Capital allowances are a mechanism for providing tax relief for capital expenditure. Relief is generally given in the form of a writing down allowance, although a first year allowance is available for expenditure on new and unused zero-emission cars. Expenditure on cars does not qualify for the annual investment allowance or for the time-limited super-deduction
Capital Allowances for Cars Read More »
The registrar of companies has the power to strike a company off a register if the registrar has reasonable cause to believe that the company is no longer carrying on a business or is in operation. This may be the case if the company has failed to file its annual accounts or its annual confirmation
Involuntary Strike-Off: What Can You Do? Read More »
For inheritance tax (IHT), there are potentially two nil rate bands available. The first – the nil rate band – is available to everyone and is set at £325,000 until 5 April 2026. An estate does not have to pay any IHT up to this amount. The second nil rate band is the residence nil
How to Claim the IHT Transferable Nil Rate Band Read More »
Sometimes a business may have ceased trading but then receives income or incurs expenses that have not been included in the final cessation accounts e.g. an insurance payment may be received or a debt that the business owner thought would never be paid is paid. Such receipts would have arisen due to the previous carrying
Post-Cessation Receipts and Expenses – Tax Treatment Read More »
There is usually a capital gains tax (CGT) charge when a chargeable asset is sold at a gain (subject to the individual personal allowance for an individual). However deferment of the gain may be possible should ‘rollover relief’ be available. ‘Rollover’ relief can be claimed where trading assets are sold and new assets purchased within
‘Roll Over ‘ Relief – What Happens If an Asset Not Brought into Business Immediately Read More »
Few taxpayers are aware that the Adjudicators’ Office (AO) exists. The AO was set up in 1993 to provide an independent free-to-use complaints procedure when all avenues of complaint regarding HMRC and the Valuation Office (VO) have been exhausted. Its primary purpose is to review how HMRC and the VO have handled matters, but it
The Role of The Adjudicators Office Read More »
HMRC produce a number of toolkits which highlight common errors found in self-assessment tax returns. As the name suggests, the capital gains tax land and buildings toolkit highlights key errors commonly found by HMRC in relation to capital gains tax on land and buildings. The latest version of the toolkit relates to 2021/22 tax returns,
Using The Capital Gains Tax Land and Buildings Toolkit Read More »
From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional buy-to-lets. Buy-To-Let Under a traditional buy-to-let, a landlord will let the property to the same tenant or tenants on a long-term basis. Lets are traditionally for a period of
Different Lets, Different Tax Rules Read More »
Private residence relief is a well-known relief but one which is often misunderstood. It applies to remove the liability to capital gains tax that would otherwise apply where a homeowner makes a gain on the disposal of their only or main residence. Like all reliefs, it is dependent on the associated conditions being met. Further,
What Qualifies for Private Residence Relief? Read More »
The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to pay over to HMRC. However, while it may save work, it may also cost more than working out VAT in the traditional way. Nature Of the Scheme Under the
Pros And Cons of The VAT Flat Rate Scheme Read More »
Join 5,000+ businesses comparing today
Get your firm in front of thousands of local business owners searching for your expertise every month.
AVERAGE ROI GROWTH
AVERAGE ROI GROWTH
