Frequently Asked Questions

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Every day we receive numerous telephone calls from our clients seeking advice on a wide range of business, accounting and taxation issues. We offer free telephone advice and are pleased to support clients in the day to day running of their business.  

To help answer some of your financial queries we have put together a number of questions, below, that the Ellis & Co team is often asked.

If you would like to know more, however, or have a question that has not been answered please don’t hesitate to contact us on 01244 343 504 or by email info@ellis-uk.com.

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  1. What are the filing deadlines at Companies House for filing annual financial statements?
  2. When is the company's corporation tax liability due?
  3. Should I trade as a sole trader or limited company?
  4. How much is the Nil Rate band for Inheritance Tax and what are the main exemptions?
  5. When buying a house, how much Stamp Duty will I need to pay?
  6. What is the National Minimum Wage?
  7. How much is the Basic Retirement Pension?
  8. How much is child benefit?

1. What are the filing deadlines at Companies House for filing annual financial statements?

Nine months after the company's year-end unless it is the company's first year of trading in which case it is 21 months after the date of incorporation.

2. When is the company's corporation tax liability due?

Nine months after the company's year end unless the company's period is more than 12 months, when it has two payment dates, the first 19 months after the 12 months from commencement of the accounting period and the second, nine moths after the date of the company's extended accounting period end date.

3. Should I trade as a sole trader or limited company?

There is no definite answer. This depends on number of circumstances including level of business profits, business risk, protection of personal assets and the sector in which the business operates.

4. How much is the Nil Rate band for Inheritance Tax and what are the main exemptions?

The law allows you to leave an estate worth up to £325,000 (2017/2018) without having to pay any Inheritance Tax upon it. This £325,000 is called the 'Nil Rate Band'. After the first £325,000, or the Nil Rate Band, the remainder of your estate will be charged 40% Inheritance Tax. People who leave 10% or more of their net estate to charity can choose to pay a reduced rate of Inheritance Tax of 36%. Gifts can be made of up to £250 p.a. to any persons and gifts in consideration of marriage/civil partnership of up to £5,000 by a parent, £2,500 by a grandparent, or £1,000 by any other person. Gifts to charities, whether made during lifetime or on death are also exempt. Figures correct as of April 2017.

5. When buying a house, how much Stamp Duty will I need to pay?

On the transfer of residential property the stamp tax is nil on the value of a property up to £125,000; then as follows: Properties over £125,000 to £250,000 = 2%. Properties over £250,000 to £925,000 = 5%. Properties over £925,000 to £1.5 million = 10%. Properties over £1.5 million = 12%. Higher rates of stamp duty are charged on the purchase of additional properties like buy-to-lets and second homes. Figures correct as of April 2017.

6. What is the National Minimum Wage?

There are different levels of National Minimum Wage, depending on your age and whether you are an apprentice. The current rates (from April 1, 2017) are: Aged 25 and over, and not in your first year of an apprenticeship: £7.50 per hour. Aged 21 to 24: £7.05 per hour. Aged 18 to 20: £5.60 per hour. Under the age of 18: £4.05 per hour. Apprentice: £3.50 per hour. Figures correct as of April 2017.

7. How much is the Basic Retirement Pension?

The full state pension for 2017/18 is £122.30 per week for a single person, but your individual circumstances my affect the amount you get. Figures correct as of April 2017.

8. How much is child benefit?

The first eligible child receives £20.70 per week and each subsequent child £13.70. figures correct as of April 2017.