Take care when disposing of an asset to family members as there are rules and exceptions and particular care needs to be taken to avoid falling foul of them.
Some small businesses can choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books, rather than being asked to undertake complex and time-consuming calculations designed for big businesses.
If you have an entrepreneurial spirit and are starting a business, tax is often the last thing on your mind. Here we set out some of the things that need to be considered from a HMRC tax perspective
Over 15% of the working UK population is self-employed and uses HMRC’s Self Assessment system to pay their tax bill. Such taxpayers need to be aware that they are now expected to make twice yearly ‘payments on account’ to their tax account, and the next deadline is coming up very soon at the end of July.
Does your company develop video games? Is it responsible for the majority of the planning, design, development, testing and production of video games? If it is you might be eligible for the government’s Video Games Tax Relief scheme (VGTR).
If a member of staff regularly visits other offices or is seconded to a different workplace they maybe able to benefit from claiming tax free travel expenses.
When it comes to taxing rental income, not all properties are equal. Different rules apply to properties which meet the definition of ‘furnished holiday lettings’.
There are different ways in which individuals who donate to charity can do so tax-free which benefits them and their chosen charity.
HMRC has updated its guidance for R&D expenditure credit (RDEC) which replaced the large company scheme in April 2016.
Entrepreneurs’ relief is there to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals. Selling shares in the business that has been nurtured and grown over the years can be an emotional experience as well as it being a significant asset – quite often it can be more valuable than the family home so it’s important to apply Entrepreneurs’ relief correctly.