Many businesses will face a routine tax audit from time to time. More serious tax investigations are likely if HM Revenue & Customs (HMRC) suspects your tax returns are inaccurate. Tax audits and tax investigations can be complex and very stressful. Unless you are very sure of your position, you should take professional advice as …
Terminal loss relief Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special relief for losses made in the last 12 months of trading, known as …
The decision of how and when to cease a business is usually prompted by a combination of three main factors – market conditions, market forces, and life changes. Unfortunately, many businesses will have been adversely affected by the coronavirus outbreak and some will now be facing closure. Under the self-assessment regime, the final tax year …
ER but not as we know it The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of …
Closing a business – when a member’s voluntary liquidation is beneficial Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather than as a dividend, this is not an option where the amount of the distributions exceeds £25,000. Where the taxpayer’s personal circumstances …
