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 […]

Company Car Tax 2023: Guide for Employers

Employees have to pay tax for private use of company cars. Calculating company car tax involves a range of factors, including the vehicle’s list price, fuel type and level of CO2 emissions. The following guide for employers looks at how the company car tax rules work in practice, including what has to be reported and […]

Buying a House with a Personal Injury Trust

If you’ve been awarded compensation for personal injury, you may want to invest this money in a home for your family. However, if that money is currently held in a personal injury trust, or is likely to be placed in trust, you will need to know how you can access those funds to help make […]

Claim HMRC Self Employed Capital Allowances

If you are running your own business you may be able to reduce your tax bill by taking advantage of capital allowances. In this guide, we examine the basic principles relating to HMRC self-employed capital allowances and how these can help to minimise your tax liability.   What are HMRC self-employed capital allowances?   The […]

Corporation Tax Payment Deadline

Each year limited companies are required to pay corporation tax to HMRC on their profits and file a company tax return (CT600). It’s important to check when your corporation tax is due as late payment can lead to penalties from HMRC.   When is your corporation tax due?   The corporation tax payment deadline for […]

What are Capital Allowances?

Capital allowances are a tax relief designed to encourage business investment. When a business purchases certain qualifying assets, capital allowances can be claimed, thereby allowing the business to write off the cost of those assets against taxable income. Capital allowances are generally available to limited companies, property companies, the self-employed and partnerships. To benefit fully […]

Non Dom Tax Status (What does it Mean?)

What is a ‘non-dom’ and how is it connected to your tax status? A person’s domicile is an important factor when it comes to deciding on their tax status. The term ‘non-dom’ is used to describe a person who for tax purposes has a domicile outside the UK. The non-dom status generally brings with it […]

What is an Interest in Possession Trust?

Setting up a trust can be an ideal way to control and protect family assets, ensuring these assets are passed to future generations, while minimising liability to inheritance tax on death. However, there are various types of trusts to choose from, with different practical, legal and financial implications. The following guide on interest in possession […]

Can You Claim Property & Trading Allowances?

When in receipt of either self-employed income or income from letting out property as a landlord, you may eb eligible to reduce your tax liability through tax-free allowances such as trading allowance and property allowance.   What is the trading allowance? The trading allowance, or trading income allowance, is a tax-free allowance against income from […]

Why Now is the Best Time to Do Your Will & Estate Planning

Making sure that your assets – property, belongings and capital – are protected by your will and estate planning can become a complicated process when tackling the many and varied tax laws regarding the issue of inheritance, especially where your estate features a diverse portfolio of assets such as property, shares and savings. Whilst the […]

Private Residence Relief When Selling Your Home

In most cases, when a person disposes of an asset in the UK, including both residential or commercial property, they will be liable to pay tax on any capital gains made on that disposal. However, under the private residence relief rules, a qualifying homeowner can often avoid paying Capital Gains Tax altogether when selling their […]

Sole Trader Tax Rules 2023

Among the responsibilities of working for yourself is ensuring you meet your sole trader tax liabilities. The following guide on sole trader tax provides a look at the rules relating to income tax, national insurance contributions and VAT for self-employed workers, from what rates of tax you will be liable to pay on your trading […]

Estate Planning & Wills: Where Should You Start?

While the prospect of passing away is an unwanted thought, it’s important to plan ahead, both to make the process of managing your estate easier for your loved ones, and to ensure your wishes are carried out. Anticipating things like how your care home costs will be covered and making financial provision for those that […]

Business Tax Planning Guide

Whatever stage your business is at, tax planning can provide significant reductions in your tax bill. UK tax rules and reliefs are, however, complicated and it can be difficult – and time-consuming – for business owners to know where to start in trying to improve tax efficiency and ensuring all aspects of your company’s finance […]

ATED: Annual Tax on Enveloped Dwellings

The rules on Annual Tax on Enveloped Dwellings (ATED) can be technical and complex. The following ‘at a glance’ guide for those liable to pay ATED looks at the rules and how these work in practice, including what ATED is and when this tax applies, what tax relief is available and how this is claimed, […]

How to Deregister for VAT

In certain circumstances, companies may no longer eligible to be VAT registered, or in others, the company may be looking to voluntarily cancel its VAT registration. This guide looks at the process to deregister for VAT, on both a compulsory and voluntary basis, including the circumstances in which you must or can ask HMRC to […]

Reverse VAT Charge Guide 2023

Aimed at tackling fraud in the construction industry, the reverse charge VAT rules mean that most subcontractors and contractors must now change the way in which they charge and account for VAT. The following guide outlines how the new VAT reverse charge works, with key compliance advice for VAT-registered suppliers and buyers.   What is […]

Family Investment Company Pros & Cons

A family investment company can be an attractive approach to tax and succession planning. In this guide, we look at what family investment companies are, the tax advantages available, as well as how these companies work and are managed. We also look at the overall benefits and drawbacks of a family investment company to help […]