Construction Industry Scheme (CIS) Guide
If you’re self-employed in the construction industry, you may need to register under what’s known as the Construction Industry Scheme (CIS). Equally, if you’re a construction-industry contractor, with sub-contractors working for you on a self-employed basis, you’ll need to be CIS registered. Below we look at what the CIS is, the CIS registration process for […]
Business Property Relief & IHT
If you own a business, or an interest in a business, your estate may be entitled to relief from Inheritance Tax. Business Property Relief (BPR) provides relief from Inheritance Tax (IHT) on the transfer of relevant business assets at a rate of 50% or 100%. Business Property Relief and IHT Inheritance Tax is the […]
EIS Tax Relief Explained for Investors
EIS is a tax relief scheme created by the UK Government to encourage investment into startups and early-stage businesses. As an investor, EIS benefits you by offering potentially significant income tax and capital gains reliefs when you make an investment into an EIS eligible startup or business. As a business, EIS benefits you by making […]
IR35 Umbrella Company Pros & Cons
Faced with being deemed an employee and not being able to work through their own personal service companies, many contractors will be prompted to work through different models, with umbrella being one option. With the private sector off-payroll rules due to hit the contracting sector in April 2021, does the IR35 umbrella company model offer […]
Outside or Inside IR35? (Check Your Status)
Whether an individual is determined to be outside or inside IR35 will have a significant effect on their tax liability. In this guide, we explain the IR35 rules and how they impact both workers and employers in the contracting community. Due to the COVID-19 outbreak, the government has delayed the scheduled changes to the rules […]
Business Asset Disposal Relief Guide 2021
Known as Entrepreneurs Relief prior to 6th April 2020, Business Asset Disposal Relief is a tax relief that the seller of a business can benefit from on sale. It is an attractive tax incentive, used by the UK Government to encourage individuals to set up and invest in a business by rewarding them for their […]
What is the Loan Charge?
In December 2019, the UK government announced it would make a package of changes to the loan charge, a measure designed to tackle a form of tax avoidance known as disguised remuneration. The government made these changes in response to Sir Amyas Morse’s independent review of the loan charge policy and its implementation. This guidance […]
List of UK Tax Codes 2020
Tax codes are used to categorise how much tax and National Insurance you have to pay each year. For most people in the 2020/2021 tax year, for example, the basic tax code would be 1250L. If certain circumstances apply, your tax code might be different, for instance, if you’ve got more than one job or […]
SEIS Scheme Tax Relief Guide
The SEIS scheme is one of four venture capital investment schemes designed to help small companies to raise money when they begin to trade. What is the SEIS Scheme? The SEIS scheme, otherwise known as the seed enterprise investment scheme, is available to small, early-stage trading companies to support raising finance by offering […]
VAT Cash Accounting Explained
VAT cash accounting is one of a number of ways VAT registered companies can calculate their VAT liability. The VAT cash accounting scheme follows the same principles as cash basis accounting. It means businesses pay VAT on sales when they have received payment for the sale, and can only reclaim VAT once payment has been […]
How To Register For VAT (VAT Registration FAQs)
Whether you are starting up a new business, running an existing company or taking over a different organisation, you will need to ensure you are operating within the rules for VAT. If your business has or is expected to have a turnover above the VAT threshold, you will need to register for VAT using HMRC’s […]
What Are The Latest Inheritance Tax Changes?
Inheritance tax changes can affect reliefs, exemptions and other ways you are able to plan for and manage your inheritance tax liability. This means ensuring your will and any other estate planning are up to date with the latest changes and take account of the latest changes and their impact on how much inheritance tax […]
What is Capital Allowance Tax Relief on Property?
Capital allowances can be an extremely valuable form of tax relief, allowing owners of commercial property in particular to claim qualifying items of capital expenditure as a tax deduction. Understanding how capital allowances work will be key to securing the maximum possible tax savings for your business. What is capital allowance tax relief? […]
How Much is Capital Gains Tax?
Capital gains tax (CGT) is a tax levied on the profits arising from the disposal or sale of an asset, such as a second home, a buy-to-let property or a business asset. The extent to which you are liable to capital gains tax depends upon a number of factors, for example, whether you are classed […]
How to Calculate Capital Gains Tax
The amount of capital gains tax you pay will depend on a number of factors, including your income, the type of asset in question, when the asset was disposed and whether any exemptions or reliefs apply. Below we look more closely at chargeable assets and how to calculate capital gains tax based on your particular […]
Is there Capital Gains Tax on Inherited Property?
The following guide looks at how capital gains tax on inherited property applies, including how to calculate gains made by the executors or personal representatives, or those who inherit property from the deceased. Capital gains tax for executors and personal representatives As a general rule, when someone dies there is no capital gains […]
Maximising Capital Gains Tax Allowance on Property
If you are a professional landlord, property investor, sole trader or business partner, your liability to capital gains tax can be significant. It is therefore vital to consider any capital gains tax allowance on property, maximising all available relief so as to minimise any potential tax bill when you come to sell or dispose of […]
Capital Gains Tax Relief (Reduce Your Liability)
Reducing your liability to capital gains tax (CGT) requires planning and careful use of the capital gains tax relief provisions. Below we look at some of the main forms of tax relief against CGT and how you can maximise their use so as to minimise your tax bill. What is capital gains tax? […]
Which Capital Gains Tax Rate Applies?
Understanding capital gains tax rates is crucial in determining your potential tax liability following the disposal of an asset. Below we consider different capital gains tax rates and how these apply. What is capital gains tax? Capital gains tax is a tax levied on the profit when you sell or dispose of an […]
How to Determine your Estate Planning Needs
To ensure your intended beneficiaries receive the maximum from your estate, it is always recommended to fully investigate your estate planning needs now to guard against unintended parties laying claim to part of the estate. Since no two estates are the same, there is no single solution to handling your estate planning needs. Regardless of […]