The lifetime individual savings account (LISA) was introduced in the UK in 2017 as a longterm investment for those between the ages of 18 and 39. The maximum annual subscription is £4,000 (which counts towards the annual ISA limit) and the government will add £1 for every £4 invested. Funds can be held as cash,
A Lifetime of Saving Read More »
A company purchase of own shares (CPOS) can be a useful ‘exit’ strategy for an individual shareholder (e.g., upon retirement), subject to certain company law requirements being satisfied. Income vs Capital When a company buys back its own shares from the shareholder, any ‘premium’ (i.e., payment exceeding the capital originally subscribed for the shares) is
What’s the ‘Benefit’? Read More »
The question as to whether a business should operate through a limited company is often dictated by the tax implications, though not always – insulation of the individual from commercial risks is often reason enough. The term ‘incorporation’ can also include transferring a business (usually a partnership) into a limited liability partnership (LLP) as they,
Incorporation: Points To Consider Read More »
Bad debts pose a significant challenge for every business. Swoop Funding’s 2025 UK business debt report (April 2025) revealed that the average debt per company stands at £365,375 – funds that could otherwise maintain healthy cashflow and financial stability for the business. Therefore, staying on top of nonpayments is essential. However, every business will eventually
Bad Debts: Can You Get Tax Relief? Read More »
Three main changes to Employer’s National Insurance contributions (NICs) were announced in last October’s Autumn Statement, all of which came into effect from 6 April 2025: The rate of Employer’s NICs increased from 13.8% to 15%. The threshold at which Employer’s NICs start to be due reduced from £9,100 to £5,000 per employee. The employment
Nice Problem to Have! Read More »
Business asset disposal relief (BADR) may now be a pale shadow of what it once was, but it remains a useful relief for small businesses. My attention was recently drawn, inadvertently, to a fundamental BADR issue by a client firm. Asset Used by A Sole Trader We had been discussing BADR in the context of
So You Think You Know ‘BADR’? Read More »
To recover the VAT on costs associated with their commercial properties, the owners of most commercial property rental businesses have opted to tax their portfolios of property and would therefore normally charge VAT on the sale of a commercial property. Transfer of a Going Concern Provisions However, the transfer of a business as a going
How To Avoid Paying VAT on a Tenanted Commercial Building Read More »
A little under a year ago, Rachel Reeves, the Chancellor of the Exchequer, announced plans to remove the inheritance tax (IHT) relief on unused pension funds when a taxpayer died after the age of 75. Reeves said that the aim was to “restore the principle that pensions should not be a vehicle for the accumulation
The Generation Game Read More »
Business owners often lend money to their own business (e.g., to support it through cashflow difficulties). Unfortunately, the business may subsequently be unable to repay the individual’s loan, such that the debt becomes irrecoverable. However, loss relief may be available in this context. This article focusses on the capital gains tax (CGT) relief for loans
Capital Loss? The Plot Thickens Read More »
If a car is made available to an employee for their private use, an income tax charge arises. Double-cab pick-up trucks, a common alternative to the car, have historically been treated as vans for both VAT and income tax purposes, but this has now changed. Benefit-In-Kind Income Tax Charge The level of income tax on
Company Cars: Where are We Now? Read More »
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