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General

annual investment allowance (AIA)

End of the AIA Transitional Limit – Beware of the Traps

The annual investment allowance (AIA) allows you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1 January 2019 to 31 December 2021. It will return to its permanent level of £200,000 from 1 January …

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How does Risk Assessment Work

Avoiding an Investigation: How does Risk Assessment Work -What do HMRC Look for?

Last year apart, the number of tax enquiries is on the increase; the reason is not that more taxpayers are seeking to defraud the tax system but because advances in digital technology and data exploitation are enabling more efficiently targeted enquiries. For example, although HMRC undertook fewer stamp duty land tax investigations last year, the …

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Profit And Loss Statement

Profit And Loss Statement – Step-by-Step Guide To Prepare It!

The basics of accounting are essential to understand for business owners to run a business successfully. So, a business owner must focus on the three financial statements: balance sheets, profit and loss statement (P&L), and cash flow statements. In this blog, we will inform you about the P&L statement and how to prepare it.   …

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Transfers of Assets between Spouses

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 allows them to transfer assets between them at a value that gives rise to neither a loss nor a gain. This can be very useful from a tax planning perspective. …

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