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Tax when you sell a business property

10-06-21

There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT) when you sell a property that has been used for business purposes. For example, Business Asset Rollover Relief allows for deferral of CGT on gains… Read more..

Private residence relief

10-06-21

There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence (referred to by HMRC as private residence relief) that has been used as your only or main residence. However, there are important points to consider… Read more..

Changing a company accounting date

10-06-21

There are special rules which limit the ability to change your company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under… Read more..

Bed and breakfast – the same day rule

10-06-21

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions where shares were sold and then bought back the next morning. This used to have Capital Gains Tax (CGT) benefits by crystallising a gain or a loss… Read more..

Apportionment and duality

10-06-21

When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment. Under the legislation any expenditure not incurred… Read more..

Who can use the VAT retail schemes?

10-06-21

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT… Read more..

Temporary trade credit insurance scheme to end

03-06-21

Trade credit insurance is a contract bought by suppliers to make sure they get paid even if their customers default and cannot pay the bills. This gives businesses the confidence to trade with one another. Early in the pandemic, the government… Read more..

The 7-year rule

03-06-21

Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming… Read more..

Tax when you sell an asset

03-06-21

There are special rules that must be followed when you sell an asset on which capital allowances have been claimed. Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce… Read more..

What is distance selling for VAT purposes?

03-06-21

Distance selling is the term used to describe supplies of delivered goods from one EU Member State to a customer in another member state who is not registered for VAT. The recipients of most distance sales will be private individuals, but they can… Read more..

Cash basis for landlords

03-06-21

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. Landlords can use the cash basis when recording income and expenditure i.e., recording the flow of money from… Read more..

Pre-trading expenditure

03-06-21

There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. These could include expenses that are required to help a business prepare for trading such as buying stock and equipment, renting premises,… Read more..