The age old question…and one that we get asked regularly. more »
Here are some of the most common issues that we see regarding business property relief and owner manager businesses: more »
Business property relief applies to all trading businesses.
Excluded are businesses that do not trade. So any businesses that deal wholly or mainly in shares and securities or land and buildings, or those that make or hold investments will not qualify. For this purpose ‘mainly’ is taken to mean more than 50%.
Therefore, property investment businesses will not qualify for BPR whereas property developers such as house builders will qualify.
In addition more »
Business Property Relief (BPR) reduces the value of assets which would be subject to inheritance tax both on your death and also if you gift assets to others during your lifetime. more »
Business Innovation & Skills has published their response to consultation on achieving greater transparency & trust in UK business. This includes an unexpected proposal to prohibit corporate membership of LLPs. more »
HMRC are offering FREE on-line tutorials to help landlords understand when and how to pay tax on let properties. more »
…but only in certain circumstances! more »
Have you considered offering electrical rather than diesel or petrol cars to your employees? If not, perhaps these tax incentives might influence your decision… more »
Currently, when company directors or participators have loans outstanding for more than 9 months after the accounting period in which they were taken out, a 25% tax charge is payable by the company. more »
HMRC are running a Let Property Campaign giving the opportunity for residential landlords to bring their tax affairs up to date.
Any individual landlord renting out residential property can report previously undisclosed taxes on rental income under this campaign including: more »