What is Stamp Duty?
Stamp Duty, officially known as Stamp Duty Land Tax (SDLT), is a tax paid by individual who purchase properties in England and Northern Ireland. If you are planning to buy a property or a piece of land in England, Wales or Northern Ireland costing more than £125,000, you have to pay Stamp Duty Land Tax (SDLT) on your property. This tax covers the cost of legally registering your home with Her Majesty's Land Registry (non-ministerial department of the UK Government). HMRC will notify you by a certificate to complete this process – and they won not be able to do this until you have paid your Stamp Duty.
Stamp Duty reduction for first-time buyers
In recent autumn budget there is an announcement if you are first time buyer is someone who never owned a property in England or Northern Ireland, you will have not to pay Stamp Duty on properties worth up to £300,000. This means as a first time buyer you can save up to £5,000. Suppose if you are buying a properties costing up to £500,000, you will have pay no Stamp Duty on the first £300,000. You will have to pay Stamp Duty on the remaining amount from £300,001 to £500,000, up to £200,000 at the standard rate 5%.
Stamp Duty calculator – How much is stamp duty?
The rate of stamp duty depends on property where are you buying in the UK, because Scotland and Wales use different rate. In Scotland tax applies to properties over £145,000 and in wales will apply to properties over £180,000. You can use this stamp duty calculator to calculate how much Stamp Duty you will have to pay on your new home.
Stamp Duty Rates:
First time buyers
- 0% up to £300,000
- 5% £300,001 and up to £500,000
Standard residential and second home
- Up to £125,000 = 0%
- Above £125,000 and up to £250,000 = 2%
- Above £250,000 and up to £925,000 = 5%
- Above £925,000 and up to £1,500,000 = 10%
- Above £1,500,000 = 12%
If you'd like to know more about stamp duty and calculator, take a look at this section of DNS Accountants Understanding Stamp duty for first time buyers and Stamp duty calculatorand how to register your land for with HMRC the first time. You can book a free consultation today for more information.
What is public liability insurance?
If you are running a business, it’s unfortunate but true – accidents can place anywhere. In the UK, Public liability insurance is a form of business insurance protects you if clients or members of the public suffer any type of personal injury or damage property because of carrying out your business activities. It can pay for the costs of subsequent legal costs and any compensation claims and is an integral cover for businesses that interact regularly with customers.
What does public liability insurance cover?
The protection public liability insurance is designed to cover against your legal liability to the claimant, which could include loss of earnings, future loss of earnings and the cost of repairing damage. Generally public liability insurance cover:
- Compensation claims (Injury or even death).
- Cost of repairs (Damaged property or possessions).
- Legal expenses in the event that you go to court to defend against a claim.
- Medical fees (Hospital treatment or an ambulance call out).
Who need public liability insurance cover?
If you are working with customers or from a third party property, you may need to arrange cover for public liability insurance. There are certain types of businesses that might need public liability insurance, here a few examples:
- Window cleaners
- Restaurant, Pubs and shop workers
- Road Maintenance Worker
- Plumbers & heating specialists
Public Liability Insurance: Frequently Asked Questions
Do I need public liability insurance?
- What is an example of a public liability claim?
- Is public liability insurance required by law?
- How does public liability insurance work?
- How much public liability insurance do I need?
- Why is public liability insurance important?
- Where do your public liability quotes come from?
- How are public liability insurance premiums calculated?
If you'd like to know more about public liability insurance and business insurance, take a look at this section of DNS Accountants Understanding Public Liability Insurance. Book a free consultation today for more.
DNS Accountants is a British Accountancy Award winning firm in the UK providing top quality accountacny services for your business.
DNS Accountants is a proficient accounting firm that offers complete range of book-keeping and accounting services to owner managed businesses and freelancers / contractors across the United Kingdom. The firm provides a wide range of accounting and taxation consulting services to various industrial sectors, and financial institutions. DNS has a sturdy track record of supporting emerging small businesses, contractors, and entrepreneurs.
From setting up a company tax return, self-assessment, auto-enrollment, or have just started out and need help in any of these areas we do all. So here we can take the financial strain for you so that you are free to concentrate on growing of your business and realising your dream. Rest you can be assured that all your paperwork should be handled in a timely and professionally manner. Book a free consultation today for more information.