Working out the capital gain on the sale of an investment property
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay
No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell
Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting firms to apply a minimum
All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be
The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on
Personal allowances may be lost It should be noted that the loss carried back cannot beIt is not uncommon to realize a loss in the early
Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders
As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether they are
During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often
For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed
For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief for interest and finance costs on residential lets as a
Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under
Back in July 2020, the residential stamp duty land tax threshold in England and Northern Ireland was increased to £500,000 to help stimulate the property
Multiple dwellings relief’ (MDR) allows a rate to be charged at the percentage payable on the ‘average value’ price (referred to as the ‘Average Value
A limited liability partnership (LLP) is not a partnership but a body corporate with a difference – there are no shareholders or guarantors (as there would be
Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an individual who is a participator
Expenses and benefits returns P11D and P11D (b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties
Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be
Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors, particularly of personal and
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