For VAT legislation purposes, a new commercial property or civil engineering work can be partly constructed or up to three years old and still count as being new. VAT Liability Normally, the sale or leasing of commercial property is exempt from VAT unless the owner has opted to tax it. However, there is an
Standard Rated, Zero Rated or Exempt?! Read More »
Taxpayers might be forgiven for considering that HM Revenue and Customs (HMRC) has more than enough powers to tackle taxpayers over what it regards as ‘naughty’ behaviour. However, taxpayers are not alone; HMRC’s attention seems to be turning increasingly to agents and tax advisers, including for (what HMRC regards as) leading taxpayers astray with ‘dodgy’
The ‘Naughty’ List! Read More »
Reducing the share capital of a company registered with Companies House in the UK involves a series of legal and procedural steps. This process should be conducted with due diligence and often requires professional advice. Here is an outline of the general procedure: Board Meeting: The directors of the company should convene a board meeting
How Can I Reduce the Share Capital of a Company? Read More »
The transfer of shares may be for various reasons – usually when the owner decides to retire, or at least reduce their involvement in the business. Alternatively, parents may wish their children to have some of the company’s shares to receive dividends, possibly to help fund further education. The transfer can be by gift or
Business Strategies: Transferring Shares to Family Members Read More »
On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fueled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work. Headlines
Tax E-News – Autumn Statement 2023 Read More »
Capital gains tax is based on the gain on the disposal of a chargeable asset, which itself is a reasonably simple calculation. One takes the cost of the asset from the proceeds, and voilà! However, the cost that can be deducted is made up of four different components: the historical cost of the asset, any
Asset Disposals: Which Expenses can be Offset for CGT Purposes? Read More »
Being a separate legal entity, the money within a company’s bank account belongs to that company, not the owners or directors. Tempting though it is for a business owner to help themselves to the company’s profits, they cannot do so unless it is declared as a dividend or paid as a salary or pension. There
Writing Off a Director’s Loan Read More »
As a business expands or undertakes new projects, it may need injections of capital to fund its trading activities. Although the enterprise investment scheme (EIS) and seed enterprise investment scheme (SEIS) come with attractive tax advantages, paid directors are not eligible for the former, and both schemes are blocked for those with a shareholding of
Investing in Yourself! Read More »
Are you the owner of a cosmetic clinic and uncertain about your VAT obligations? If so, this blog is tailor-made for you. Being a proprietor in the cosmetic clinic industry within the UK necessitates a thorough understanding of industry-specific regulations. HMRC rigorously enforces distinct sets of rules tailored to each sector, and failing to comply
Cosmetic Clinics and VAT: What You Should Know Read More »
Many readers will no doubt remember the ‘good old days’ when you could wind up a company, pay capital gains tax at only 10% on distributions from the liquidator (with the benefit of entrepreneurs’ relief) and then, if you wished and if practicable, you could start up a similar business in a new company –
Is the ‘Bogeyman’ Made of Straw? Read More »
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