The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which to tell HMRC
When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time
Of the sectors of the UK economy affected by the pandemic, it has been the travel and tourism sector that has been hit most. One
Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved. When the time
To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April
To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced that penalty waivers
If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent to review your
The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able
While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a
Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of
During the covid pandemic HMRC suspended many of their debt collecting activities. However, as the UK emerges and economic activity resumes, HMRC has restarted their
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan’). However, there are
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