Sometimes a business may have ceased trading but then receives income or incurs expenses that have not been included in the final cessation accounts e.g.
There is usually a capital gains tax (CGT) charge when a chargeable asset is sold at a gain (subject to the individual personal allowance for
Few taxpayers are aware that the Adjudicators’ Office (AO) exists. The AO was set up in 1993 to provide an independent free-to-use complaints procedure when
The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to
There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature
Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as
If their profits are high enough, the self-employed pay two classes of National Insurance contribution – Class 2 and Class 4. Class 2 contributions are
Directors and shareholders in close companies are often able to influence the payments that are made to them. Broadly, a close company is one that
In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a
First-time buyer relief may reduce the stamp duty land tax (SDLT) that a first-time buyer pays when they buy their first home in England or
In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading
Unincorporated businesses and companies planning capital expenditure projects need to be aware of some time-limited reliefs. Timing capital expenditure to benefit from these reliefs can
The corporation tax rules are changing from 1 April 2023, and the amount that a company will pay will depend on the level of its
The High Income Child Benefit Charge (HICBC) is a tax charge that claws back payments of child benefit where the recipient or the recipient’s partner
The Covid-19 pandemic forced large numbers of employees to work from home forthe first time. Having made the transition to home working, post pandemic, manyemployees
In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are deemed to be income
Companies cease for various reasons, some closing for the personal reasons of their directors or shareholders, rather than being forced to close by creditors. Many
Legislation surrounding ‘Trivial Benefits’ was introduced to save employers from having to report relatively small amounts given to employees as taxable on a form P11D.
Businesses become companies for a variety of reasons. Not so long ago it was mainly as a tax planning tool but increasingly the differences in
