Welcome to our Tax Glossary. Here you will find clear and comprehensible definitions of most of the tax terms you will face when dealing with UK income tax. This Glossary will help you understand the tax language, however it will not offer direct solutions to your tax issues. If you need further advice on any of those tax terms - just ask a tax adviser and get a free consultation right now!
Letter: Q
Qualifying Loans: Some types of loan qualify for tax relief on the interest paid, these are:
- Loans to purchase plant or machinery used for an employment or trade.
- Loans to buy shares in a close company. If one owns 5% or more or is a full time working officer or employee (subject to additional conditions).
- Loans to purchase land and buildings for use in business.
- Loans to buy an interest in a partnership.
- Loans to buy a life annuity if aged 65 or over at the time of purchase.
- Loans taken out by a Personal Representative to pay Inheritance tax.
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2010/11 Tax repayments – check your cheque
HMRC have announced that from mid-July they will start sending out PAYE tax calculations for the 2010/11 tax year, starting with repayments where HMRC think too much tax has been paid Will you...
Impending Deadlines
Monthly PAYE/NIC/CIS tax to 5th February due.
