Spouses often hold rental property jointly, and where this is the case, rental profits and losses are treated as arising to them in equal shares. If one spouse pays tax at a higher rate than the other it may both desirable and possible to improve the ‘family’ tax position by means of the spouse who […]
APR is an Inheritance Tax relief that is based on the agricultural value of qualifying agricultural property when it is transferred, either in lifetime or on death. Provided such property is situated in the UK, Channel Islands, the Isle of Man or the European Economic area, the following assets may qualify for APR: agricultural land […]
If you are contemplating selling your business you simply cannot afford to miss out on Entrepreneurs Relief (ER), not when it can reduce the tax rate payable from 28% to just 10% and thereby enables you to keep 18% more of the gains you make! Briefly, the relief is available to: Sole traders and partners […]
You must tell HM Revenue and Customs (HMRC) if your non-trading or dormant limited company starts trading again. You’ll also need to put together statutory accounts and Company Tax Returns after your company’s year-end. You must register your company with HMRC if it hasn’t traded before. Tell HMRC that your business has restarted trading by registering for Corporation Tax Send accounts […]
As more and more people choose to work from home, the question of how you can reclaim any home office expenses is frequently asked. The general HMRC rule for claiming tax relief on business expenses is that you can only reclaim costs that have been ‘wholly and exclusively’ incurred in connection with your trade. If […]
There are a number of different ways to set up a business, but determining which is best for you depends on a combination of factors. The following is a quick summary: Sole Traders This is the simplest form of business to start if you carry on business on your own account, but is generally only […]
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