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	Services Audit General & Business Advice Insolvency, bankruptcies & recoveries Financial Reporting Forensic Accounting IT Investment & Financial Advice - Business & Personal Business & Employee Taxation Personal & Family Taxation Consumer Tips				Personal Tax Matters Nobody likes paying taxes but it's one of those inevitable things in life that you just can't avoid. There are numerous taxes in the UK that can affect you and your family, so it's best to seek advice if there's any aspect you're not clear about. Personal taxation for most people involves paying income tax and national insurance contributions from their weekly or monthly wages. In order to qualify for the state pension when you retire you'll need to have accrued 30 years' worth of NI contributions over your working life. Capital Gains Tax Many people are not clear on what capital gains tax has to be paid on and what it doesn't. You may have to pay capital gains tax on the following; Property you inherit and then later sell at a profit Personal belongings you sell that are worth more than £6,000 You don't have to pay capital gains tax on; Your car Your main home (subject to certain conditions) Betting, lottery or pools wins For more in-depth capital gains tax advice, search our UK network of accountants now. Estate Planning & Inheritance Tax With house prices in the UK at high levels, more and more families are falling into the inheritance tax threshold. If the deceased person leaves an estate which is worth £312,000 or more, then inheritance tax will have to be paid. Speaking to a professional advisor to help plan your estate could mean your family may not have to pay any inheritance tax. As everyone's circumstances are different, it's wise to get reliable estate planning advice to explore all of your options. Self Assessment Advice Sole traders in the UK must complete a self assessment tax return each year. If you have things like petrol costs and travelling expenses, it's important that you keep all your receipts as proof for your accountant or if you're submitting your own self assessment return. Foreign Nationals in the UK If you are resident in the UK for 183 days or more in any given tax year then you're classed as a UK resident for tax purposes and will therefore have to pay UK taxes on your income. If you don't fall into this category and are working in the UK for a lesser period of time, your tax liabilities will be determined by your country of residence and domicile status. Tax matters for foreign nationals in the UK can vary widely depending on the individual circumstances so it's always best to get professional tax advice. UK Nationals Overseas The tax laws regarding UK nationals working overseas are incredibly complex and depend on a number of different factors; Whether you're classed as a resident, ordinarily resident or domiciled Whether you're working overseas for a UK company If you work partly in the UK and partly overseas If you're not resident in the UK specifically for the purposes of tax, then you won't be liable to pay UK tax on any work you carry out while you're overseas. You should be aware though that you may still have to pay tax in the country you're resident in. Personal tax matters tip: Ignorance is no excuse when it comes to tax matters, so if you're in any doubt about how much tax you should be paying; seek clarification from a professional accountant.