Although Family Investment Company's (FIC) have been around for several years, awareness of the flexibility that such a vehicle affords has been growing in recent years. The use of such companies is particularly attractive to director-owners of family businesses who have children, enabling parents to retain control over assets whilst accumulating wealth in a tax […]
When a business is operated as a family company, it is necessary to extract the profits from the company in order to use them outside the company for personal use, such as to meet living expenses. Extracting profits may trigger further tax and National Insurance liabilities, so when formulating a strategy, it is advisable to […]
Business Property Relief (BPR) is an attractive inheritance tax (IHT) relief that could provide 100% tax relief in respect of qualifying assets relating to both lifetime transfers of business assets or in the death estate, providing, of course, certain provisions apply. Different conditions apply depending on whether the assets are transferred during the donor's lifetime […]
CIS, the Construction Industry Scheme, requires registration of anyone who works in the construction industry, whether that be that a sole trader or a company. This registration also includes non-construction businesses that regularly carry out or commission construction work on their own premises or investment properties if that work has exceeded £3 million within the […]
Corporation Tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now.
If you own a furnished holiday letting, there are a number of advantages available to you in terms of tax which are not available to standard residential lettings. One of the key advantages is in reference to the treatment of interest and finance costs, let me explain more… Relief restriction for owners of standard residential […]
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-registered traders whose turnover for VAT purposes was above the VAT registration threshold of £85,000. […]
If you own a furnished holiday letting, there are a number of advantages available to you in terms of tax which are not available to standard residential lettings. One of the key advantages is in reference to the treatment of interest and finance costs, let me explain more… Relief restriction for owners of standard residential […]
The capital allowance system provides tax relief for the net capital expenditure (cost less sale proceeds) over the life of an asset. Consequently, when an asset is sold, is it necessary to take account of the disposal proceeds. Read on to find out more about what a capital allowance is and an example of what […]
Self-employment Income Support Scheme: NOTE: THE SCHEME IS NOW CLOSED TO NEW CLAIMS FOR THE FIRST GRANT What is the second and final grant? · An extension of the SEISS · If you are eligible for the first grant and can confirm to HMRC your business has been adversely affected on or after 14/07/2020; you […]
