Splitting a company
Splitting a company –Tax efficiently
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work for
March 18, 2024
Business Asset Disposal Relief – have you exceeded the limit?
HMRC have sent out nudge ‘One to Many’ letters to taxpayers who they believe may have claimed Business Asset Disposal Relief (BADR) in excess of
August 21, 2023
CGT advantages of furnished holiday lettings
Furnished holiday lettings (FHLs) have a number of tax advantages over residential lets. These advantages include the opportunity to benefit from a number of capital
July 25, 2023
Finance & Accounting>Partnership
Business Use of Home – Beware the Lower CGT Annual Exempt Amount
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
June 2, 2023
Finance & Accounting
Can you afford to sell an investment property?
Property is generally a good investment, and where an investment property or second home has been held for many years, it may be worth considerably
February 22, 2023
Finance & Accounting
Tax efficient ways of selling your company
If economic advisers are to be believed then we are heading into a recession lasting at least a year and every recession brings with it
December 23, 2022
Finance & Accounting>Finance & Accounting
Is your business an ‘adventure in the nature of trade’ ?
Sometimes it is evident that a trade is being undertaken — a plumbing business, a manufacturing business, an accountant or solicitor are all ‘trades’. However,
August 1, 2022
Finance & Accounting>Finance & Accounting
Using the capital gains tax land and buildings toolkit
HMRC produce a number of toolkits which highlight common errors found in self-assessment tax returns. As the name suggests, the capital gains tax land and
July 13, 2022
Finance & Accounting>Finance & Accounting
‘Roll over ‘ relief – what happens if an asset not brought into business immediately
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
July 8, 2022
Finance & Accounting>Finance & Accounting
CGT or IHT
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
June 27, 2022
Finance & Accounting>Finance & Accounting
Distributions on cessation of a company
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
June 6, 2022
Finance & Accounting>Finance & Accounting
Cryptocurrency – what is a sale – gain or income?
Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual
May 25, 2022
Finance & Accounting>Finance & Accounting
Gifts –beware capital gains tax may be payable
The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is
March 2, 2022
Finance & Accounting>Finance & Accounting
Holiday lets – tax implications.
The taxation of profit from furnished holiday lets (FHL) could be termed a ‘hybrid’ of taxes. The operation of a FHL is deemed to be
January 4, 2022
Finance & Accounting>Finance & Accounting
Making use of a spouse’s allowable losses
Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that
October 18, 2021
Finance & Accounting>Finance & Accounting
Special capital gains tax rule for transfers of assets between spouses
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
September 27, 2021
Finance and Accounting
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
August 9, 2021
Finance and Accounting
Making a negligible value claim
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
July 23, 2021