Relief for pre-trading expenses
In setting up a trade it is inevitable that expenses will be incurred before the trade actually commences. Expenses may be incurred on acquiring premises …
Get your overlap relief figure
If you have unrelieved overlap profits, you will not be able to claim relief for those profits after 2023/24. Overlap profits are profits that have …
Dealing with gift hold-over relief ‘nudge’ letters
HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be …
Common NMW errors to avoid
Workers are entitled to be paid the National Living Wage (NLW) or Minimum Wage (NMW) for their age. Employers who fail to do this run …
Separating couples – Importance of checking your child benefit claim
The High-Income Child Benefit Charge (HICBC) is a tax charge that claws back child benefit where the claimant or his or her partner has adjusted …
Tax and influencers
Earlier this year, HMRC sent ‘nudge’ letters to social influencers who they suspect may not have declared the tax that they owe. They have also …
Beware of diverting dividends to minor children to fund education
Owners of personal and family companies frequently pay themselves a small salary and extract further profits as dividends. To utilise the unused personal and dividend …
Relief for post-cessation expenses
The end of a business will not necessarily mean that no further expenses are incurred. Where expenses are incurred after the business has ceased, tax …
Telling HMRC that you have no corporation tax to pay
If you have a company that is dormant and you have filed your company tax return showing that no tax is due, you may think …
Key person insurance – When can you claim a deduction?
Premiums paid for key person insurance may be deductible in computing taxable profits. Read this article to find out what conditions must be met for a deduction to be forthcoming.
Mixed-use properties and SDLT
For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important …
Selling the garden for development
If you own a large plot of land that you no longer require but you don’t want to move home, you may consider selling some …
