Redundancy
Redundancy –Taxation of payments
Making any employee redundant is a difficult decision and potentially distressing for all involved. Getting the process wrong could result in one or more employment
November 21, 2023
Associated company
Associated company rules – Implications post-1 April 2023
It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has
November 20, 2023
VAT
VAT –Exceeding threshold temporarily –What can be done?
Most business owners know that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is
November 19, 2023
SDLT Purposes
Is a derelict property still a residential property for SDLT purposes?
The issue of whether a derelict a residential property and liable to stamp duty land tax (SDLT) at the residential rates was considered by the
November 18, 2023
Finance & Accounting>Furnished Holiday Letting
Letting the FHL for longer periods during the off-season
Letting holiday properties, particularly in coastal resorts, may have a strong seasonal bias, and when business is slow during the off-season, it can be tempting
November 16, 2023
Fixed rate mortgage
Can I deduct the higher interest costs of my new fixed rate mortgage?
Landlords coming to the end of their fixed rate mortgage deal are likely to be paying considerably more in interest when they remortgage. The extent
November 15, 2023
Pre trading expenses
Relief for pre-trading expenses
In setting up a trade it is inevitable that expenses will be incurred before the trade actually commences. Expenses may be incurred on acquiring premises
November 14, 2023
Overlap Relief
Get your overlap relief figure
If you have unrelieved overlap profits, you will not be able to claim relief for those profits after 2023/24. Overlap profits are profits that have
November 9, 2023
Finance & Accounting>Gift
Dealing with gift hold-over relief ‘nudge’ letters
HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be
November 6, 2023
NMW errors
Common NMW errors to avoid
Workers are entitled to be paid the National Living Wage (NLW) or Minimum Wage (NMW) for their age. Employers who fail to do this run
November 6, 2023
Finance & Accounting>Child Benefit
Separating couples – Importance of checking your child benefit claim
The High-Income Child Benefit Charge (HICBC) is a tax charge that claws back child benefit where the claimant or his or her partner have adjusted
November 3, 2023
Company loan
Interest rates are high – Benefit from short-term loans from your company
The Bank of England has warned businesses and households that the cost of borrowing will remain high for at least the next two years and
November 2, 2023
Voluntary disclosure
Voluntary disclosure
Voluntary disclosure involves individuals or businesses coming forward to inform HMRC of any errors or omissions in their tax returns, unpaid taxes or any other
October 29, 2023
Capital Allowances
Capital allowances on leased assets – Options for tax relief
The decision to acquire a business asset, be it a van or any other type of machine, will generally depend on how it is intended
October 28, 2023
Finance & Accounting>Company
Extracting profits from a property company
Recent tax changes, in particular the interest restriction for unincorporated property businesses with residential lets, have resulted in more landlords operating via a property company.
October 20, 2023
Business rates
Check your business rates are not too high
Business rates, rather than council tax, are charged on most non-domestic properties, such as shops, offices, warehouses, pubs, factories, guest houses and holiday lets. Business
October 19, 2023
Capital Gains Tax
Paper version of capital gains tax on UK property return
Where an individual realises a chargeable gain on the disposal of a UK residential property, they must report the gain to HMRC within 60 days
October 15, 2023
Tax
Tax and influencers
Earlier this year, HMRC sent ‘nudge’ letters to social influencers who they suspect may not have declared the tax that they owe. They have also
October 12, 2023
Finance & Accounting>Dividend
Beware of diverting dividends to minor children to fund education
Owners of personal and family companies frequently pay themselves a small salary and extract further profits as dividends. To utilise the unused personal and dividend
October 11, 2023
Finance & Accounting
Relief for post-cessation expenses
The end of a business will not necessarily mean that no further expenses are incurred. Where expenses are incurred after the business has ceased, tax
October 7, 2023