If you bought your home brand new and 'off-plan' you may realise a significant capital gain when you sell that property. This is not a problem if you occupied the property as your main home for your entire period of ownership. In that case principal private residence...
From 6 April 2020 the calculation of company car taxable benefits will be changed to favour electric and hybrid vehicles. This is good news for some company car drivers. However, due to a switch in the methods used for measuring vehicles' CO2 emissions, there will be...
HMRC are writing to taxpayers where there is information to suggest those individuals have invested in an offshore collective investment fund. If you hold any amounts in offshore investment funds, however small, you may have to declare the income or gains received on...
Making tax digital (MTD) for VAT requires you to do two things: record data concerning your sales and purchases digitally; andtransfer that data via digital links to the MTD-enabled software which is used to submit the VAT return. Many business systems contain pinch...
When you sell your business you can expect to pay capital gains tax (CGT) on any gains you make. Currently CGT is payable at 10% (if within your basic rate band for in- come tax) or 20% on such gains. But the 10% rate can also apply to gains of up to £10m if...
When you buy a large item of plant or machinery you may need to make alterations to your land or buildings in order to install the item. For example the equipment may require a new concrete base or a specially protected electrical circuit. The cost of installing...
If your business is not making sales but you are still incurring costs, HMRC may refuse to repay the input VAT on purchases and ask you to cancel your VAT registration voluntarily as there are no business activities. This is a drastic solution as you will lose your...
Groups of companies can apply to HMRC to operate as a VAT group so that transactions between those companies are ignored for VAT purposes. The group will submit one VAT re- turn covering the sales and purchases of all members, which is a big administrative saving. The...
Successful entrepreneurs often move from one business project to another. If you are about to start up a new business having closed down an old one, be careful not to fall into the phoenix trap. This is when one company is liquidated, so the cash accumulated in the...
New Capital Gains Tax regulations for 2020 for landlords and property investors, new payment deadlines, rules and reporting. Because capital gains tax on property is currently paid through your self-assessment tax return, it normally doesn’t need to be paid until the...
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