Trading as a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
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Claiming Rollover relief
Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…
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Tax Update
Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.…
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Rent a Room
As hundreds of homeowners rent out their rooms and houses during the sporting events such as Wimbledon tennis championships, for up to £15,000 a week, it is important to pay the right tax to avoid penalties. This year’s tournament is seeing a very buoyant market with houses renting at up to £15,000 a week, four-to-five-bedroom…
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Autumn Tax Update
RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time…
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Payments on Account
Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…
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Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can be offered…
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