We understand that one of the first areas HMRC check when deciding whether to enquire into a claim for entrepreneurs relief on the sale of shares is whether the claimant was more »
All academies have to prepare accounts to 31 August each year and 2016 will see some changes. The changes arise from a change in accounting standards that is affecting all UK companies and charities.
Entrepreneurs’ relief (ER) is a very valuable relief for individuals who sell shares in a trading company or dispose of the whole or part of a trading business. Where the qualifying conditions are met ER reduces the capital gains tax rate on a disposal to only 10% on lifetime gains of up to £10 million, giving a potential tax saving of up to £1 million. more »
Contrary to the belief of many, it is not illegal for shareholders to borrow money from their limited company. However more »
From 6 April 2016 all interest paid on your savings will be paid gross, prior to this most people received their interest net of basic rate income tax. more »
You may not have heard of ATED, this is an annual charge introduced by HMRC in April 2013. It is levied on those who hold high value residential property in a limited company for personal use more »
Did you know that with effect from 6 April 2016 the higher and basic rates of capital gains tax will be reduced? The higher rate of capital gains tax will be reduced from 28% to more »
Landlords of furnished residential properties have for many years been able to claim a ‘wear and tear’ allowance, intended to cover the cost of replacing furniture & furnishings over time.
From April 2016 the rules are changing, more »
Amidst lots of statistics…more than in previous years it seemed, there were a number of tax changes for owner managed business. There was no one theme just a jumble of different items and as always some of the headline changes were not quite what they appeared to be!
These are the key points that we noted: more »
As reported in the news over the weekend the Chancellor appears to have dropped plans to end or alter tax relief on pension contributions.
In our previous posts we highlighted the need to review the timing of your pension contributions more »