28/Feb/2022Tax issues on transferring shares to family – succession
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 comes for the owner to […]
24/Feb/2022Employed? What the forthcoming National Insurance increases will mean for you
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 2023. Payment of the levy, […]
21/Feb/2022Limited time penalty waivers for 2020/21 tax returns
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 will apply for a limited […]
16/Feb/2022Should you pay a dividend before 6 April 2022?
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 dividend policy to determine whether […]
15/Feb/2022Capital gains tax annual exempt amount – use it or lose it
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 amount that applies for capital […]
14/Feb/2022Paying back a director’s loan – beware of the anti-avoidance rules
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 the transactions that occur between […]
10/Feb/2022High value residential property let by a company – does the ATED apply?
The Annual Tax on Enveloped Dwellings (ATED) is a tax on high-value residential properties that are held within ‘an envelope’, such as company or a partnership with at least one […]
08/Feb/2022Giving away the family home – beware the gifts with reservation rules
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 give your home away before […]
04/Feb/202260-day window to report residential property gains
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 about the gain and make […]
27/Jan/2022Undertaking work on a rental property while empty – can you deduct the costs?
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 a holiday let, between guests. […]
22/Jan/2022Using your annual exempt amount for 2021/22
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 are free of capital gain […]
20/Jan/2022Tax relief for pre-trading expenses
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 to start trading, a business […]
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