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The benefits of Business Asset Disposal Relief for entrepreneurs 

The benefits of Business Asset Disposal Relief for entrepreneurs When you dispose of a business, you want to do this in a way that maximises your return and keeps you as tax-efficient as possible. But what’s the best way to achieve this?  The answer may well be to make use of the new Business Assets Disposal …

Extended carry back of losses – don’t miss the claim deadlines

Extended Carry Back Of Losses – Don’t Miss the Claims Deadline To help businesses that suffered losses during the Covid-19 pandemic, temporary measures were introduced to increase the period for which certain losses could be carried back. This is helpful as it enables businesses to obtain relief for those losses earlier, generating a useful tax …

Tackling the cost-of-living crisis with Tax Advice & Reliefs

Tackling The Cost of Living Crisis with Tax Advice & Reliefs As the cost-of-living continues to rise, small businesses are feeling the impact deeply, hitting both their personal and business budgets, as well as their employees. With soaring energy prices, rising inflation, good shortages and supply chain issues businesses have been hit hard. And all …

Should you deduct tax from interest payments? 

Should you deduct tax from interest payments? In the course of funding and growing your business, it’s likely that you’ll take out some form of loan – and will end up paying interest on loans from directors or other third-parties. However, many businesses fail to consider the taxation requirements on these interest payments.  There are …

Should I change my accounting date for making tax digital?

Should I change my accounting date, for making tax digital? In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. At present, once an unincorporated business …

Plan your business spending to benefit from time-limited reliefs

Plan business spending to benefit from time-limited reliefs Unincorporated businesses and companies planning capital expenditure projects need to be aware of some time-limited reliefs. Timing capital expenditure to benefit from these reliefs can be financially beneficial. Annual investment allowance The annual investment allowance (AIA) is available to both unincorporated business and to companies. It provides …

High Income Child Benefit Charge – not just for higher rate taxpayers

High Income Child Benefit Charge – not just for higher rate taxpayers The High Income Child Benefit Charge (HICBC) is a tax charge that claws back payments of child benefit where the recipient or the recipient’s partner has income of at least £50,000 per year. Where both the recipient and their partner have income of …

Relief for homeworking expenses post Covid-19

Relief for homeworking expenses and post Covid-19 The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to home working, post pandemic, many employees have continued to work from home some or all of the time. Household expenses Employees who work from home may incur …

Tax relief for the expenses of running a property business

Tax relief for the expenses of running a property business In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain tax relief for the expenses of running a property business. Allowable expenses The general rule is that a landlord can …