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Tax Efficient Profit Extraction

Tax Efficient Profit Extraction As a company owner you can choose how to extract the profits from your company, and by making the right choices you can minimise the tax and NI paid by you and t...

Budget update 2020-Tax treatment of LLPs

Tax treatment of LLPs A change to the existing rules where a limited liability partnership (LLP) has delivered an LLP return on the basis of operating 'with a view to profit' and is sub...

HMRC to use Automatic Search Programmes

HMRC to use Automatic Search Programmes!   The Taxman has announced he is going to start targeting tax evasion by online traders, private tutors, personal trainers and life coaches. ...

Considering capital expenditure?

Considering capital expenditure? Businesses considering investing more than £200,000 in plant and machinery could benefit from a change to the capital allowances rules in January 2019, wh...

Tax Nudge

Tax Nudge A "nudge" in this context is a piece of advice or an arrangement designed to encourage you to pick the option the Government wants to you to choose, such as contributing to ...

Unincorporated businesses

Unincorporated businesses The affected rules are those in ITA 2007, s.64, i.e. "sideways" loss relief. This permits a trader to set off losses suffered in a tax year against general i...

Rent a room scheme

Rent a room scheme   Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare r...

Business Record Checks Update

Business Record Checks Update  HMRC believes that a lot of businesses do not pay the right amount of tax because they don't accurately record their business income and expenditure...

Furnished Holiday Lettings Rules are Changing

Furnished Holiday Lettings Rules Change   Owners of furnished holiday lettings who are thinking of improving their properties have until 5 April 2011 to take advantage of some favourab...

Interest provisions for late payment, repayment and penalties

The detail of how interest is applied to late payments for corporation tax, Stamp Duty and SDLT and to penalties imposed for failure to comply with obligations under PAYE, is to be clarified. ...

Reducing the Child Benefit Tax Charge

Reducing the Child Benefit Tax Charge You may have received a letter from HMRC about the high income child benefit charge (HICBC), which is designed to claw-back child benefit from high earners...

Margin Schemes

Margin schemes for second-hand goods, art, antiques, collectibles   Normally you charge VAT on your sales, and reclaim VAT on your purchases. However, if you buy or sell second-hand good...

Finance Bill 2018-19 – new measures being introduced

Measures to help taxi drivers to buy cleaner vehicles, remove barriers for investment in the oil and gas industry, and tackle tax avoidance using profit fragmentation are just some of the key polic...

Autumn Budget 2017 - Partnership taxation: proposals to clarify tax treatment

Autumn Budget 2017 - Partnership taxation: proposals to clarify tax treatment In September 2017, HMRC published a policy paper setting out several measures designed to provide additional clarit...

How trading as a sole trader stunts the growth of a small business

How trading as a sole trader stunts the growth of a small business As things stand, the individual sole trader is currently being taxed equivalent to an employee and I believe that th...
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