Selling a Business as a Going Concern
Selling a business as a going concern can provide prospective buyers with the chance to invest in an established and affordable enterprise, saving valuable time, resources and start-up capital as the business can continue trading from day one of the transfer, without any interim transition period. However, it may not always be possible to sell […]
What is COSHH? Control of Substances Hazardous to Health Regulations
With the maximum penalties for COSHH non-compliance standing at fines amounting to thousands of pounds and possible imprisonment, it is in any employer’s best interests to be fully informed on their legal standing in regard to hazardous substances in their workplace. What is COSHH? The Control of Substances Hazardous to Health Regulations 2002 (COSHH) […]
RIDDOR Regulations: Reporting Accidents at Work
The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (RIDDOR) sets out the guidelines and requirements of responsible parties, such as employers, to record and report work-related incidents. Who is responsible for reporting under the RIDDOR regulations? Any employer who is in control of and responsible for a work premises is required to […]
Mileage Claim for Electric Car Rules 2023
With more than 1.1 million electric cars on the road, it’s inevitable that some of these journeys will be made for business purposes, and as such, would be eligible for mileage reclaim. Understanding the rules relating to submitting or processing a mileage claim for electric cars can ensure they are dealt with fairly and correctly […]
What are UK Capital Gains Tax Rates?
How do you know which capital gains tax rate applies to you? There are four main considerations to bear in mind: What category of asset has been disposed of? Has the disposal led to a gain? What is the financial value of that gain? What is the personal tax position of the individual who made […]
How to Calculate PILON Tax
Following a change in the law in 2018, payments in lieu of notice (PILON) are now subject to tax and national insurance contributions. However, the amount of tax that is due on PILON will depend on what the termination payment is made up of. In this guide, we explain the current rules on calculating tax […]
HMRC Tax Investigation: What To Expect
HMRC tax investigations into whether a person or business have met their tax obligations vary greatly depending on the details of the individual case, from relatively informal checks to a more in-depth investigation into your tax situation. It may be that an HMRC tax investigation is opened to confirm that the information supplied in a […]
How to File a Companies House Confirmation Statement
Limited companies have to meet certain compliance obligations to Companies House, such as filing annual accounts and filing an annual confirmation statement. In this guide, we look at the rules relating to confirmation statements, including their purpose, what information needs to be checked, the filing process and submission date, and the consequences of not filing […]
What is Capital Gains Tax on a Buy to Let Property?
As with any form of income, buy to let property investment carries various tax implications, including that of capital gains tax. Buy to let property is generally seen as a medium to long term investment, building on the initial cost of purchase, legal fees and refurbishment to ideally enjoy regular rental income and eventually, a […]
Capital Allowance Rates 2023
Understanding the rules for capital allowance and how those rules apply to your business’s circumstances can be a complicated process with an ongoing need to stay up to date with changes in tax legislation, although taking professional advice can help to clarify your tax situation. One important element in this process is an awareness of […]
How To Do Self-Employed Accounts
If you work for yourself as a sole trader, you’ll need to familiarise yourself with the rules on self-employed accounts. Sole traders have to keep financial records relating to the income generated and expenses incurred while doing business. At the end of each tax year, you will be required to report your business income and […]
What is Input VAT & Output VAT?
VAT registered companies must meet a number of obligations, including calculating, reporting and paying VAT liability on a regular basis and retaining specific records. If the taxable turnover of your business for the last 12 months by the end of any month was over £85,000, (known as the registration threshold for Value Added Tax), you […]
Can You Avoid Inheritance Tax Legally?
Inheritance tax planning is critical to maximising the amount that can be passed on from your estate to your beneficiaries. In this guide, we look at whether it is possible to avoid, or at least reduce, inheritance tax so as to minimise the amount of IHT payable. What is inheritance tax? Inheritance tax […]
Vat Return Deadline & Payment Dates
VAT registered companies in the UK are required to submit VAT returns and make VAT payments on time. Failure to meet the VAT deadline can result in fines and interest being charged on the outstanding amount. Vat payment dates & VAT return deadlines As a general rule, the VAT deadline for both returns […]
What is a Public Company Limited By Shares?
If you run a successful private limited company and are looking to transition to public status, it’s important to understand the implications of your decision and the obligations involved. In thie guide, we explain the benefits and risks of becoming a public limited company, together with the additional administrative and regulatory requirements that must be […]
Annual Investment Allowance AIA 2023
If you purchase plant or machinery that qualifies for the annual investment allowance (AIA), you can deduct the full cost of that asset from your profits before calculating your tax liability. What is Annual Investment Allowance (AIA)? The annual investment allowance (AIA) allows businesses to claim tax relief on purchases of certain assets […]
Capital Allowance (What Can You Claim?)
Capital allowance relief may be available on assets purchased for use in your business, such as transport vehicles, machinery or equipment. Any claimed amount may then be deducted from your taxable profit. A broad range of assets can be claimed for, though there are exceptions not eligible for a capital allowance claim, including: Items you […]
How Does Capital Allowance Super Deduction Work?
When looking to grow, companies need as much financial support as possible to help cover expansion costs and increase cash flow. This is where the new super deduction allowance can make a significant difference to the overall tax liability of an enterprise, enabling investment at a time when business owners remain understandably cautious in the […]
Enhanced Capital Allowances & Enterprise Zones
The enhanced capital allowances scheme changed in April 2020. Under the current rules, qualifying expenditure must have been incurred between 1 April 2012 and 31 March 2020, and the area where the plant or machinery was to be used must have been a designated Assisted Area at the time that the expenditure was incurred. This means […]
Essential Guide to Alphabet Shares
Alphabet shares are the different classes of shares issued by a company using different letters to differentiate between them, for example ‘A’, ‘B’ and ‘C’ shares. Allocating these varying share classes allows a company to attach different rights to each class, allowing them to be used for different purposes. This guide to alphabet shares helps […]