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.
Special Capital Gains Tax Rule for Transfers of Assets between Spouses Read More »
Where inheritance tax is payable on an estate, it must normally be paid by the end of the sixth month after that in which the death occurred. For example, if the deceased died on 22 August 2021, inheritance tax on the estate would be due by 28 February 2022. The six-month deadline does not leave
Paying Inheritance Tax in Instalments Read More »
Childcare is expensive; however, the tax system can provide a helping hand. In recent years, there has been a shift from tax relief for employer-supported childcare and vouchers to a Government top-up scheme. Government Scheme The Government operates a tax-free childcare scheme whereby parents deposit money into an account that can be used to
Tax-efficient Childcare Read More »
Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules, there must be a trade. It is therefore necessary to understand what constitutes trading, and when a trade commenced or ceased. Indicators of Trade To determine whether a trade
Bookkeeping is essential to take control of your business’ finances. Whether you manage your finances yourself or outsource your work to an accountant/bookkeeper, it’s better to understand the ins and outs of the bookkeeping process to keep track of your financial information. For this reason, you need to know what is a nominal ledger. So,
What is a Nominal Ledger? A Basic Guide for Beginners Read More »
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis; instead, relief may be available as a deduction in computing profits under the cash basis
Disposing of an Asset on which Capital Allowances have been Claimed Read More »
Do you know there are around 3.5 million sole traders in the UK which makes 59% of the UK’s private sector business population. And with the passage of time, more people are entering into this business structure. So, if you want to set up your business as a sole trader or you’re already working as
Sole Trader Tax – A Tax Guide for Self-employed Individuals Read More »
Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting firms to apply a minimum of £2,000, up to a maximum of £50,000, or 25% of business turnover whichever is the lower amount, repayable over either six or ten years, with the government paying the
Using ‘Bounce Bank Loan’ to Pay Dividends – Is that What it was for? Read More »
No matter whether you’re a small business owner or a large one, you need to manage your bookkeeping and accounting processes properly to keep your finances in order. Fortunately, there are numerous accounting software available in the market to make things easy for you. Amongst them, Sage and Quickbooks come top of the list. These
Sage Vs QuickBooks- Which is the Better Accounting Software? Read More »
All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be the taxpayer’s fault; other times the ‘error’ may be deliberate. There is a statutory definition of ‘careless’ which provides that an ‘inaccuracy in a document given by [a person] to
What is Meant by Taking ‘Reasonable Care’? Read More »
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