annual self-assessment form becomes as stress-free for you as possible!