25-07-2024
Thinking of selling your business?
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available, Capital Gains Read more..
25-07-2024
Considering a significant gift?
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. Read more..
25-07-2024
Current CGT rates
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital Read more..
25-07-2024
The marginal rate of Corporation Tax
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to Read more..
25-07-2024
Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any Read more..
25-07-2024
Register for VAT One Stop Shop Scheme
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern Ireland, to Read more..
23-07-2024
The ‘fiscal’ goal posts will be moving
In the coming months we will start to see how our new government intends to change the UK tax rules to further its economic growth agenda.
Whatever they decide to do, readers who presently benefit Read more..
23-07-2024
Your stake in your business
Ever wondered how your stake in your business is represented in your accounts?
The answer can be found at the bottom of your balance sheet. Simply put it is the value of your physical business assets Read more..
18-07-2024
When you cannot use the Property or Trading Allowances
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for Read more..
18-07-2024
The NIC Employment Allowance
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their Read more..
18-07-2024
Child benefit for 16 to 19 year olds
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95.
Taxpayers entitled to the child benefit should be aware that Read more..
18-07-2024
Gains on sale of shares
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension. Read more..
18-07-2024
Taxable and non-taxable State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.
HMRC’s guidance provides the following list of the most common Read more..
18-07-2024
Ordering documents from Companies House
Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register.
You can order:
a company certificate with Read more..
15-07-2024
Responding to a personal data breach
The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach.
The seven step approach advocated is set out below:
Step one: Read more..